Reading Your Rights

Police Quote of the Day: “A recent police study found that you’re much more likely to get shot by a fat cop if you run.” – Dennis Miller

Wuss’up This Week: Today at 1:00 the Fed’s Beige Book is released. This is a report that details current economic conditions across the country. Signs of weakness can lead to lower rates (side note: there is no truth to the rumor that the Fed is going to rename this 50 Shades of Beige to draw more interest). Also this week we have Weekly Jobless Claims and Personal Income & Outlays tomorrow (this latter is a report that is a measure of consumers’ ability to spend; and if my Visa bill is any indication I would say this measure will come out high). Keep in mind that reports come out daily that can sway interest rates in either direction.

Occasionally when clients apply for a cash-out refinance the underwriter will ask what the money is to be used for. If you want to be approved please do not answer that it’s for this.

Interest Rate Update:After last week’s “scare” that caused rates to go up about .25% they seem to be slowly drifting down to where they were the week before. 30-yr fixed remains in the mid-3s with ARM rates about a point lower. Please let your friends, family, coworkers, and mean girls know that for any loan over $240k I will waive all lender fees. This is a $1,295 savings!

Police Quote of the Day 2: “I bet lobster cops just carry rubber bands instead of handcuffs.” – Eric Hoss (@3hoss)

Timeout for Trivia: Congrats to those who guessed Rick Springfield last week. Want to be entered into a drawing to win a box of Ritz crackers? Simply email me the answer to this week’s “Who Am I?” question. Good luck: Tomorrow I turn 40. When I was in my late 20s I dated a guy who I thought was Mr. Wonderful but tried to keep me from seeing a guy who inadvertently changed the way I wear my hair. When I was 31 I dated a guy that just wanted to be a friend with benefits. When I was 38 I dated a Yankee. So yeah, no luck with the guys – and I don’t know why – I’m an angel and a princess.”

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