Revenge of the rates?
March 3, 2010
Revenge Quote of the Day:
An eye for an eye would make the whole world blind. Mahatma Gandhi
What Goes Down Must Go…
How long have rates been at record lows? You couldve gotten pregnant, given birth, gotten pregnant again, and be ready to deliver again. Rates have been at historic lows for seventeen long months. Now is the time to take advantage of these rates by buying a new home or refinancing your existing home in order to save money to pay for those babies! (let your family, friends, and coworkers know that I will eat all fees on loans of over 250k) While Bernanke said he will stop buying treasury bonds at the end of this month (this is what has been keeping rates artificially low) the banks have been cooperating by not raising the rates yet. Some speculate rates will jump a full point by April 1st, others like me think it will be .25%-.50% higher.
Today at 1:00 CST the Fed will release their Beige Book report. This is a report that details current economic conditions across the US. If this report says were doing just fine, expect rates to go up during the middle of the day. If this report says that things dont look so good, rates may go down. The other big report this week is Employment which comes out Friday morning. An increase in unemployment will lead to lower rates. (side note: the Blockbuster just closed by my house so I know unemployment is up at least 3 people in Buffalo Grove. While this is sad, I am happy to report that at their going out of business sale I picked up Catwoman, Basic Instinct 2, and the first season of Temptation Island for ten bucks).
Revenge Quote of the Day 2:
Hello. My name is Inigo Montoya. You killed my father. Prepare to die. Inigo Montoya (Mandy Patinkin), The Princess Bride (1987).
Timeout for Trivia:
Congrats to all who guessed Gene Simmons (Kiss) as the answer to last weeks trivia. Want to be entered into a drawing to win cool stuff? Simply email me the answer to this weeks Who Am I? question. Good luck: It was three years ago on this date that my movie was released where I played a corrupt New York cop. Most of my movies are action flicks, although I was the voice of a baby in a movie (and its sequel). In the late 80s I met my future ex-wife at the premier of Stakeout when she was dating Emilio Estevez. Yippee-ki-yay, Mortgage Fans!