GREENWAY BLOG

24 June 2022

MarketMinute | Mortgage apps rise despite higher prices and volatile rates

In testimony to Congress this week, Fed Chair Powell acknowledged that steep Fed interest rate hikes could tip the US economy into recession. As fears of a coming recession from Fed rate hikes replace fears of inflation in investors' minds, mortgage rates are able to improve. Unemployment claims last week fell to 227K as the labor market continues to show strength despite Fed rate hikes and recession concerns. Mortgage rates have experienced tremendous volatility since inflation data was released...

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21 June 2022

Should You Use a Cash-Out Refinance to Consolidate High-Interest Debt?

  Many homeowners refinance to pay off debt that has built up over time, such as credit cards and auto loans. If you find yourself struggling with high-interest debt, you’re not alone. According to   Experian , the average American household has $92,727 in personal debt. For homeowners, the good news is that you can use a cash-out refinance to pay off debt. With a   cash-out refinance  homeowners get a mortgage for more than they owe on the home. In turn, they can take the difference in cash and pay off high-interest debt with it, which helps them to save more money over the long term. Mortgage interest rates can be an amazing bargain...

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18 June 2022

What Does The Fed's Rate Hike Mean For Mortgages?

  They did it again! In an effort to quell inflation, the Fed increased policy rates by 0.75% at their most recent meeting. This is the largest increase since 1994 and more than initially expected. Mortgage interest rates had already moved upward in anticipation. What's next? It is expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee, so long as conditions warrant. Most analysts anticipate the increases will continue until the Fed has met its directive of containing inflationary forces in the economy. Background on the Fed: The Federal Reserve Board (the Fed) controls...

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13 June 2022

Benefits of A Cash-Out Refinance

  Buying a home is certainly one of the biggest financial investments you’ll ever make. Keeping a home as comfortable and up to date as possible is key to loving the home you’re in. However, sometimes it’s difficult to come up with extra cash for home renovations and repairs. If you find yourself in this position, you may want to consider a cash-out refinance which allows you to tap into your home’s equity. A cash-out refinance  has many benefits and so much to offer. With a cash-out refi, you can renovate your home, consolidate high-interest debts into a single, low-interest loan, buy that dream vacation you’ve been longing for and so...

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10 June 2022

MarketMinute | Something Is Falling In Price

The Fed is expected to raise policy rates by 0.5% next week. This move was previously forecast and is already reflected in mortgage rates. Jobless claims moved to the highest level since mid-January last week, totaling 229K, despite signs of an otherwise strong labor market. Credit card balances have spiked to $841 billion and hit new record levels, as consumers deal with the highest inflation in 40 years. Purchase mortgage applications fell 7% for the week and were 21% lower than the same week one year...

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