Nashville Real Estate Forum

Weekend Market Update

July 10-11, 2010

Mortgage rates asked the limbo rock question this week---“How low can you go?”---and the market may have given its answer as rates ended their two-month slide to historical lows. If you are considering refinancing, now is the time to pull the trigger.

Stocks were up on modest volume for the four-day trading week, and the Dow Jones average was up 5.3% and 512 points, to log its best one-week gain in almost a year. The DJIA closed at 10,198.  Stocks had been beaten down and were oversold, which likely contributed to this pop.

The 10-year Treasury moved back above 3% yield, in the face of more news of a weak economy, which usually favors bonds and mortgage-backed securities. Inventories held by wholesalers rose in May for a fifth straight month, the government reported on Friday, while sales dropped for the first time in more than a year. Wholesale inventories rose 0.5 percent and sales dropped 0.3 percent. It was the first drop since March 2009, when major stock indexes hit a 12-year low.

Bond prices fell as stocks rose on Friday. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.06 percent from 3.04 percent late Thursday.

Crude oil rose 65 cents to $76.09 per barrel on the New York Mercantile Exchange.

Thursday's report of a drop in the number of newly laid off people seeking unemployment benefits ended a string of bad news about the job market, and it likely contributed to investors' more positive mood going into earnings season.

Call me to get pre-approved for a purchase or to explore your refinancing options. Gary Moore 615-579-8658.

30-Year Conventional Fixed

4.5% $100,000-$417,000

15-Year Conventional Fixed

4% $100,000-$417,000


FHA-100% VA

4.5% $100,000-$393,300


30-Year Jumbo Fixed

5.5% $417,001-$900,000

(Interest-only available-Call me)

THDA Great Start

5.35% $100,000-$393,300

4% of sales price 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

"A bank is a place that will lend you money if you can prove that you don't need it." - Bob Hope

Visit my real estate website:

http://www.RealCarte.com

Visit my mortgage website:

http://www.BrentwoodHomeLoan.com

(0% points, 1% origination. Market Update informs consumers and Realtors on market trends, offers subjective opinions and is not a quote for a unique borrower.)