Nashville Real Estate Forum

Weekend Market Update

Aug. 8-9, 2009

Mortgage interest rates popped higher and so did stock prices on Friday after the unemployment rate declined for the first time since April 2008. Labor Department data showed employers cut 247,000 non-farm jobs in July -- a serious loss -- but far less than the 320,000 expected and the smallest decline in a year.

The July unemployment rate eased to 9.4% from 9.5% the prior month. Some analysts are calling an end to the recession, which is bad for bonds, because economic growth often creates an environment with inflation concerns that make bonds less attractive to investors. The result usually ends up being higher mortgage rates as investors shift funds into a growing stock market.

Major stock indices hit 2009 highs, with the Dow closing at 9,370, up by 2.2% for the week and the S&P 500 up 2.3% to 1,010. The Nasdaq index closed up 1.1% at 2,000. The 10-year Treasury was up in yield at 3.85%.

30-Year Conventional Fixed
5.375% $200,000-$417,000

FHA-100% VA
5.5% $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

"Genius begins great works, labor alone finishes them." - Joseph Joubert

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.)