GREENWAY BLOG

4 May 2023

Fed Meeting May 2023: Interest Rates Hiked 0.25%

  Well, here we are again. The Fed again increased policy rates by 0.25% at their most recent May 2023 meeting, as the markets expected. What they said next is more interesting. Will the rate hikes stop here? After 10 consecutive increases, the Fed softened its stance regarding the probability of future increases but did not go so far as saying this would be the last. Though investors had hoped to hear a pause in the series of hikes was coming, Fed Chair Jerome Powell said ongoing economic conditions will influence future adjustments.  Please Note: Mortgage rates are impacted by market forces beyond Fed actions and will not necessarily change at...

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1 May 2023

Fannie Mae’s Credit Scoring Changes Could Help Enhance Homeownership

  Fannie Mae and Freddie Mac recently announced a major change to the way they assess credit scores when multiple clients are on a mortgage. This update could help more borrowers qualify for a home. How do these changes compare to the old guidelines? We’ll discuss this and more in today’s blog. Credit Scoring Update With the recent changes, if there are multiple clients qualifying to purchase or refinance a home, Fannie Mae will now average the median credit scores of all borrowers. How is different? In the past, Fannie Mae looked at the lowest median score of all clients on the loan. Understanding Your Credit Score When...

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18 April 2023

Prequalifying for Mortgage: Know How Much You Can Afford

  Are you wondering how much you may be able to afford for your home purchase?  It pays to know before you look for a home so you can focus on properties that are truly in your comfort range. How Does Pre-Qualification Work? Pre-qualifying for a home loan is the easiest way. Here’s how it works. To determine how much you may be able to borrow, we’ll ask questions regarding the source and consistency of your income and savings. We’ll also inquire about any existing debts you may have for cars, credit cards, education, or other types of loans. This is important because not all income can be used to qualify, and any ongoing monthly debts you...

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14 April 2023

MarketMinute | How do consumers really feel about the housing market?

The Consumer Price Index's annual inflation rate dropped for the 9th consecutive month in March, reaching its lowest level since May 2021. Wholesale inflation also fell in March, hitting its lowest annual level since January 2021. Slowing inflation can be good for rates. Newly released minutes from the Fed's last meeting indicated officials appear on track to raise policy rates one more time in May. Purchase mortgage applications rose 8% last week, as buyers took advantage of a dip in interest...

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11 April 2023

Mortgage Terms to Know

  Knowing key  housing terms  and how they relate to today’s market is important.  When  mortgage rates  and  home prices  rise, it impacts how much home you can afford. Terms like appraisal (what lenders rely on to validate a home's value) and the inspection contingency ( which gives buyers essential information on a home's condition) directly impact the transaction.  The homebuying process can be intimidating if you're not familiar with certain key terms used throughout the process. That's why we've complied this quick guide to help get you started! Let’s dive right in. Appraisal...

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