Rates Drift Up, Magic Lightbulbs, and Giant Slinkys!
New Quote of the Day: “If you want something new, you have to stop doing something old.” – Peter F. Drucker
This Week in Economic History: It was on February 9th, 1922 that the US figured out a plan to get paid back by England, France, and Italy. They owed us collectively $11.5 billion after World War I so we came up with a plan to have them pay it back over a 62-year period at 2% interest. (*I must be a horrible negotiator, this is 23% lower than the interest my Visa card bills me).
Wuss’up This Week: Every day reports about our economy are released into the wild that can sway interest rates in either direction. Today we’ve got a 10-Year Note Auction and Consumer Credit Report, tomorrow Jobless Claims, and Wholesale Trade Inventories (no clue what that is!) on Friday. The auction looks to be the most important – the more Notes that are bought, the lower rates will go, and vice-versa if there isn’t a lot of interest. Speaking of auctions, this guy would’ve made a great auctioneer.
Interest rates continue to go the wrong direction! A 30-year fixed is in the low-4s with Adjustable Rate Mortgage (ARM)* rates a little lower. As usual rates will vary based on credit score, type of home, equity in the home, and if your home has the record lightbulb that will not burn out.
Don’t Forget to Remember: Any purchase or refinance loan over $240k I will waive HALF the lender fees – an $895 savings! Grab yourself a cup of instant karma and pass this info onto any friends, family, coworkers, or FedEx drivers with secrets that can use this gift.
New Quote of the Day 2: “If 40 is the new 20, does that mean 20 is the new 10, and if so – do I need to delete these photos off my phone?” – @confusedlush
Timeout for Trivia: Congrats to those of you who last week guessed Justin Timberlake. Want to be entered into a drawing to win a Giant Slinky? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this date in 2011 that my song hit number one on the US Billboard charts, and the title of the song might be something you’d find an Army using. This was one of my seven number one hits since my career started in 2010 (*my first five number one hits were attained faster than any artist on this planet other than Elvis Presley. Maybe you can say my five were on another planet). I was born Peter Gene Hernandez but changed it when my music started catching on. I now share my first name with an actor who has appeared in The Godfather: Part II, When Harry Met Sally, Donnie Brasco, and City Slickers.”
*Not a commitment to lend, subject to credit qualification.