The Properties of Fish
Inspirational Quote of the Day
“Imagination is more important than knowledge.” – Albert Einstein
Interest Rate Update
Rates this year remind me of my daughter’s goldfish: Sometimes they are fun to watch, sometimes they don’t know which way to go, and sometimes they float to the top and die. (I’m writing this on 3 hours of sleep, so my apologies in advance for the crappy analogy). We’ve seen some wild swings lately, but my gut says they will stay low for the remainder of the year as well as the first quarter of next year. Rates were doing great last week until Friday when the 30-year treasury auction came up way short of expectations which pushed rates higher (I still believe my idea of packaging the treasuries with microwave popcorn would’ve helped big-time). As of this writing, a 30yr fixed is at 4.875% and a 5yr ARM is at 4%. Keep in mind that rates will vary based on credit score, equity in the home, and type of home.
Inspirational Quote of the Day 2
“You’re on a gravy train with biscuit wheels.” – Ernie McCracken (Bill Murray), Kingpin, 1996.
The White House and Your House
Professionals tied to the housing sector made a plea to Congress last week to extend the $8,000 first-time homebuyer tax credit, and to make it for all homeowners (not just first-timers). The problem is that the cost to extend the credit is about $1 billion per month, but the White House has indicated that the program has led to “quite a bit of success.” Analysts indicate some sort of extension is very likely. However, analysts are still up in the air about whether the haircut I received yesterday was a good one or not.
Timeout for Trivia
Congrats to those of you last week who guessed John Cougar Mellencamp correctly. Want to win a $5.00 Starbucks gift card? Simply be one of the first ten to email me back the answer to this week’s question about movie releases. Good luck: This movie was released on this day in 1994. Although many people thought it was true, the writer (who won an Oscar for Best Screenplay) says its complete fiction. The actor (nominated for Best Actor) had a famous dance scene – which isn’t surprising as he had shown his dance moves in his breakout film released in 1977. If this trivia is making you hungry, perhaps you should order a Royal with cheese.