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Gary Moore's Weekend Market Update July 9-10, 2011

July 10th, 2011 12:27 AM

Low job-creation numbers sparked selling of equities and buying of Treasuries and mortgage-backeds on Friday and thus led to lower mortgage interest rates.

The U.S. Labor Department reported 18,000 net jobs were created in June---the private sector added 57,000 and the public sector eliminated 39,000. Over the past eight months, federal, state and local governments have terminated 238,000 employees. Markets were expecting a gain of about 100,000.

Although major stock indexes made modest net gains for the week, Friday brought a strong reaction to the jobs news as the Dow Jones large-cap average, for instance, sold off suddenly and printed down more than 150 before settling down 62 for a 12,657 close.

After rising every day last week, mortgage interest rates fell back, while the benchmark 10-year Treasury closed down in yield week-over-week at 3.02%. The 3% mark may be a new resistance number to watch. Mortgage interest rates correlate with the 10-year more closely than another other instrument.

While lackluster job creation and the tepid economic recovery continue to concern Americans and the markets, there is no help coming---on the contrary---from our elected officials. Rather than working constructively to invest in our infrastructure and the economy and thus create jobs and growth, the Tennessee legislature this year and now the U.S. House have worked hard to cripple working Americans while rolling over for the wealthy corporate interests who have paid them off.

The Tennessee legislature, as you will recall, took a broad ax to teachers and workers' rights while passing bills that would allow corporations to donate to them---the politicians---and while passing laws that limit victims' rights related to consumer, workplace, product safety and health-related issues as well as class-action lawsuits.

In the U.S. House now, Republicans want to cut Medicare for seniors and want to lower taxes for their corporate sponsors. The Obama administration has foolishly taken that bait and entertains those matters which distract from making progress in the economy.

While certain Republicans delight in playing a game of chicken with the debt level, which means nothing to regular Americans and nothing to Republicans when they are the ones running it up, by now surely Wall Street lobbyists have clued in House leaders that this is one misguided issue they cannot push to the brink. The International Monetary Fund and foreign nations don't understand the screwy brand of political theater that we now display, and they believe that if the U.S. defaults on its debt, the whole show is over, making the banking meltdown of 2008 and the AIG and Goldman Sachs bailouts look like merely a bad day in Tunica.

As more and more foreclosures come to market, if you are looking at a Fannie Mae-owned property, you likely can obtain a HomePath mortgage with only 3% down and with no mortgage insurance and no appraisal required. An investor can obtain a HomePath mortgage with only 10% down and no mortgage insurance or appraisal required.

We are a HomePath lender, so call me to get your buyers pre-approved as the underwriting for these loans is different from others.

Gary Moore 615-579-8658, email Gary@BrentwoodHomeLoan.com. Web site: www.BrentwoodHomeLoan.com

30-Year Conventional Fixed

4.75% $100,000-$417,000

15-Year Conventional Fixed

3.875% $100,000-$417,000

30-Year FHA-100% VA

4.5% $100,000-$393,300

30-Year Jumbo Fixed