Nashville Real Estate Forum

LOCAL MARKET NEWS

It will be next week before Greater Nashville and Williamson County Realtor associations compile and release January's home sales numbers, but my anecdotal evidence is that real estate is starting 2012 with a bang.

Buyers are out writing contracts and making deals to buy homes at excellent values and in the valley of the lowest mortgage interest rates of all time. I am pre-approving borrowers and helping them and their Realtors negotiate their best deals.

Is this just pent-up demand after the seasonally dormant year-end holidays? Is this simply many people taking action on the unusual combination of low home prices and super-low rates?

Mortgage interest rates typically do not drive home purchases. Job growth drives home buying. But, we are certainly in an extraordinary time for prospective buyers. If ever there were a time to take advantage of buying a home or investment property or to refinance your current home, this is it.

Will this buying flurry last, or will it fizzle out once the pent-up demand unwinds? Will a better market start making prices firm up? Stay tuned.

FINANCIAL MARKETS

The government on Friday reported that 243,000 non-farm jobs were added in January, which was an upside surprise to market watchers, and that unemployment had fallen to 8.3%, which was the lowest level since February, 2009. Stock markets liked the news, with the Dow Jones Industrial Average rising 156 points to settle at 12,862---its highest close since May 2008. The S&P 500 closed up 19 points and settled at 1,345, and the Nasdaq added 46 points to close at 2,906, which was its highest level since December, 2000.

Financial stocks led the market's charge, including Bank of America, JP Morgan, Wells Fargo and Goldman Sachs---all of which also were in the news Friday for being sued over mortgage fraud issues.

The 10-year Treasury closed at a yield of 1.95%, and mortgage interest rates continue to dwell in a range of historic lows.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.0% $100,000-$417,000


5/1 ARM

3.0% $100,000-$417,000

15-Year Conventional Fixed

3.375% $100,000-$417,000


30-Year FHA-100% VA

3.75% $100,000-$393,300


30-Year Jumbo Fixed

4.65% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

3.75% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

" No one wants advice---only corroboration." –John Steinbeck

Read more: http://www.brainyquote.com/quotes_of_the_day.html#ixzz1lN4HCNYK

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

National Mortgage Licensing System #186007

LOAN PROGRAM NEWS

The USDA just released its loan numbers for 2011, and for the second year in a row, First Community Mortgage was the top Rural Housing lender in Tennessee. We closed 729 loans totaling $80,929,354.

USDA also just released its 2012 income limits, which are $77,200 for one to two persons in the household and $101,900 for five to eight persons in the house. Those limits apply to Davidson and surrounding counties. Limits are slightly less for more rural counties, such as Hickman.

Rural Housing loans are available for certain parts of many counties and the entirety of certain rural counties. In Williamson County, some areas of Thompson Station, College Grove, Leipers Fork and Fairview are eligible.

To really pin down whether a particular property is in a USDA-eligible location, its address and information must be entered at this link: http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

This links to USDA maps: http://www.brentwoodhomeloan.org/Content.aspx?URL=www.rurdev.usda.gov/tn/ineligiblehousingmaps.html&LinkProp=4&FileName=HomePage.x

In searching for homes, do not let the tail wag the dog by looking only in USDA-eligible locations. But, if your search happens to turn up a USDA-eligible home, here is the difference between Rural Housing and FHA:

1---Rural Housing is a 100% loan, while FHA requires a downpayment of 3.5% (which can be a gift from a family member or a downpayment assistance organization, such as Tennessee Housing Development Agency). 2---The monthly mortgage insurance premium is less with Rural Housing: for example, on a $150,000 loan the monthly MI on Rural Housing is $37.50, and on FHA it is $143.75. 3---The upfront mortgage insurance premium on Rural Housing is 2%, while it is 1% on FHA. 4---Interest rates are about the same---extremely low---usually the lowest of all 30-year loans.

Call me with your questions, to get pre-approved or to determine if a specific property is eligible.

FINANCIAL MARKETS

Mortgage interest rates were pushed down this week, and the 10-year Treasury closed at a yield of 1.9%. When the 10-year is below 2% yield, it is time to pull the trigger and lock a rate.

