Nashville Real Estate Forum

Weekend Market Update

March 1-2, 2008

Stocks tumbled and mortgage rates dropped to end the week. The Dow closed down 315 points on Friday, and it and the S&P 500 and Nasdaq stocks were down 2.5% for the week. The correlation between a bad day for stocks being a good day for bonds and mortgage rates continued, just as the inverse had turned mortgage rates up for most of February. The 10-year Treasury closed at a yield of 3.53%. The dollar set new lows against the Euro, and oil set new highs above $103 a barrel. Oil, gold, and other commodities are rising rapidly in price when denominated in U.S. dollars. This inflation laid against a slowing U.S. economy is a difficult combination for the U.S. consumer. The University of Michigan’s consumer confidence index dropped to 70.8% in February, continuing a decline from its 78.4 reading in January.

30-Year Conventional Fixed

5.75% $200,000-$417,000

FHA-VA

6% $100,000-$227,10

Jumbo 5/1 LIBOR ARM

6% $417,000-$1,000,000

Flex 100%

6% $150,000-$417,000

Call for free pre-approval and to discover
the best financing for you!

...by Gary Moore

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

"It's not the strongest of species that survive, nor the most intelligent, but the one most responsive to change." - Charles Darwin

Visit my mortgage web site: http://BrentwoodHomeLoan.com

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