The Government Takes a Bite
Taxes Quote of the Day: “Taxes are paid in the sweat of every man who labors.” – Franklin D. Roosevelt
Wuss’Up This Week: Today the Fed will release their Beige Book – a report that details current economic conditions across the US. Signs of weakness will lead to lower rates, but I’m guessing that it will be a mostly upbeat report as Bernanke has been hinting at the recovery building momentum. Recovering economy = higher rates. So how do we keep our cake and rates low and eat them too? Well, today and tomorrow the government will be auctioning off 10-year Treasury Notes and 30-year Treasury Bonds. A strong demand at these auctions will lead to lower rates. Open those wallets, Mortgage Fans, and buy some notes and bonds. And while wallets are open let’s not forget that there are still 44 shopping days left until my birthday.
Interest Rate Update: 30-yr fixed rates remain in the high 3s/low 4s, and ARM rates are about a point lower. Please remember that rates are based on type of home, equity in the home, credit score, and if the Cubs will score at all. And don’t forget: For any loan over $240k I will waive all lender fees on purchases and refinances – a $1,200 savings!
Taxes Quote of the Day 2: “I just taught my kids about taxes by eating 38% of their ice-cream.” – Conan O’Brien
Timeout for Trivia: Congrats to those who correctly guessed Matthew Broderick last week. Want to be entered into a drawing to win a gallon of Dutch Boy sage green paint? Simply email me the answer to this week’s “Who Am I?” question. Good luck: “Tomorrow I turn 41. So far I’ve lived a charmed life. Early in my career I starred on Little House on the Prairie, but what put me on the map was a bigger house in one of the most expensive places to live. I’m not the easiest person to work with and eventually got booted from that house (and series) and was replaced by a Saved by the Bell girl that ended up dating David Silvers in real life.”