News You Can Use from Gary Moore

Weekend Market Update

Feb. 13-14, 2010

Mortgage rates came off their 2010 lows this week as weak demand for $40 billion in three-year Treasury notes and general firming in stocks for the week were cited as driving forces.

Federal Reserve Chairman Ben Bernanke said the Fed would quit purchasing mortgage-backed securities at the end of March, which was expected. Many economists are forecasting higher interest rates being the theme for the balance of the year.

Stocks broke their three-week losing streak, but not before plunging below 10,000 Dow points on Friday and cutting losses to pop back over the psychological 10k mark by the close. All major averages were down the for day except Nasdaq.

Recent mortgage loan data reinforces what we are experiencing locally, which is that there is a surge in home buying at this time, but refinances are coming in at a trickle.

April 30 is the last day to have a contract in hand in order to take advantage of the first-time homebuyer credit of up to $8,000 and the move-up buyer credit of $6,500. April 15 is another date to mark on the calendar and not just because income taxes are due---it is the last day FHA case numbers will have the current level of up-front mortgage insurance. The MIP is going from 1.75% to 2.25% after that date.

We are implementing the new RESPA changes with very little trouble, although there is some level of learning curve that we should get past shortly. The good news for Realtors is that you have no part of this and need not know anything about the gory details---just work closely with a strong mortgage banker to take care of you and your buyers.

30-Year Conventional Fixed

4.875% $100,000-$417,000


FHA-100% VA

5% $100,000-$393,300


100% Guaranteed Rural Housing w/no MI

5.5% $100,000-$417,000

30-Year Jumbo Fixed Rate

6% $417,001-$900,000

(Interest-only available-Call me)

Call for free pre-approval and to discover

the best financing for you!

...by Gary Moore

Cell: 615-579-8658 Toll-free fax: 866-321-6513

“Most people have never learned that one of the main aims in life is to enjoy it.” ---Samuel Butler

Visit my mortgage website:

http://www.BrentwoodHomeLoan.com

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