GREENWAY BLOG

19 December 2023

Insider Tips for Getting the Best Mortgage Interest Rate

  Before you chase the lowest interest rate for your next mortgage, consider a few tips from Grenway Mortgage. Be wary of comparing only APRS The annual percentage rate (APR) expresses the total cost of interest AND fees as an interest rate over the full term of a loan. The problem is, most people pay fees up front and have their loan for far less than the full terms. This makes the APR inaccurate. Insider Tip: Compare loan costs and monthly payments separately for a better understanding of exactly what you'll pay and when. If you plan to sell or refinance in a few years, any savings from a lower rate may not make up for high upfront...

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18 December 2023

December 2023 Rate Watch: Fed Keeps Policy Rates Unchanged

  The Federal Reserve Board left policy rates unchanged at their most recent meeting, as expected. Mortgage rates had already fallen in anticipation .    Looking ahead to 2024 In conjunction with their meeting, the Fed released its most recent set of economic projections. Officials expect inflation to fall more quickly than previously anticipated , reaching their target of 2% in 2026. While individual board members have been saying that further rate increases are still on the table, the projections showed expectations for up to three cuts in 2024 . If rate cuts are expected, should you wait to buy, refi or access equity? Not...

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18 December 2023

The FHA Raises Loan Limits 2024

  The FHA Raises Loan Limits 2024 The Federal Housing Administration (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $26K in most areas. In high-cost locations, the increase is even greater. New limits will take effect in 2024. This news could make a big difference for homebuyers! The increases will allow more borrowers to take advantage of FHA’s benefits: Low down payment options Lower total cash-to-close requirements with gift or seller contributions More lenient and streamlined refinancing Ability to combine purchase and rehab financing In some high-cost...

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12 December 2023

Why Winter is Your Secret Real Estate Weapon For Buying and Selling

  Feeling a bit Grinchy about diving into the real estate market during the holiday season? Think again! With interest rates hitting a welcoming low, now is the perfect time to reconsider your stance on buying or selling a home. In this blog post, we'll explore three compelling reasons why this winter could be the ideal time for you to make a move. Affordability Soars with Lower Interest Rates One of the most significant factors influencing the current real estate market is the decline in interest rates from their recent highs. Your dream home just became more affordable than ever! With lower rates, your monthly mortgage payments decrease, making...

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8 December 2023

MarketMinute | Are Refinances Making a Comeback?

Weakening demand spurred a 3.6% decline in factory orders in October, more than expected and the biggest monthly drop in more than 3 years. Job openings slid to 8.7 million in October, below estimates and the lowest level since March 2021, signaling a loosening labor market. Oil prices plunged to a 6-month low due to booming crude supplies. The drop helped push bond yields lower, supporting lower mortgage rates. Falling mortgage rates reignited refinancing activity. Refi apps were up 14% for the week...

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