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For the Week Ending March 23, 2018

Please enjoy this quick update on what happened this week in the housing and financial markets.

As expected, the Fed raised policy rates at this week's meeting. While they alluded to only two more hikes this year, rising inflation could necessitate more. 
The institution of tariffs, most recently against China, can contribute to rising inflation by limiting free markets. Inflation fuels rising interest and mortgage rates.
After rising quickly early in the year, mortgage rates have stabilized. Nonetheless, further increases are expected through the rest of the year.
Existing home sales were up 3% in February, despite a chronic shortage of inventory. That's 1.1% higher than February 2017, showing strong demand.
Tight inventory, especially for homes in the lower price ranges, is the new normal. Housing inventory was down 8.1% from a year ago this time.
Along with interest rates, rents have been rising. A recent survey concluded that the largest 250 U.S. cities saw rents grow year over year by an average of 2.7%.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


Get the most important economic & housing news you need – simple and fast.

Saving for a down payment is often the biggest hurdle for a first-time homebuyer. Depending on where you live, median income, median rents, and home prices all vary. So, we set out to find out how long it would take to save for a down payment in each state.

Using data from the United States Census Bureau and Zillow, we determined how long it would take, nationwide, for a first-time buyer to save enough money for a down payment on their dream home. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their monthly housing expense.

By determining the percentage of income spent renting in each state, and the amount needed for a 10% down payment, we were able to establish how long (in years) it would take for an average resident to save enough money to buy a home of their own.

According to the data, residents in Ohio can save for a down payment the quickest in just under 3 years (2.44). Below is a map that was created using the data for each state:



What if you only needed to save 3%?

What if you were able to take advantage of one of Freddie Mac’s or Fannie Mae’s 3%-down programs? Suddenly, saving for a down payment no longer takes 5 or 10 years, but becomes possible in a year or two in many states as shown on the map below.


Bottom Line

Whether you have just begun to save for a down payment, or have been saving for years, you may be closer to your dream home than you think! 

Home loan payments are now often less than rent payments!

If you don’t intend to stay in your home long, need extra mobility or are unsure about your employment prospects, renting probably makes good sense for you. But if you're planning to stick around, owning may prove to be more rewarding. Here are five good reasons:

  • Rates are near historic lows, and prices are still well below the past peaks. This unusual combination places the real cost of purchasing a home near a 50-year low.
  • Buying builds equity. On most mortgage loans, you pay down the principal balance with each payment. This typically starts at about $100 per month for every $100,000 of loan balance and increases each month through the entire life of the loan. To make a fair comparison, be sure to subtract principal paid from a home loan payment vs. the cost of renting the same property.
  • Home values rise over time. Increases are not guaranteed; however, if we use the last 50 years as a guide, values have typically risen at a pace above inflation.
  • Homeownership often brings tax benefits. Deductions for home mortgage interest and real estate taxes save many homeowners thousands every year. Others still find taking the standard deduction more beneficial. Always consult your tax pro for advice.
  • It’s more than just the money. Families become rooted in a neighborhood, school district, and community. Homeowners have the freedom to choose paint colors and make modifications. Pets are welcomed. Intangibles like these often formulate the most valuable returns.

Housing is a precious commodity that we all need every day. It's your choice to rent or to own, yet buying a home for yourself usually beats buying one for your landlord.

If you want to learn more or find out what you might be able to afford, reach out. We're always happy to help.

For the Week Ending March 16, 2018

Please enjoy this quick update on what happened this week in the housing and financial markets.

Consumer inflation was less threatening in February according to the recent CPI data. If inflation rises too quickly, mortgage rates could follow.
Concerns over import tariffs and possible trade wars continue to plague markets and could cool the economy. This could help keep rates from rising.
The Fed is expected to raise policy rates at next week's meeting. The change has already been priced into mortgage rates and likely won't have further impact.
A recent survey shows Baby Boomers want high speed internet and to live near grocery stores and hospitals. Over 90% said they plan to stay in their own home. 
Another poll found more than 70% of homeowners in their home for 10+ years aren't moving because they like their home. Another 21% don't want the hassle of a move.
The NAR found that 40% of potential millennial home buyers would start their property search online, while 15% said they would call an agent first.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.

Community Reinvestment Program

Mar 14
Category | General

Serving clients in low & moderate-income areas

The Community Reinvestment Act (CRA) was designed to assist borrowers who purchase homes in areas where household incomes are predominantly low and moderate. In addition, the guidelines for these loans - such as lower down payments, no mortgage insurance, allowable grant programs and gifts from family and friends - make it easier for borrowers to qualify.


  • 3% down, 1-unit
  • 5% down, 2-unit
  • No PMI, 660 minimum credit score


  • 1-4 units, single family homes, condos & PUDs.* 
    • No Rate Adjustments for Multi-Family
  • Properties in low/moderate income census tracts*
  • Seller concessions, down payment assistance, & gifts

Do You Qualify For Our CRA Program?

Qualification varies by scenario. Reach out to your Greenway loan officer today to find out. Max DTI 45%, other income restrictions apply. Additional guideline limitations and restrictions apply. 

*Condos & PUDS must be Fannie or Freddie approved. Income limits apply for properties outside low/moderate income areas.

Give us a call today. We'll be happy to help you learn more about the program. 


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