News You Can Use from Gary Moore

Soft economic news and weak action in stocks at a major support level kept money favoring Treasuries and mortgage-backed securities in the week just ended. Major stock averages lost ground for the seventh out of the last eight weeks, with the Dow on Friday falling 115 to 11,935 and the S&P 500 dropping 15 points to 1,268. The Nasdaq lost 33 points to 2,653 on Friday but was up for the week, ending a five-week losing streak.

All three indexes are hovering just above their 200-day moving averages.

Fed chairman Ben Bernanke concluded this week's FOMC meeting with a press conference in which he lowered GDP estimates for the year to 2.7%. The Fed has been successively lowering growth expectations since predicting 4% growth earlier this year.

Bernanke also said the Fed is out of bullets to boost the economy and will not take any special measures going forward---such as buying of mortgages and other assets. Currency markets took this to signal firming of the dollar, since the Fed was cutting off steps to devalue it in hopes of increasing imports, and the dollar rose against all of its 16 major counterparts.

Weekly jobless claims were reported at 429,000, which was the 11^th week in a row above 400,000, and this evidence of ongoing weakness supported Treasuries. The 10-year closed at a yield of 2.87%, which was its lowest level since Nov. 10.

Oil prices tumbled as the International Energy Agency said it would release 60 million barrels of oil reserves in the next 30 days in a move to help global economies.

Greek's sovereign debt crisis received another band-aid fix as a team of European Union-International Monetary Fund inspectors approved of the country's five-year austerity plan, which will be voted on by its parliament next week.

Low interest rates and low home prices present an opportunity for real estate home buyers and investors. Call me for details about an investor program that requires only 10% down and has no mortgage insurance.

Gary Moore 615-579-8658, email Gary@BrentwoodHomeLoan.com. Web site: www.BrentwoodHomeLoan.com

30-Year Conventional Fixed

4.5% $100,000-$417,000

15-Year Conventional Fixed

3.875% $100,000-$417,000


30-Year FHA-100% VA

4.5% $100,000-$393,300


30-Year Jumbo Fixed

4.85% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.5%

THDA Great Start 100% with Gift

5.35% $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

"Love begins by taking care of the closest ones -- the ones at home." --Mother Teresa

Visit my mortgage website:
http://www.BrentwoodHomeLoan.com

Market Update informs consumers and Realtors on market trends, offers subjective opinions and is not a quote for a unique borrower.