Nashville Real Estate Forum

Weekend Market Update

June 27-28, 2009

The Fed met this week and said they will keep buying boat loads of mortgages; that’s good news for borrowers and should continue to hold down mortgage rates in this historic time of extremely low rates and suppressed real estate prices.

The buyers do seem to be coming out, and it’s about time. If you ever want to buy real estate, now is not the time to be on the sidelines. First-time buyers and anyone who has not owned a home in three years can get an $8,000 check from the U.S. Treasury if they show up before December.

Next week’s trading is shortened as markets will close on Friday ahead of July 4, which falls on Saturday.

One piece of news this week, which has nothing to do with real estate or mortgage rates, is the expected sentencing on Monday of confessed swindler Bernard Madoff for running a $65 billion Ponzi scheme.

The 10-year Treasury closed at a yield of 3.51%, and could likely dip under 3.5% next week, as Treasury Department auctions which we foreshadowed last week found plenty of takers.

For Realtors who have listings in the jumbo (over $417,000) range, call or email me, and I can give you some scenarios, flyers or other help in getting your properties sold. I have some good jumbo products now, which require no escrows and no PMI. Some of my interest-only jumbo products look tempting, too. Call me.

30-Year Conventional Fixed
5.25% $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 5/1 ARM (15% down, No MI)

5.2% $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

"One thing is sure. We have to do something. We have to do the best we know how at the moment... If it doesn't turn out right, we can modify it as we go along." - Franklin D. Roosevelt

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.)