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

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National Mortgage Licensing System #186007