Nashville Real Estate Forum

Weekend Market Update

March 28-29, 2009

Mortgage rates remain in a range of historical lows and present opportunities for buyers and for homeowners wishing to refinance. The government's $8,000 gift to first-time buyers should ripple through move-up markets as sellers succeed and have use of their equity to buy up.

Wall Street capped a strong week on a down note on Friday as investors booked profits in the wake of the recent upward surge, and bank shares dropped after bank executives indicated March had been a tougher month for the industry than the previous two.

After a meeting with President Barack Obama, JPMorgan Chase Chief Executive Jamie Dimon said that March was "a little tough" in comments to CNBC. The bank's shares fell nearly 5 percent. Bank of America's top executive followed suit, saying the No. 1 U.S. bank's trading book lagged the two prior months in March.

The gloomy comments on bank profits contrasted with statements earlier in the month that had helped push the broad S&P 500 index up more than 20 percent since it hit a 12-year low on March 9.

The change in mood on banks compounded a sell-off as investors booked profits created during the recent run-up. Heading into the day's session, the S&P 500 was at its most overbought position since May 2008, according to its 50-day relative strength index.

The 10-year Treasury closed at a yield of 2.76%.

30-Year Conventional Fixed
4.75% $200,000-$417,000

FHA-100% VA
5% $100,000-$393,300

100% Guaranteed Rural Housing w/no MI

5.25% $100,000-$417,000

30-Year Jumbo 3/1 ARM (10% down, No MI)

5.45% $417,001-$600,000

30-Year Super Jumbo Fixed

6.4 % $750,000-$1,500,000

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

"Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one." --- Charles Mackay

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.)