News You Can Use from Gary Moore

Weekend Market Update

Oct. 30-31, 2010

Stock and bond markets were choppy in the week ahead of national elections on Tuesday and an expected announcement from the Federal Open Market Committee on Wednesday.

The National Association of Realtors reported existing home sales were up 10% last month, which was higher than expected and which may reflect toning up in the real estate market.

Increasing gross domestic product estimates on Friday and improving unemployment data on Thursday supported stocks. GDP increased at an estimated annual rate of 2.0 per cent in the third quarter, according to the bureau of Economic Analysis. In the second quarter, GDP increased 1.7 per cent.

The FOMC will meet this week and is expected to announce they will buy $500 billion in Treasuries over a six-month period. Stocks have rallied recently in anticipation of this move, which the Fed considers part of its QE--or quantitative easing--policy to support the economy. With Fed funds rates at officially 0.0-.25 per cent, there is no room to lower interest rates, which is a more typical "easing" move.

Speaking of low interest rates, mortgage rates are at all-time lows in an incredible range of 30-year fixed rates in the 4's and 15-years in the 3's.

If there is an extreme situation in the market at this time, record low rates are it. Ask yourself, "How can I take advantage?"

You could refinance to get a lower rate and payment; swap an adjustable rate loan for a fixed rate; go to a 15-year for tons of interest savings and a faster pay-down; refinance to pay off credit cards and other bills, or for any reason that will help your overall financial picture.

What a golden opportunity this time is to be an investor in real estate with rates at these lows and prices flat.

The 10-year Treasury note closed the week at a yield of 2.61%.

Call me with any questions about the market or to pre-approve you for a purchase loan or to run a free analysis of what a refinance---with cash out or not---would mean for your financial bottom line. Gary Moore 615-579-8658.

30-Year Conventional Fixed

4.0% $200,000-$417,000

15-Year Conventional Fixed

3.5% $200,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

5.25% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

4.8% $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 art of life is to know how to enjoy a little
and to endure very much." --William 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. Reply "remove" with your name and email address to discontinue Update.)