GREENWAY BLOG

13 September 2024

MarketMinute | Rate movement news homebuyers will love

Inflation declined in August, reaching its lowest level since February 2021 and setting the stage for an expected policy rate cut from the Fed. Jobless claims rose marginally last week to 230K. The pace of layoffs remains low even as the labor market shows signs of cooling. Wholesale prices showed a mild increase of 0.2% in August, reinforcing indications the inflation rate is returning to low pre-pandemic levels. August’s shelter inflation rate was down from its 8.2% peak in March 2023, but the...

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6 September 2024

MarketMinute | Housing Affordability is Improving

The Labor Department reports July job openings slumped to their lowest level since January 2021. In another sign of a slowing labor market, companies added fewer new jobs in August than any month since the start of 2021, according to ADP. However, the US services sector expanded at a modest pace for a 2nd month in August, though there are signs momentum is fading. Mortgage refinance demand is 94% higher than a year ago. Purchase apps rose only 3% for the week and were 4% lower than a year ago....

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1 September 2024

New Real Estate Compensation Rules: How They Impact Buyers, Sellers, and Agents

  Changes to Real Estate Transactions: What You Need to Know As of August 17, 2024, there are new requirements for real estate transactions that could impact your buying or selling experience. Here’s what you need to know to navigate these changes smoothly: What’s New? For Buyers: Written Agreement Required: Before touring homes, either in person or online, you will need to sign a written agreement with your real estate agent if they use the MLS (Multiple Listing Service). This agreement outlines the services the agent will provide and the associated costs. No Agreement Needed for Open Houses: You can still...

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30 August 2024

MarketMinute | Are rates impacting sales?

Minutes from last month's Fed meeting showed most members felt a policy rate cut would be appropriate at the next meeting. Markets are already fully pricing in a September cut, which would be the first since the emergency easing in the early days of the pandemic. Unemployment applications barely rose last week. The 4-week average, which smooths out some volatility, fell to its lowest level in a month. Fannie Mae economists say the recent decline in mortgage rates is not enough to increase the number...

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26 August 2024

Understanding Rate Locks: Why Longer Locks Come with Higher Costs

  Understanding Rate Locks: Why Longer Locks Come with Higher Costs When you apply for a mortgage, one of the most crucial decisions you'll face is locking in your interest rate. But why do longer rate locks tend to cost more? It all comes down to risk—both for you and the lender. The Role of Interest Rate Fluctuations Between the time you apply for a loan and the moment you close, interest rates will fluctuate. Sometimes, these changes are subtle, but they can also be quite volatile, even shifting from one minute to the next. Locking in your rate serves as a safeguard against rising rates, much like purchasing an insurance policy....

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