Reading is Fundamental
Book Quote of the Day:“A classic is a book which people praise and don’t read.” – Mark Twain
This is a crucial week for reports coming out that can sway interest rates in either direction. Today we have New Home Sales (expected at 358k), tomorrow Weekly Jobless Claims (expected at 379k), Durable Goods Orders (expected up 1.2%), and Friday New Pants Shopping (expected waist size up to 36), and PCE Core Inflation (expected up 0.1%). That last one is the probably the most important as signs of inflation are a great-rate killer.
Did’ja know that it has been 5 years since rates skyrocketed over 2 points in one short period of time? August 2007 was the beginning of the credit crisis that led to trillion-dollar bailouts, a near collapse of the banking and automotive industries, a stock market freefall, and the housing market plummeting. About the only good news to come from this debacle are the interest rates we are seeing right now. (side note: ‘debacle’ was the word my high school Spanish teacher used when telling my parents about my final exam). Where are rates, you ask?
Interest Rate Update:30yr fixed rates are in the mid-3s with ARM rates about a point lower. Don’t forget to tell your friends, family, coworkers, and even Packer fans that for any loan over $240k I will waive all lender fees – a $1,295 savings!
Note to Packer fans: While it wasn’t against the Bears, karma did come back to bite you on Monday night. (see: Nov 5th, 1989, Don Majkowski)
Book Quote of the Day 2: “If anyone’s interested, I’ll be signing books today at Barnes & Noble from 3 PM until I’m removed by security.” – Bridger Winegar (actor, comedian)
Timeout for Trivia: Congrats to those who guessed Stephen King last week. Want to be entered into a drawing to win a Speed Racer bobblehead air freshener? Neither do I, but email me the correct answer anyway to be entered into a drawing to win it. Good luck: “Yesterday I turned 51. I found most of my fame in the 80s and 90s. I appeared on the cover of Rolling Stone in ’94 as my TV show hit the height of its popularity…or was I on the cover because the guys I dated? I don’t date hard rockers anymore, but from 2007-2011 I dated a General Hospital star who was also a one-hit wonder with his ’85 single “All I Need.” And personally, all I need is to stop getting DUIs and find someone who is worthy of dating me.”