News You Can Use from Gary Moore

The cost of monthly mortgage insurance premiums on FHA loans will increase effective April 18. If Realtors have any fence-sitters who need an FHA loan, now is the time to send them to me to get pre-approved; then find them a home and get them under contract by early April.

U.S. stocks were up again this week, despite rising Chinese interest rates, signs of higher inflation and political turbulence in the Middle East.

Mortgage interest rates were a hair lower on the week and treaded water for the most part, taking a breather from an upward trending pattern that has been in effect since November.

The Dow Jones Industrial Average closed up 73 points on the day and settled at 12,391, for the highest close since June 5, 2008. The S&P 500 closed at 1,343 for the week, its highest close since June 17, 2008, and the Nasdaq closed at 2,834, its highest close since Oct. 31, 2007.

The Consumer Price Index climbed 0.4% last month, largely on rising gas and food prices. When stripping out gas and food, the so-called core index rose almost 0.2%. Prices in food, gas and commodities appear headed for a mid-term and long-term trend upward.

The 10-year Treasury note, which often correlates with mortgages, closed at a yield of 3.59%. Markets are closed Monday for President's Day.

While the line of least resistance in stocks is up and while all categories are being bought, volume has decreased lately, which indicates that the rally is low on gas and is ready to pull back to gather a new head of steam.

If you are thinking about purchasing real estate, now is the time. If you have not refinanced in the last year, please call me and we can look at your options and see if it makes sense.

Contact me to prepare for homeowners a refinance scenario, or to pre-approve a prospective buyer or to provide marketing tools for Realtors and Builders. Gary Moore 615-579-8658, email Gary@BrentwoodHomeLoan.com.

First Community Mortgage is part of a locally owned community bank, and we control the loan process in-house as we underwrite all conforming and government loans. We fund the closings with our money, so no one has to wait on a distant wholesale division of a massive, national corporation to send funds.

30-Year Conventional Fixed

4.875% $200,000-$417,000

15-Year Conventional Fixed

4.25% $200,000-$417,000


30-Year FHA-100% VA

4.25% $100,000-$393,300


30-Year Jumbo Fixed

5.5% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

5.35% $100,000-$393,300

4% of sales price Gift

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Mortgage Planner, First Community Mortgage

...a subsidiary of First Community Bank

Cell: 615-579-8658 Toll-free fax: 866-321-6513

Quote of the Day

"Act that your principle of action might safely be made a law for the whole world." –Immanuel Kant

Visit my mortgage website:

http://www.BrentwoodHomeLoan.com

(0% points, 1% origination. Market Update informs consumers and Realtors on market trends, offers subjective opinions and is not a quote for a unique borrower. Reply "remove" with your name and email address to discontinue Update.)