Now that President Biden is in office, his administration is expected to push to get another large stimulus bill passed, this one speculated to be $1.9 trillion. Stock markets continue to hit new record highs, counting on vaccines and fiscal stimulus to drive economic recovery in 2021. This could pressure rates higher through the year. Jobless claims last week came in at 900,000 for the week, which was slightly better than the prior week's 926,000. Continuing claims came in at 5.05 million for the week. ...READ MORE
Interest rates will eventually start to climb. When rates rise your affordability dwindles. This can hurt both buyers and sellers. In fact, rising interest rates can make the difference between locking in the home of your dreams TODAY or being locked out tomorrow. Take for instance this example here: A $1,000 monthly principal and interest payment finances less and less as rates rise. As you can see, the corresponding loan amount for a $1,000 principal and interest payment dwindles as rates increase. Think we’ll see higher rates? History is rife with many examples of cyclicality in rates....READ MORE
Consumer prices increased in December, but underlying inflation remained tame. Low inflation is good because rising inflation can pressure mortgage rates higher. President-elect Joe Biden released his plans for more fiscal stimulus when he takes office. The added stimulus is expected to help the economy but could pressure mortgage rates higher. Jobless claims surged last week, confirming a weakening in the labor market as virus counts rise and the pandemic disrupts operations at restaurants and other businesses. After setting more than a dozen...READ MORE
COVID hit a lot of people hard, both personally and financially. If you needed to exercise Mortgage Forbearance, here are some tips to help you get back to financial wellness. Don’t Lose Hope! Forbearance is there for people who need to use that option. Conversely, do not use forbearance if you do not need it. Purchasing or Refinancing a Mortgage after Forbearance is Possible. The Cares Act prevented lenders from reporting late payment histories to the credit bureaus. That said, lenders will want to see that you have been able to make your payments after the forbearance, before refinancing, or purchasing...READ MORE
The Democrats' sweep of Senate seats in Georgia completed the "Blue Wave" and added to expectations of increased economic stimulus in 2021, which could lead to rising rates. Private payrolls posted the first drop since April, as reported by ADP. Leisure and hospitality suffered the biggest losses, with most cuts coming from large businesses. Last month's Fed meeting minutes showed that markets will get plenty of notice before any cuts on bond purchases. The reassurance will help keep mortgage rates low. ...READ MORE
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.