News You Can Use from Gary Moore

Weekend Market Update

April 10-11, 2010

While the three major U.S. stock indexes logged gains for the sixth week in a row, looking forward, global stock markets are poised for further advances after a giant emergency aid plan for Greece was worked out.

In what may be the biggest multilateral financial rescue ever, the euro zone and the IMF threw debt-laden Greece a lifeline by pledging at least 40 billion euros ($54 billion USD) in aid. The size of the rescue plan, which was on the high side of market expectations, eased worries about Greece defaulting on its debt in the near term and creating a domino effect on other countries with deep fiscal problems.

Mortgage-backed securities bounced back last week, as mortgage rates remained in this decade’s trough of historic lows. Rates are headed up, although moderately, is the consensus view. With the Greece issue out of the market, the line of least resistance for money is into riskier stocks and away from the relative safety of Treasuries and mortgage-backed instruments.

Investors have feared that Greece's debt crisis and fiscal weakness elsewhere in Europe could threaten a steadily healing global economy. Data last week showed euro zone growth stalled in the fourth quarter last year, though other surveys showed it may have regained traction in recent months.

A raft of Chinese economic data due this week could add further evidence that the global rebound is picking up steam. China will release its first-quarter GDP report, with analysts forecasting growth of 11.5 percent from a year ago.

U.S. stock investors also will be watching corporate earnings numbers to see how much momentum the rally can get from early profit reports.

The first-quarter figures come as the three major U.S. stock indexes finished a sixth straight week of gains, the best string since the rebound from 12 1/2-year lows in March 2009. The Dow crossed above 11,000 several times last week, including late Friday, but never quite closed above that mark on any day.

First-time homebuyers have until April 30 to pin down a purchase contract and a gift of up to $8,000 from the U.S. Treasury. Do not overlook the $6,500 that non-first-timers can gain for buying a home now. Call me to help you devise a strategy to succeed at buying, financing and snagging the once-in-a-lifetime gift. With inventories still plentiful and rates low, never before---and probably never again---will homebuyers have such an opportunity.

If you and your buyers need a local MORTGAGE BANKER (not a broker) WITH IN-HOUSE UNDERWRITING to get a sale closed smoothly and quickly, call me, and I can get your customer situated and get a pre-approval letter to help you negotiate with a seller.

30-Year Conventional Fixed

4.75% $100,000-$417,000


FHA-100% VA

5% $100,000-$393,300


30-Year Jumbo Fixed

5.875% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

5.58% $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

"Look at market fluctuations as your friend rather than your enemy; profit from folly rather than participate in it." -- Warren Buffett

Visit my real estate website:

http://www.RealCarte.com


Visit my mortgage website:

http://www.BrentwoodHomeLoan.com

(0% points, 1% origination, subject to program and lock period. Market Update informs consumers and Realtors on market trends, offer subjective opinions and is not a quote for a unique borrower.)