Sept. 19-20, 2009

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

"Bureaucracy defends the status quo long past the time when the quo has lost its status." -- Laurence J. Peter

Visit my real estate website:

http://www.RealCarte.com

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. Reply “remove” with your name and email to discontinue Update.)

Posted by Gary Moore on September 19th, 2009 3:21 AMPost a Comment (0)

Weekend Market Update Sept. 26-27, 2009

September 26th, 2009 12:33 AM

Weekend Market Update

Sept. 26-27, 2009

Stocks fell for the week but remain on track to escape September--- historically the worst month for stocks---in positive territory. Mortgage-backed securities were supported with buyers which kept mortgage rates at or below 5%. The 10-year Treasury closed the week yielding 3.3%, which represented a decline week-over-week.

The rally in stocks, which stumbled in recent days on worries about the economic recovery and continued government stimulus, will be tested next week by crucial data on growth and jobs. Investors are set to pore over September non-farm payrolls, the final reading of second-quarter gross domestic product and several other big economic reports.

The data comes amid signs the rally in stocks, which has lifted the Standard & Poor's 500 index some 54 percent since early March, could be fizzling out.

The market suffered three straight days of losses, and the S&P put in its biggest weekly drop since early July, with data on Friday showing new orders for long-lasting U.S. manufactured goods falling by their biggest margin in seven months.

Next week, the focus likely will be on Friday's monthly U.S. government jobs data. The 9.7 percent U.S. unemployment rate is a major concern for investors because of the impact on the economy and, in particular, consumer spending.

For the week, the S&P 500 fell 2.2 percent, the Dow Jones industrial average dropped 1.6 percent and the Nasdaq declined 2 percent.

On Thursday, stocks slid as world central banks said they would scale back infusions of U.S. dollars into their banking systems. That came a day after stocks sold off following the Fed's decision to slow purchases of mortgage debt.

But the S&P 500 is still on track for gains of about 14 percent this quarter, and that would follow gains of 15 percent in the previous quarter.

30-Year Conventional Fixed
4.875% $100,000-$417,000

FHA-100% VA
5% $100,000-$393,300

100% Guaranteed Rural Housing w/no MI