News You Can Use from Gary Moore

Weekend Market Update

Oct. 23-24, 2010

All three major stock indexes completed a third straight week of gains, although modest, as the Dow and S&P 500 each rose 0.6 per cent while the Nasdaq gained 0.4%. Trading was choppy in bonds and mortgage-backed securities.

Major economic data for the coming week includes existing home sales, durable goods orders and third-quarter GDP. Meanwhile, earnings reporting season continues and could move markets. Volatility could increase ahead of the Nov. 2 mid-term elections and the Nov. 2-3 meeting of the Federal Open Market Committee.

As the Dow has climbed back above 11,000 and closed there three weeks in a row, this rally has slowed and could be running out of gas. The Fed is expected to announce its plans for goosing the economy---likely to be more buying of U.S. Treasuries---on Nov. 3, and once that air is out of the balloon, the markets could get into a "sell the news" mode. Some market watchers believe sellers will "front-run" the Fed's expected news and start the selling this week.

Nothing on the horizon is seen as changing the low interest rate environment, although when rates do change direction after recently touching all-time lows, the reversal could be sharp. Now is the time to take advantage of the one good thing the slow economy has given us---record low interest rates.

I have a jumbo investor who breaks the rules in favor of buyers, and for anyone in position to buy a home over $500,000, the bargains are out there. My jumbo loans require no mortgage insurance---even at 90% loan-to-value---and do not require escrowing for taxes and insurance.

The 10-year Treasury note closed at a yield of 2.56%.

Call me with any questions about the market or to pre-approve you for a purchase loan or to run a free analysis of what a refinance---with cash out or not---would mean for your financial bottom line. Gary Moore 615-579-8658.

30-Year Conventional Fixed

4.0% $200,000-$417,000

15-Year Conventional Fixed

3.5% $200,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

5.25% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

4.8% $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

"A man who wants to lead the orchestra must turn his back on the crowd." - Max Lucado

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.)