Nashville Real Estate Forum

Weekend Market Update

June 7-8, 2008

Stocks were ripped in Friday's trading after crude oil jumped $11--it's biggest-ever one-day spike--to a fresh record high above $138 a barrel and after the May unemployment rate jumped the most in 22 years. Inflation operating within a weak economy--"stagflation" as it was called in the 1970s--appears to be the theme of the markets.

The Labor Department's report showed the unemployment rate rose in May to 5.5%--its highest level since October 2004--from April's jobless rate of 5%. The report showed the economy lost jobs for a filth straight month. The Dow average of stocks dropped about 397 points. Treasuries benefited as money moved from stocks to safer instruments, and the 10-year closed at a yield of 3.94%.

Mortgage rates, which had been in a short-term rising trend, softened on Friday but will likely be priced better on Monday morning due to Friday's afternoon action. The Federal Reserve has said it will quit lowering its short-term rate, which has left prime at 5%.

30-Year Conventional Fixed

6% $200,000-$432,500

FHA-VA

6.25% $100,000-$432,500

Guaranteed Rural Housing w/no MI

6.5% $100,000-$432,500

30-Year Conventional w/no Borrower MI

6.5% $100,000-$432,500

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

"At times it is folly to hasten; at other times, to delay.
The wise do everything in its proper time."- Ovid

Visit my website: http://BrentwoodHomeLoan.com

(0% points, 1% origination, 30-day lock. Market Update informs on market trends and is not a quote for a unique borrower.)