News You Can Use from Gary Moore

Weekend Market Update

March 20-21, 2010

Mortgage rates retouched lows for the year, giving a shot in the arm to buyers and giving a second chance to homeowners who could benefit from refinancing.

Against a consistent drumbeat of market analysts stating that rates are sure to rise this year, mortgage securities pricing stayed in a trough of historical lows.

Real estate activity seems to be more brisk in our market than what we have seen in a while, fueled in part by the approaching April 30 deadline for the $8,000 first-time homebuyer credit and the $6,500 move-up buyer credit. To participate, the sales contract must be executed by April 30, although the sale does not have to close until June 30.

The Federal Open Market Committee met this week with little fanfare and no news, except there are no changes to the discount rate (which had been rumored, and which affects banks) and no changes to the Fed funds rate, which affects consumers and businesses and is not likely to change until the economy shows marked improvement.

Just as much as we are jumping up and down and urging buyers to take advantage of the current, unprecedented “triple threat,” existing homeowners should call me to analyze at no cost or obligation whether it makes sense to refinance, even to go to a different loan type (such as 15-year from 30) or to get cash out or for any reason unique to your life.

Here is what I am calling the triple threat: 1—Government gift incentive; 2—record low rates; 3—supressed prices with plentiful inventory. In the future, this will be one of those opportunities that we will be happy about if we took advantage of it, or that we lament as one of those “shoulda” moments.

Another deadline: FHA mortgage insurance premium increases April 5. If you have any buyers who are close, and who 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. So long as we order the FHA case number by April 4, it’s all good.

Jumbo World: Got a listing in jumbo range? Do not feel left out of the party. We have an investor who has the best jumbo pricing I have seen in years, relative to spread between conforming and jumbo. Call me if you have a prospect who needs to see what his or her possibilities are…..or if you would like to have a Homebuyer Finance Guide to help market your listing.

30-Year Conventional Fixed

4.75% $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

5.75% $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

“A sense of duty is useful in work but offensive in personal relations. People wish to be liked, not to be endured with patient resignation.” --Bertrand Russell

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.)