Stocks were mixed and the Dow Industrials, after three winning weeks to begin the year, were down for the week but still up for 2012 and closed Friday at 12,660. The S&P 500 was down on Friday but closed up for the week and ended at 1,316. The S&P is up 4.7% for the year. The Nasdaq index was the only gainer of the day and closed at 2,817. Among the large-cap stocks, many traded down after reporting worse-than-expected earnings, and many traded down after posting positive earnings news, which signals that the markets are tired and were unable to find fresh optimism sufficient for traders to hold those stocks over the weekend.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

3.875% $100,000-$417,000
Sample APR on $300k loan: 3.93%

5/1 ARM

3.0% $100,000-$417,000

15-Year Conventional Fixed

3.375% $100,000-$417,000


30-Year FHA-100% VA

3.75% $100,000-$393,300


30-Year Jumbo Fixed

4.75% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

3.75% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

"No one is useless in this world who lightens the burden of it to anyone else." ---Charles Dickens

Read more: http://www.brainyquote.com/quotes_of_the_day.html#ixzz1k7KwYnys

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

National Mortgage Licensing System #186007

Mortgage interest rates dipped this week in step with the 10-year Treasury which broke under 2% yield and closed yielding 1.85%. When the 10-year has dropped below 2% yield, it has been a good day to lock a mortgage rate. There is speculation that a sliver of a pricing hike will soon kick in as part of recent legislation enacted by Congress.

Note the FHA 30-year fixed rate of 3.75% (hypothetical APR of 3.883% on $300,000 loan amount).

Major stock indexes have been heading up so far in this young year, but the gains have come on thin volume, which is not particularly bullish. Fourth-quarter earnings will start making news next week. Markets are closed on Monday for the Martin Luther King holiday.

The Dow closed at 12,422, losing 49 points on Friday but ending higher for a second week in a row. The S&P 500 closed at 1,289, down 6.4 for the day and up 0.9% for the week; and the Nasdaq closed at 2,711, off 14 on Friday but up 1.4% over the previous Friday.

Apple for the first time released a list of its suppliers, and the release was accompanied by the admission that 93 of the facilities worked its employees more than 60 hours a week, excessive injuries were occurring at some and others were not paying overtime. At Foxconn, a Chinese manufacturing facility that makes the iPhone, about 150 workers this week threatened to protest working conditions by committing suicide by jumping off the building's roof. The company said the disagreements got worked out with no deaths or injuries.

We are in the "sweet spot" of seasonality for refinancing. What the heck does that mean? It is an especially good time to refinance if you have a mortgage that escrows for taxes and insurance. Your servicing lender has just paid your 2011 property taxes, and they will not have to be collected at the closing---or thus rolled into the loan amount, which increases the need for a higher loan amount---of a refinance mortgage. The amount that will be escrowed for 2012 taxes on your new loan is thus at its lowest point after the prior year's taxes have been paid.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.0% $100,000-$417,000


5/1 ARM

3.0% $100,000-$417,000

15-Year Conventional Fixed

3.375% $100,000-$417,000


30-Year FHA-100% VA

3.75% $100,000-$393,300


30-Year Jumbo Fixed

4.75% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

3.875% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

"We make a living by what we get; we make a life by what we give." --Anonymous

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

National Mortgage Licensing System #186007

Mortgage interest rates were pressured slightly upward this week as stocks sucked the most money out of the markets and ended on a high note, giving credence to the so-called Santa Claus rally and closing on a five-month high.

The S&P 500 returned to the black for the year, and the Dow Jones Industrial average closed above a level last seen in July as investors digested signs of a recovering economy.

The Dow gained 124 points and closed the week at 12,294. The S&P 500 Index rose 11 points and settled at 1,265.33 as it crossed above its 200-day moving average and above its 2010-ending mark. The Nasdaq Composite Index gained 19 points to end at 2,618.64. For the week, the Dow gained 3.6 percent, the S&P 500 climbed 3.7 percent and the Nasdaq rose 2.5 percent.

Weekly jobless claims have fallen for three weeks in a row. On Thursday the government reported weekly jobless claims at 364,000, the lowest weekly filing since April 2008.

New U.S. single-family home sales rose to a seven-month high in November, and the supply of houses on the market was the lowest in 5-1/2 years, giving hope for a recovery in the sector.

The U.S. Congress approved a two-month extension of a payroll tax cut for 160 million workers that otherwise would have expired on December 31. The resolution, if only temporary, removes a market force that investors said could have hit growth next year.

The 10-year Treasury closed at a yield above 2% this week, settling at 2.03%. Last week it closed at 1.85% yield. When the 10-year has dipped below 2%, it has not stayed there for long.

