Money Quote of the Day: “The real measure of your wealth is how much you’d be worth if you lost all your money.” – Anonymous
Today in Economic History: It was on this date in 1922 when Congress figured out how to get paid back the huge debts owed by WWI countries like England, France, and Italy. They presented an invoice totaling $11.5-billion dollars to be paid over sixty-two years at two-percent interest. That’s not a typo. Two percent. Years later this plan would be scrapped because it was unrealistic. (*Had I known this information earlier I would’ve gone to Congress for my kids’ student loans)
Wuss’up This Week: Every day reports about our economy are released into the wild, and it’s these reports that can sway interest rates in either direction. Today a couple members of ‘Club Fed’ will speak – Michelle Bowman, and Loretta Mester. They will give their opinion on what the Fed should be doing or not doing. On Thursday we’ve got Jobless Claims, and on Friday the U of Michigan Consumer Sentiment Report is released. (*it’s a survey of how willing consumers are to spend money in today’s economy. I made my kids authorized users on my credit card and apparently they are willing to spend money regardless of how the economy is doing.)
Interest Rate Update: I can’t believe I’m talking about interest rates near 4%. What kind of a world are we living in when rates are that high and the Bears are not playing in Sunday’s Super Bowl?! A realistic one, Barry. (sighing… nodding my head) Okay, today we find 30-year fixed conforming rates (*that’s for any loan at $647k or less) in the high-3s, and jumbo 30-year fixed (*over $647k) in the mid-3s. Do you know what that means, Mortgage Fans? It’s time to look at ARMs – they can be found in the low-3s for jumbo and conforming loans! As usual, rates will vary based on your credit score, equity in the home, type of home, and if the home is considered a ‘real estate fail’.
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 that like mind-blowing facts that can use this gift.
Money Quote of the Day 2: “Whole Foods on Sunday is just a refugee camp for people with too much money.” – Jim Gaffigan
Timeout for Trivia: Congrats to those who guessed Jennifer Lopez last week! Want to be entered into a drawing to win a Betty White Wine Glass? Simply email me the answer to this week’s Who Am I? question. Good luck: “It’s my birthday today, and as I reflect back on my life it’s funny to think I wanted to play in the NBA. I played in high school but that’s it – I did not play professionally – I repeat, I did not play professionally. I don’t need sports, I’m really good at acting like I play sports – remember when I played a quarterback on a TV drama that aired from 2009-2012. Then I’ve got two other films (soon to be three) about a certain sport – I won’t tell you the title, that will give it away, but the one-word title also means a set of beliefs or aims which guide someone’s actions. What’s that, you want some non-sports movies? Okay, how about my 2015 flick that got a 9% approval rating on Rotten Tomatoes. Uh.. .actually skip that one, it wasn’t as fantastic as everyone thought it would be.”
