The Fed’s diary, and are rates going back down?
Singing Quote of the Day: “A bird doesn’t sing because it has an answer, it sings because it has a song.”- Maya Angelou
Wuss’up This Week: A whole lot! Today at 1:00 the Fed will report details of current economic conditions across the country in the Beige Book Report. (side note: the Fed is still ignoring my requests to have this turned into a pop-up book). Signs of weakness will lead to lower rates. What else can drive rates up or down this week? The PPI tomorrow and CPI on Friday. Both of these reports measure inflation; weaker than predicted figures will lead to lower rates. Also on Friday at 5:00 we have my PBH (predictably bad haircut). A better than expected cut with minimal new baldness will help rates next week.
Interest Rate Update: Rates have taken a tiny dip as 30-year fixed is in the high 4s and ARMs about a point lower. As usual, no two rates are alike. They vary based on type of home, equity in the home, credit score, and Bears score. Don’t forget to let your coworkers, friends, and family that any loan over 240k I will waive all fees on purchases and refinances.
Singing Quote of the Day 2: “…and that’s why I can’t watch American Idol… it’s like karaoke without the booze.” – Tracy Morgan (from Jimmy Kimmel Live, 2009).
Timeout for Trivia: Congrats to all of you who correctly guessed Britney Spears as last week’s answer. Want to be entered into a drawing to win a package of copy paper I stole from my office. (everyone please delete this after reading so I don’t get in trouble). Simply email me the answer to this week’s Who Am I? question. Good luck: “Tomorrow I turn 45. In 2008 I told Barbara Walters that “My dyslexia made me who I am today.” So who am I? In ’89 I delivered pizza (and made love) to a Fat Actress. In that same year a computer error made Slater (not the guy from Saved by the Bell) my college dorm roommate. One of the antagonists in my ’87 movie said, “I’m not falling for the Ronald ‘McDonald’ Miller scam.” But really, was that foreshadowing for a similar sounding nickname?”