Three times this week I got a question or heard something on TV about mortgage rates hitting all-time lows. While that may or may not have been true by one abstract metric, mortgage rates have been in a narrow channel of historically low rates since September. The all-time low by my measure was the end of September and early October when my 30-year rates dipped below 4%. The lowest rate that I locked personally then was 3.75% on a 30-year FHA.

When you see information attributed to Freddie Mac, what you may not hear is the "pricing" of a certain rate; that is, the rate is such and such with a point discount. Freddie puts out a weekly survey tracking rates, and it may be viewed at this link: http://www.freddiemac.com/pmms/

Freddie put out Dec. 22 a 30-year rate of 3.91% with 0.7% discount ($700 on a $100,000 loan) to achieve that rate. TAR Digest put out 3.94% this week and called it an all-time low rate. It was not an all-time low rate in the real world, although I have no doubt that Pug Scoville, who does an excellent job of putting out Realtor-related news in TAR Digest, read that somewhere. The TAR Digest, however, failed to note that the rate quoted of 3.94% was tied to a certain discount charge.

In other words, on a $100,000 loan, you get that rate by paying that discount. At a lower rate, the discount paid is higher; at a higher rate the discount is less to non-existent. Every one of us is unique, and do not go overboard paying attention to what you see on TV or frankly information you get from any source who has not actually pre-underwritten your loan.

APR is another thing. APR (annual percentage rate) is a somewhat confusing measure that informs the borrower that closing costs are involved with her new loan, and it displays the staggering figure of how much you would pay over the life of the loan if you paid it out to full term. I do not quote APR on rates here because I am not making reference to a particular borrower. Any rates I talk about in a general way are to be taken only in the context of discovering market trends. Any rates actually disclosed to a live, breathing borrower must be accompanied by APR.

It is a good time to refinance if you have a mortgage that escrows for taxes and insurance. Your servicing lender has just paid your 2011 property taxes, and they will not have to be collected at the closing---or thus rolled into the loan amount, which increases the need for a higher loan amount---of a refinance mortgage.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Amid a lot of negative economic news, now is the time for you to act in your best interests by taking advantage of mortgage rates at historical lows. Now is a good time to buy investment property, and we have low-interest loans for that. Call me with any questions. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.125% $100,000-$417,000


5/1 ARM

3.25% $100,000-$417,000

15-Year Conventional Fixed

3.75% $100,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

4.875% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.0% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

"We cannot direct the wind, but we can adjust the sails." –Dolly Parton

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

National Mortgage Licensing System #186007

Here's why:

Any loans, be they purchases or refinances, that close with the first mortgage payment due in October or later must start off with a clean slate as for real estate tax payments. So, since 2011 taxes were technically due in October, the full year of county and if applicable city taxes must be collected by the title company or closing attorney on any loan closings.

What that means to a refinancing borrower between September and December is that he or she must include it in the loan amount or come up with the tax money in cash at closing---they will get back what their current lender is holding in escrow to pay the taxes, but they won't get it for two weeks or so after their closing. If your appraisal is tight, there may not be enough room to roll a year of taxes into the mortgage. If not, it must come from the borrower's existing resources.

Most major lenders pay your real estate taxes this month, if they are escrowing for taxes in your monthly payment. Bank of America typically pays by Dec. 15. What that means is that without the burden of having to pay 2011 taxes out of pocket, the loan amount can be smaller, or the amount needed to fund the closing is less.

It does not matter that tax payments around here are not late until Feb. 29, 2012. The key is they were considered due in October. For anyone refinancing a loan with an escrow account now, the burden of dealing with those taxes suddenly does not exist. Call me with any questions and to get your loan application under way.

Mortgage interests rates were back at extreme lows this week as the 10-year Treasury dipped below 2% yield and stocks had an off week. The 10-year closed yielding 1.85%. When it has dipped below 2%, it has not stayed down long.

Although an improved unemployment report normally might have buoyed stocks and hit bonds, Treasuries and mortgage-backed securities, those markets benefited while stocks were off this week. European debt jitters were again blamed.

Major stock indices broke a two-week losing streak. For the day on Friday the Dow Jones average was down two points and closed at 11,886; the S&P 500 was up 4.9 and closed at 1,220 and the Nasdaq was up 14.3 and closed at 2,555. All three were down around 3% for the week.

