News You Can Use from Gary Moore

The Dow Jones and S&P 500 averages completed their seventh straight winning week, and both reached highs not seen since August 2008. The Nasdaq hit its highest mark since November 2007. On Friday the Dow was up 54 points to close at 11,786, the S&P was up 9 points at 1,293 and the Nasdaq rose by 20 points to close at 2,755.

Financials led stocks higher, including Bank of America, American Express and JPMorgan Chase, which reported an upside surprise in earnings. Earnings season will kick into a higher gear next week, and the market will be watching.

Shares of Apple hit an all-time high in a week when the company announced that Verizon would sell the iPhone 4 at prices identical to AT&T.

Mortgage rates were largely unchanged and remain in the range of historic lows. The upward movement in rates which began in November has been catching its breath during the last two weeks with smaller, less dramatic swings. Now is a good time to lock a rate before the uptrend resumes. With world markets worried about inflation and with money moving into growth stocks, mortgage-backed securities and Treasuries still remain less favored than they were for most of 2010.

In trading this year, money has been moving into potential growth stocks, while cooling to more defensive consumer plays such as food, beverages and paper products. Gold stocks dropped to eight-week lows.

The 10-year Treasury closed at a yield of 3.33%.

In various reports that contribute to the reading of financial tea leaves, January consumer sentiment was projected to fall to 72.7, according to the University of Michigan's preliminary estimate, down from December's 74.5, and retail sales increased 0.6%, according to the Commerce Department's report.

Contact me to prepare for homeowners a refinance scenario, or to pre-approve a prospective buyer or to provide marketing tools for Realtors and Builders. Gary Moore 615-579-8658, email Gary@BrentwoodHomeLoan.com.

First Community Mortgage is part of a locally owned community bank, and we control the loan process in-house as we underwrite all conforming and government loans. We fund the closings with our money, so no one has to wait on a distant wholesale division of a massive, national corporation to send funds.

30-Year Conventional Fixed

4.75% $200,000-$417,000

15-Year Conventional Fixed

4% $200,000-$417,000


30-Year FHA-100% VA

4.5% $100,000-$393,300


30-Year Jumbo Fixed

5.5% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

4.85% $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

"Never wear anything that panics the cat." –P.J. O'Rourke

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.)