by Geoff Smith
If your household earns more than $77,233, then you have made it into the top 40% of income earners in the metro Atlanta area. I would bet more than 90% of you reading this article fall into that category. But hold on, the numbers jump quickly as we climb to the top. To get into the top 20%, your household needs to earn more than $122,065. And finally, to get into the top 5% of all income-earners in the metro Atlanta area, your household needs to bring in more than $234,699.
The Census numbers I saw didn’t break it down further than that. But if you are still wondering, a CNN chart predicts that you have to earn more than $440,000 to be in the top 1% of all U.S. income earners.
If you are sour because you did not make it in the top 5%, here is something to boost your spirits. All of you are probably in the top 1% of income earners in the world. To do that, according to Investopedia, your household needs to earn more than $32,400 a year.
Mortgage Rates Jump
Mortgage interest rates jumped this week, moving up at the fastest pace since last June. Much of the movement, according to experts, has to do with a hopeful outlook that lawmakers will be able to pull off some form of tax reform.
Most investors believe this would be good for business. And when they believe that, they invest more money in stocks than in the more risk-averse market of bonds. And when bonds are bought in low volumes, mortgage interest rates rise.
What this Means to You:
According to Mortgage News Daily’s Rate Survey, best execution rates for a conventional 30-year fixed are at 4.09%.