Jobless claims fell to a 3-1/2-year low last week and factory activity in parts of the Northeast picked up in December, government data showed on Thursday.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Amid a lot of negative economic news, now is the time for you to act in your best interests by taking advantage of mortgage rates at historical lows. Now is a good time to buy investment property, and we have low-interest loans for that. Call me with any questions. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.0% $100,000-$417,000


5/1 ARM

2.875% $100,000-$417,000

15-Year Conventional Fixed

3.5% $100,000-$417,000


30-Year FHA-100% VA

3.875% $100,000-$393,300


30-Year Jumbo Fixed

4.875% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

3.875% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

"Do exactly what you would do if you felt most secure." Meister Eckhart Read more at: http://www.brainyquote.com/quotes_of_the_day.html

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

National Mortgage Licensing System #186007

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

Major U.S. stock indices posted their largest weekly percentage gains since March 2009 as U.S. economic data showed unemployment dropped to a two and a half-year low. U.S. companies stepped up hiring, and the jobless rate moved to 8.6% from 9%.

The Dow rose 7%, the S&P 500 climbed 7.4% and the Nasdaq was up 7.6% for the week. The S&P has been knocking on the door of its 200-day moving average, and its 50-day trend line is heading up.

The Dow Jones industrial average closed the week at 12,019.42; the S&P 500 settled at 1,244.28, and the Nasdaq Composite ended at 2,626.93.

The 10-year Treasury, which correlates most closely with mortgage rates, closed at a yield of 2.05%. Mortgage interest rates were flat to higher for the week.

The U.S. trade deficit narrowed in October for the fourth month in a row, to $43.5 billion from a revised $44.2 billion the month before, despite record imports from China.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Amid a lot of negative economic news, now is the time for you to act in your best interests by taking advantage of mortgage rates at historical lows. Now is a good time to buy investment property, and we have low-interest loans for that. Call me with any questions. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.0% $100,000-$417,000


5/1 ARM

2.875% $100,000-$417,000

15-Year Conventional Fixed

3.5% $100,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

4.875% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.0% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

"Now and then it's good to pause in our pursuit of happiness and just be happy." --Guillaume Apollinaire
Read more at: http://www.brainyquote.com/quotes_of_the_day.html

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

National Mortgage Licensing System #186007

While everyone this side of a hermit knows that we are in a channel of historic low interest rates, not enough homeowners and buyers are taking full advantage of what this market is giving them.

Rates dipped this week into a trigger-pulling, rate-locking range. However, only refinancing homeowners who already had their applications in the house were in position to nail down a 4% fixed rate for 30 years, for example, when markets hit that level.

The recommended strategy is to get your application to me and any other documentation, such as pay stubs or tax returns, before we lock a rate. We will lock when we believe the moment is most fortuitous---and sometimes a moment is all there is.

My best lock recently was 3.75% for a 30-year fixed rate. That fortunate homeowner followed my prescription and was ready to go when the market was, instead of chasing after the market once it has passed. It also helps that I watch markets for you, and I can lock your loan at night even after the mortgage market has closed.

Whether you are a bad procrastinator, or believe refinancing will be a hassle and you have sooo much to do, or if you suffer from paralysis by analysis, ask yourself: "Do I have so much money and is my time so valuable that I cannot take a few minutes now to save money for 15-30 years to come?"

To determine if it makes sense for you to refinance, at no cost I will lay out the following:

1---How much lower will my payment be?

2---How much will it cost to refinance, and if I divide my savings into the cost, how many months will it be before I "break even" and start to net savings?

3---How much interest can I save over what period of time? Said another way, the longer you plan in the home, the more refinancing will benefit you.

4---What is the effect of going to a 15-, 20- or 25-year term?

5---Should I take cash out to pay off other debt or to fund an addition or tuition, etc.?

Prospective home buyers can take advantage not only of currently low rates but that we are in a traditionally slow season for real estate sales. Sellers will welcome you now, because anyone selling at this time may not be seeing many offers.

Major U.S. stock averages gained more than 7% this past week with the Dow Industrials climbing back above 12,000, closing at 12,019. The S&P 500 closed at 1,244, and the Nasdaq Composite at 2,627.

The U.S. reported nonfarm payrolls rose by 120,000 in November, while the jobless rate fell to 8.6%.

The 10-year Treasury closed at a yield of 2.04%.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Amid a lot of negative economic news, now is the time for you to act in your best interests by taking advantage of mortgage rates at historical lows. Now is a good time to buy investment property, and we have low-interest loans for that. Call me with any questions. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.0% $100,000-$417,000


5/1 ARM

2.875% $100,000-$417,000

15-Year Conventional Fixed

3.5% $100,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

4.875% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.0% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

"I invent nothing; I rediscover." --Auguste Rodin

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

National Mortgage Licensing System #186007

Major U.S. stock averages have rolled over, closing lower on Friday for the seventh day in a row, as a risk-averse sentiment moved money from stocks and into safer plays such as low-yielding U.S. Treasuries and fixed-income funds. Mortgage interest rates ended the week virtually unchanged, week-over-week. The 10-year Treasury closed at a yield of 1.97%.

