GREENWAY BLOG

1 December 2023

MarketMinute | Rates and inventory drive the housing market

The Fed's preferred gauge of inflation as measured by personal spending increased 3.5% year over year in October, meeting expectations. Consumer confidence rose in November after 3 straight monthly declines, though two-thirds of consumers think a recession is likely in 2024. The Fed released data showing economic activity slowed in recent weeks as consumers pulled back on discretionary spending. New home sales fell last month, coming in below analysts' expectations. The drop was likely due to...

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1 December 2023

Federal Housing Finance Agency (FHFA) Increases Conforming Loan Limits for 2024

  On November 28, 2023, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming  loan limits  for mortgages acquired by Fannie Mae and Freddie Mac in 2023. The maximum loan limit for one-unit properties will be $ 766,550* , an increase of $40,350 from $726,200 in 2023.​  Release . National Baseline The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price.   FHFA third...

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27 November 2023

The Ultimate Holiday Gift: Money for a Down Payment on a House

  As the holiday season draws near, our thoughts naturally turn to the joy of giving. While we all appreciate receiving gifts for special occasions, there's something truly extraordinary about presenting a gift that can make someone's homeownership dreams come true. If you or someone you know is looking to purchase a home during this holiday season, consider the incredible gesture of providing a down payment as a gift. However, using gift funds for a down payment involves specific guidelines and considerations that are essential to understand. In this article, we'll explore the different loan programs that allow borrowers to use gift funds towards their down...

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17 November 2023

MarketMinute | Is The Fed Done Raising Rates?

Consumer inflation came in better than expected for October, supporting expectations the Fed may be done raising rates to fight it. Wholesale inflation also came in much lower than expected in October, reversing a 3-month trend and falling by the most since 2020. New unemployment applications were up last week, and continuing claims rose to their highest level in almost 2 years. Homebuilder confidence weakened in November, as 36% of builders reported discounting prices an average of 6%. ...

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16 November 2023

What's Happening with Mortgage Rates?

  Inflation is currently down. Does this mean it's time to make a move? The October Consumer Price Index (CPI) showed U.S. prices were unchanged from September to October. Mortgage interest rates immediately fell with the news. What does lower inflation mean moving forward? Many market analysts are projecting the Federal Reserve Board may be done raising rates. However, that doesn't mean rate cuts will come anytime soon. The annual inflation rate was 3.2% in October, still above the Fed target of 2%. It's likely markets will remain volatile as investors try to anticipate the Fed's next moves....

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