Bull Market Return: Stocks Up 21% in Three Weeks

March 27, 2009— -- Investors are smiling this week after stocks continued their surge, officially becoming a bull market after Thursday's 175 point climb by the Dow.

The market index is now up 21 percent from its 12-year low hit on March 9. Traders doubt that this rally will last long-term -- and there are still surely plenty of things wrong with the economy. Stocks were mostly down overnight overseas and are opened down this morning in New York. And while the Dow has surged in the last 13 trading days, it is still down 9.7 percent since the beginning of the year.

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Either way, this week brought a glimmer of hope to Americans looking for something positive from Wall Street.

For homeowners and potential home buyers, this week has also brought good news, with the average mortgage rate hitting an all-time low of 4.85 percent for a 30-year fixed loan.

So is all of this long-awaited good news trickling down to Main Street?

Like almost everything else with this recession, the results are mixed.

The latest economic figures are generally encouraging for people who want to borrow money. Thanks to efforts by the government, some banks are now lending more money. Some people are getting the loans they want, and others are still looking for somebody to finance their dreams.

David Hutzman wants to buy his first home. He was rejected for a mortgage in 2006. His credit score is now 702. Hurtzman hopes this time around will go better, thanks to a Federal Housing Administration home loan. He'd have to make a low down payment of $5,880 on the $168,000 town house he wants to buy in a Virginia suburb.

William Giddens hopes to finance $29,000 for a 2009 Chevrolet Silverado pickup truck. He was rejected for a car loan a few months ago, and at 631, his credit score isn't ideal. But he's been a loyal customer and hopes for the best. Lending has risen half a percent so far this year for car loans. Not great news, but an improvement that might benefit Giddens.