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MarketMinute |

Feb 21
6:46
AM
Category | Markets in a Minute

 

Housing News

 

Market Minute Report - Mortgage News


  • Consumer prices increased the most in 1.5 years in January, reinforcing the Fed's message that it was in no rush to resume cutting policy rates.
  • In Congressional testimony, Fed Chair Powell said the economy is doing well and the Fed can take its time to decide on future policy rate cuts.
  • New applications for unemployment benefits fell last week, suggesting the labor market remained stable early in February. 

Housing News

  • Purchase mortgage applications declined again, falling 2% for the week. Demand was 2% higher than the same week a year ago.
  • ICE reports a 22% growth in for-sale inventory in 2024. At the current pace, the market would return to pre-pandemic inventory by mid-2026.
  • Rising rental supply is fostering a renter-friendly market, but slowing multifamily construction may tighten the market after this year.

Market Minute Report - Mortgage News


 

For those who have served our country, homeownership is more than just a milestone—it’s a well-earned benefit. VA home loans provide veterans, active-duty service members, and eligible spouses with exclusive financing options that make buying a home more affordable and accessible.

What Is a VA Home Loan?

A VA home loan is a government-backed mortgage program designed specifically for military personnel. These loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and offered through approved lenders like Greenway Mortgage. Unlike conventional loans, VA loans come with significant advantages that help veterans achieve homeownership with minimal financial burden.

Why Choose a VA Loan?

VA loans offer a range of benefits that make them a great choice for eligible borrowers:

  • No Down Payment Required – VA loans allow for 100% financing, eliminating the need for a large upfront payment

  • No Private Mortgage Insurance (PMI) – Unlike conventional loans, VA loans do not require PMI, helping you save money on monthly payments

  • Gift Funds Acceptable for Closing Costs – Borrowers can use gift funds from family or other approved sources to help cover closing costs

  • No Cash Reserve Requirements 

  • A Variety of Terms or Loan Types Available 

  • Refinance Options Available – If you already have a VA loan, refinancing may help lower your rate or provide cash-out options

  • Special Benefits for Disabled Veterans – Disabled veterans may qualify for reduced fees 

  • No Prepayment Penalty – Pay off your loan early without extra fees

  • Seller Assistance Allowed – Sellers can cover closing costs and any required repairs

Who Is Eligible for a VA Loan?

VA home loans are available to:

  • Active-duty service members

  • Veterans

  • Members of the National Guard and Reserves

  • Certain surviving spouses of veterans

  • Eligibility requirements, exclusions and other terms and conditions apply. Click here to learn more.

To determine your ability to participate in this program, just provide your Certificate of Eligibility (COE) or your Discharge/Separation form (DD214). If you do not have your COE, you can request one using form 26-1880.

Get Started Today

If you’re a veteran or active-duty service member, a VA home loan could be the perfect path to homeownership. Greenway Mortgage is here to guide you through the process and ensure you get the best financing options available.

Ready to take the next step? Contact us today to learn more about VA loans and how they can benefit you!

Reach Out: 888-616-0998 // leads@greenwaylending.com 

Get Pre-Qualified Today Free

 


  • The monthly JOLTs report showed a drop in job openings during December. Hiring, voluntary quits, and layoffs held steady.
  • Treasury Secretary Bessent said the Trump administration will focus on driving the 10-year Treasury yield lower, which may help mortgage rates.
  • New tariffs on Canada and Mexico were delayed for 30 days, helping mortgage rates remain at current levels. 

Housing News

  • Purchase mortgage applications fell 4% from the previous week, though they were flat from the same week a year ago.
  • Realtor.com reports more sellers are offering price cuts, with 15.6% dropping prices last month compared to 14.7% in January of last year.
  • The NAHB says tariffs could push up new home prices. More than 70% of imported softwood lumber and gypsum come from Canada and Mexico.

Market Minute Report - Mortgage News


  • The Fed left its policy rate unchanged in January and sent a clear signal it will keep rates unchanged until fresh data dictates otherwise.
  • Consumer confidence unexpectedly dipped to a 4-month low in January. Optimism fell due to the future labor market and economic outlook.
  • However, the economy remains on solid footing. A still-strong labor market helped power consumer spending as GDP grew 2.5% in the fourth quarter. 

Housing News

  • New home sales were up 6.7% year over year in December. Annual sales came in 2.5% over 2023's total, hitting their highest level since 2021.
  • After 4 straight months of gains, December’s pending home sales dropped by 5.5%, coming in much lower than expected due to higher rates.
  • Though rates have now improved slightly, mortgage demand continues to weaken. Purchase apps fell 0.4% for the week and 7% from a year ago.

Market Minute Report - Mortgage News


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