The stock market keeps improving, mortgage interest rates are at trigger-pulling levels and we are finding Jumbo loan lenders “coming out” at around 4.5% for 5/1 ARMS and 6% for a 30-year fixed rate (with 25% or more down) and at around 5.25% for a 5/1 ARM with 15% down.

Fence-sitting, prospective first-time buyers need to call me immediately to get pre-approved into a loan program that will empower you to purchase a home---and receive an $8,000 gift from Uncle Sam. The sale must close by Nov. 30. You qualify as a first-time buyer if you have not owned a home in the last three years---so “first-time buyer” is not a literal interpretation.

For an FHA loan, you need 3.5% of the purchase price from your own funds as a initial investment, AKA down payment. Work with me, and I can help you and your Realtor get your closing costs paid by the seller. Realtors often overlook this; if I do your mortgage, this negotiating strategy will not be overlooked by the Realtor, by you---or by the seller’s agent.

Stocks could extend their rally next week and the Dow industrials may climb above 10,000, should the Fed's policy-makers and economic data support the view the economy is recovering from recession.

The Federal Open Market Committee will meet on Tuesday and Wednesday, when investors will anxiously await the policy-makers' assessment of whether the economy is improving.

The week's key economic data will include U.S. existing home sales, a report on new orders of durable goods such as washing machines and refrigerators, new home sales and a final reading for September on consumer sentiment---all likely to put the expectations for recovery to the test.

The Standard & Poor's 500 Index has staged a six-month climb from a 12-year closing low, rising 58 percent. The rally has fed on expectations of a rebound from recession coupled with cheap money that has flooded roughly every market.

Mortgage interest rates remain in a channel of historic lows. The 10-year Treasury note continues to hang around the 3.5% yield range, closing this week with a 3.47% yield.

30-Year Conventional Fixed

4.875% $200,000-$417,000

FHA-100% VA

5.25% $100,000-$393,300

100% Guaranteed Rural Housing w/no MI

6% $100,000-$417,000

30-Year Jumbo Fixed

6% $417,001-$1,000,000

30-Year Jumbo 5/1 ARM (15% down, No MI)

5.25% $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