News You Can Use from Gary Moore

Stocks sold off hard on Friday and the Dow Jones Industrial Average broke its eight-week winning streak. Mass protests of Egyptian dictator Mubarak and the fear that unrest could spread to other Middle Eastern countries were blamed as an excuse for the selloff. Truth is that the market was way overbought after two months of near invincibility and it was due for a selling spree to remind investors how that feels.

Fourth-quarter earnings will retake a measure of the market's attention next week. Upside surprises on reported earnings over analysts' expectations have been running more than 70%. The Commerce Department reported Gross Domestic Product rose 3.2% in the fourth quarter, and consumer spending jumped 4.4%.

The DJIA fell 166 points to 11,824 on the close after crossing 12,000 briefly in the morning. The S&P 500 dropped 23 points to close at 1,276.

Mortgage rates and Treasuries benefited, with rate pricing improving slightly and yields a little lower. The 10-year Treasury closed at a yield of 3.3%.

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

4.75% $200,000-$417,000

15-Year Conventional Fixed

4% $200,000-$417,000


30-Year FHA-100% VA

4.5% $100,000-$393,300


30-Year Jumbo Fixed

5.5% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

4.85% $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

"The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat or caprice." - Henry Hazlitt

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. )