Nashville Real Estate Forum

Weekend Market Update

Feb. 9-10, 2008

After its worst January since 2000, the Dow Jones Industrial Average fell 561.06 points, or 4.4%, for the first full week of trading in February, to 12182.13. It was the Dow's biggest weekly percentage drop in nearly five years. Indications of economic weakness and the possibility of a recession continue to put a funk over stocks. With stocks down, Treasuries are generally supported, although the Fed’s lackluster auction of 30-year bonds on Thursday prompted selling in Treasuries. Mortgage rates were hit on Thursday after the Fed auction but regained some footing in Friday’s trading. The 10-year Treasury note, which correlates most closely with mortgage-backed securities, closed at a yield of 3.65% on Friday.

30-Year Conventional Fixed

5.625% $200,000-$417,000

FHA-VA

5.75% $100,000-$226,100 (VA to $417,000)

Jumbo 30-Year Fixed

6.5% $417,000-$1,000,000

Flex 100%

6% $100,000-$417,000

...by Gary Moore

(0% points, 1% origination, 30-day lock. Rate pricing subject to change and program guidelines.)

Cell: 615-579-8658   Fax: 866-321-6513

"A man has to guard against many things, and most of all against himself - that is, against human nature." - Jesse Livermore

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