Rates, Santas, and Tests!
Butter Quote of the Day: “With enough butter anything is good.” – Julia Child
This Week in Economic History: It was on December 6th, 1994 that one of the wealthiest counties in the country – Orange County – racked up debts of around $2 billion and decided to declare bankruptcy. Pretty shocking news, right? It made me wonder – could the Kardashians payoff this debt? You’ll be happy to know, Mortgage Fans, that their combined net worth comes up a little short ($1.7 billion). That’s right, I’m so bored I added up the numbers from this article.
Wuss’up This Week: Every day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. This week it’s all about jobs (employment, not Steve) as today we have the ADP Employment Report, tomorrow Weekly Jobless Claims, and Friday’s biggie the December Employment Report. If these numbers come in higher than expected you’ll see rates tick up, and vice-versa if the numbers disappoint.
Interest rates remain content to stay where they are. We saw a little rally last week that seems to have given back this week. Rates for a 30-year fixed remain around 5.0% with adjustable rate mortgages anywhere from .25-.625% lower. As usual rates will vary based on type of home, equity in the home, your credit score, and if you think you can pass the U.S. Citizenship Test.
Don’t Forget to Remember: Any purchase or refinance loan between now and the end of the year I will waive $500 in closing costs. Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or mall Santas that can use this gift.
Butter Quote of the Day 2: “The closest I’ve ever come to eating better is eating butter.” – @jenstatsky
Timeout for Trivia: Congrats to those who last week guessed Queen Latifah. Want to be entered into a drawing to win a Spinning Gymnastics Guy Toy (I’m not bragging but this is one of the top 10 prizes I’ve ever given). Simply email me the answer to this week’s Who Am I? question. Good luck: “Happy Birthday to me in heaven! Some say the place I created is heaven on earth – I don’t know about that but here’s what I do know: As a film producer I hold the record for most Academy Awards earned by an individual (22 Oscars from 59 nominations), and several of my films are included in the National Film Registry by the Library of Congress. I like to create different characters and the one that brought me the most success was one I originally wanted to name Mortimer (I won’t tell you his last name but he’s scared to death of Orkin). One of my favorite films grossed the most money for a motion picture the year it came out, and for that movie I won an Honorary Academy Award which consisted of one full-sized and seven miniature Oscar statuettes.”