Idea Quote of the Day: “Everyone who’s ever taken a shower has an idea. It’s the person who gets out of the shower, dries off and does something about it who makes a difference.” – Nolan Bushnell (*Nolan is an interesting dude. He started two incredibly different companies that both hit it big. First, he started Atari, Inc. which was the first big video-gaming unit people could buy to play at home. (remember ‘Pong’? Millennials, you have no idea what it was like – anyone playing on Atari was like a Pilgrim back in the day.) The second was Chuck E Cheese Pizza Time Theatre, and this fact will make you sick: When I became a parent lots of things changed. The biggest change going from my carefree days to raising a child, you ask? I’ve seen the Foo Fighters in concert eight times in my life, and the only band I’ve regrettably seen more is the Chuck E Cheese Band led by a cartoon rat whose face looks like he’s mocking you for spending your hard-earned weekend watching his band and eating his crappy pizza.)
Today in Economic History. It was on this day in 1932 that a part of FDR’s ‘New Deal’ helped create the Reconstruction Finance Corporation (RFC). The mission of the RFC was to give loans to banks and other financial institutions in an effort to start bringing the economy out of the Depression. Many people approached the RFC for free food which was common back then as it was consistently confused with KFC. Yes, I make up stupid lies like that all the time, but here are some fun KFC facts you may not have known.
Did’ja Know: West Virginia has the highest rate of homeownership at 74%. (*My theory on this is that there’s not much to do there except buy homes or participate in Civil War reenactments.) New York has the lowest rate of homeownership at 54%, and Washington D.C. while not a state is at 40.4%
Wuss’up This Week: We have some big job reports coming out! The first is the ADP Employment Report that will be released today, and then Friday’s biggie the January Employment Report. Both of these can shake up interest rates in either direction. Lately, all the talk is centered around the rate hikes, how much will the Fed raise rates, and how many times this year. Most in the industry think 3-4 rate hikes this year which is the camp I am in. Bank of America is forecasting seven rate hikes! (*Last year the IHOP by my house was torn down, and in my usual denial I thought, “Okay, this isn’t a bad thing, they tore it down to build an even bigger IHOP serving bigger pancakes.” They just finished construction and whoopee – it’s a Bank of America. This bank has done nothing to me personally, but I still hate them for this.)
Interest Rate Update: I used to love writing this part of the blog when rates were closer to my high school GPA (read: 2s), but now we find 30yr fixed conforming rates (*that’s for any loan at $647k or less) in the high-3s, and jumbo 30yr fixed (*over $647k) in the low-to-mid-to high 3s. For those who don’t want to be that high it’s time to look at ARMs – they’re not just for hugging and nukes – a 10yr or 15yr ARM can be found in the low-3s. As usual, rates will vary based on if it’s a purchase or refinance, type of home, equity in the home, your credit score, and if you like mind-blowing facts.
Don’t Forget to Remember: Any purchase or refinance loan that closes with me I will waive $575 in lender fees! Grab yourself a cup of instant karma and pass my info along to any friends, family, coworkers, or people who like mildly amusing things that can use this gift.
Idea Quote of the Day 2: “Chicken pot pie sounds like such a good idea. If you add commas.” – @Artismyp
Timeout for Trivia: Congrats to those who guessed Billy Joel last week. Want to be entered into a drawing to win a Vintage Lucky Charms Cereal Bowl? Simply email me the answer to this week’s Who Am I? question. Good luck: “It was on this day in 2003 my single started a three-week run at # 1 on the US singles chart – and why not, I gave it everything I got! You know what’s ironic? I first hit it big as a singer in a bio-pic movie where I played a famous singer. In that same year, I starred in what this blog’s author calls a ‘cable classic’ (*a movie so bad that it’s good) – my costar in that flick has a name that sounds like he was born in a freezer, and the biggest star of that movie: the special effects people who make that big star… big. I also became famous through my music and acting, although 2003 happened – this was the year me and my boyfriend starred in one of the worst movies ever made, and one of the biggest box-office bombs of all time. You guys looking forward to the Super Bowl – yep, – been there done that, In fact, when you’re this famous I did what a lot of people in my position do – become a judge without going to law school.”