Markets closed early on Friday, and in thin, post-Thanksgiving Day trading volume, equities were higher until about 20 minutes before the markets closed when news broke that Italy paid a record 6.5% to borrow money over six months, and its longer-term funding costs soared, according to Reuters.

High debt yields from major economies in Europe such as Spain, France and Germany suggest investing in the region is seen as being more risky. Adding to concerns, Standard & Poor's downgraded Belgium's credit rating to double-A from double-A-plus, citing concerns about funding and market pressures.

Conversely, the six-month U.S. Treasury bill was yielding 0.07% yesterday.

After challenging its 200-day moving average on the upside repeatedly in late October through the early part of this month, the S&P 500 finished Friday having lost about 9% from its recent highs after plunging through its 50-day moving average earlier this week.

Illuminating the risk-shifting trade bias, broad-based market equity funds this week experienced more than $7 billion in outflows due to redemptions.

The Dow Jones industrial average slipped 25.77 points, or 0.23 percent, to 11,232 at the close. The Standard & Poor's 500 Index declined 3.12 points, or 0.27 percent, to 1,159. The Nasdaq Composite Index shed 18.57 points, or 0.75 percent, to 2,442.

For the week, the S&P 500 fell 4.7 percent, giving back almost two-thirds of its gains in October, which was the market's best month in 20 years. The Dow was off 4.8 percent for the week and the Nasdaq fell 5.1 percent.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Amid a lot of negative economic news, now is the time for you to act in your best interests by taking advantage of mortgage rates at historical lows. Now is a good time to buy investment property, and we have low-interest loans for that. Call me with any questions. Nothing ventured, nothing gained. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.125% $100,000-$417,000


5/1 ARM

2.875% $100,000-$417,000

15-Year Conventional Fixed

3.625% $100,000-$417,000


30-Year FHA-100% VA

4.0% $100,000-$393,300


30-Year Jumbo Fixed

4.875% $417,001-$1,500,000

(Interest-only available-Call me)

Rural Development 100%

4.0% $100,000-$417,000

THDA Great Start 100% with Gift

4.55% $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

"You have to believe in yourself." --Sun Tzu

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

National Mortgage Licensing System #186007

That "thud" you just heard was mortgage interest rates hitting bottom again.

Underscoring the low interest rate scenario was the Labor Department's employment report for August, which showed the private sector added 17,000 net jobs but the public sector lost 17,000. Many of the losses were the result of funding withdrawn by Republican governors and legislatures. Taken out of the private sector number were about 48,000 striking Verizon workers. Unemployment remained at 9.1%.

Major stock indexes closed the books on August as the worst one-month loss since May 2010. The S&P 500 closed at 1,174, and the Dow Industrials closed at 11,240

Bank of America lost 6.6% and JP Morgan Chase lost more than 4.4% as the Federal Housing Finance Agency sued them, Citigroup Inc. and 14 other banks for allegedly misleading Fannie Mae and Freddie Mac about billions of dollars of residential mortgage-backed securities.

In the first show of backbone against corporate monopolies in many years, the Justice Department sued to block AT&T's takeover of T-Mobile. The Justice Department cited that T-Mobile's presence as a wireless player as well as certain of their innovative technology were valuable in maintaining competition for AT&T, Verizon and Sprint. Lack of competition means fewer choices and higher prices for consumers.

The 10-year Treasury confirmed the action in mortgage rates by closing at 1.996% yield. The 52-week range is 1.97%-3.74%.

Call me to get pre-approved for a purchase or to run a refinance analysis to weigh your options. Gary Moore 615-579-8658

30-Year Conventional Fixed

4.125% $100,000-$417,000


15-Year Conventional Fixed

3.375% $100,000-$417,000


30-Year FHA-100% VA

4.25% $100,000-$393,300


30-Year Jumbo Fixed

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

(Interest-only available-Call me)

Rural Development 100%

4.00 % $100,000-$417,000

THDA Great Start 100% with Gift

4.85% $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

"There is power, there is power in a band of working men, when they stand, hand in hand. That's a power, that's a power that must rule in every land." –Joe Hill

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

National Mortgage Licensing System #186007

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