News You Can Use from Gary Moore

Major U.S. stock averages have rolled over, closing lower on Friday for the seventh day in a row, as a risk-averse sentiment moved money from stocks and into safer plays such as low-yielding U.S. Treasuries and fixed-income funds. Mortgage interest rates ended the week virtually unchanged, week-over-week. The 10-year Treasury closed at a yield of 1.97%.

Markets closed early on Friday, and in thin, post-Thanksgiving Day trading volume, equities were higher until about 20 minutes before the markets closed when news broke that Italy paid a record 6.5% to borrow money over six months, and its longer-term funding costs soared, according to Reuters.

High debt yields from major economies in Europe such as Spain, France and Germany suggest investing in the region is seen as being more risky. Adding to concerns, Standard & Poor's downgraded Belgium's credit rating to double-A from double-A-plus, citing concerns about funding and market pressures.

Conversely, the six-month U.S. Treasury bill was yielding 0.07% yesterday.

After challenging its 200-day moving average on the upside repeatedly in late October through the early part of this month, the S&P 500 finished Friday having lost about 9% from its recent highs after plunging through its 50-day moving average earlier this week.

Illuminating the risk-shifting trade bias, broad-based market equity funds this week experienced more than $7 billion in outflows due to redemptions.

The Dow Jones industrial average slipped 25.77 points, or 0.23 percent, to 11,232 at the close. The Standard & Poor's 500 Index declined 3.12 points, or 0.27 percent, to 1,159. The Nasdaq Composite Index shed 18.57 points, or 0.75 percent, to 2,442.

For the week, the S&P 500 fell 4.7 percent, giving back almost two-thirds of its gains in October, which was the market's best month in 20 years. The Dow was off 4.8 percent for the week and the Nasdaq fell 5.1 percent.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Amid a lot of negative economic news, now is the time for you to act in your best interests by taking advantage of mortgage rates at historical lows. Now is a good time to buy investment property, and we have low-interest loans for that. Call me with any questions. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.125% $100,000-$417,000


5/1 ARM

2.875% $100,000-$417,000

15-Year Conventional Fixed

3.625% $100,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

4.875% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.0% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $100,000-$393,300

4% of loan amount 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

"You have to believe in yourself." --Sun Tzu

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