Greenway Mortgage Blog

Blog

MarketMinute | Home Sales and Prices Spiked in February

Mar 22

4:40

AM

Category | Markets in a Minute

The Fed left policy rates unchanged at this week's meeting. The Board stood by its earlier projection of 3 rate cuts in 2024.

Unemployment claims fell unexpectedly last week, suggesting job growth has remained strong in March.

The S&P Global Manufacturing and Services reports showed continued healthy rates of expansion for the private sector in early March.

Housing News

February home sales spiked 9.5%, the largest monthly gain in a year, as supply improved. The median home price rose 5.7% to $384,500.

Homebuilder confidence rose in March to the highest level since July, amid lower mortgage rates and still-constrained sales inventory.

Single-family homebuilding rebounded sharply in February, hitting the highest level in nearly 2 years. Permits rose to a 1½-year high.

MarketMinute | Homeowners plan to stay put how long?

Mar 15

3:22

AM

Category | Markets in a Minute

Wholesale prices accelerated at a faster-than-expected pace in February, a reminder that inflation remains a troublesome issue for the economy.

Consumer inflation also rose in February, keeping the Fed on course to wait at least until the summer before cutting policy rates.

Retail sales rebounded in February, but consumer spending slowed as households grappled with inflation and higher borrowing costs.

Housing News

In an FHFA pilot program announced last week, some homeowners will be able to refinance without paying for title insurance.

Showing how sensitive buyers are to rates, purchase mortgage apps rose 5% last week but were still 11% lower than a year ago.

More than a third of homeowners plan to stay in their homes forever, per a recent survey. Younger respondents were more likely to foresee a move.

MarketMinute | More Homes for Sale Going Into The Spring Market

Mar 8

4:57

AM

Category | Markets in a Minute

The number of workers quitting their jobs dropped to a 3-year low in January, indicating labor market conditions were gradually easing.

Services industry growth slowed a bit in February. However, new orders increased to a 6-month high, pointing to underlying strength.

Fed Chair Jerome Powell told Congress the Fed is in no rush to cut interest rates until it is convinced it's won the battle over inflation.

Housing News

Construction spending fell unexpectedly in January, though outlays on new single-family projects grew 0.6% amid strong demand.

Purchase mortgage applications increased 11% last week. Demand was still 8% lower than the same week a year ago.

Inventory has shown signs of slowly increasing, with 14.8% more homes for sale in February than the same time last year.

MarketMinute | New Home Sales are a Bright Spot

Mar 1

4:18

AM

Category | Markets in a Minute

Orders for long-lasting manufactured goods fell by the most in 4 years in January, a sign the economy lost momentum at the start of the year.

Consumer confidence fell in February after 3 straight monthly increases due to concerns about the labor market and the presidential election.

The Fed's favored inflation gauge, the PCE index, showed prices picked up in January, though it was the smallest annual increase in almost 3 years.

Housing News

New home sales ticked up in January. Single-family home sales rose 1.5% from December and 1.8% year over year.

Pending home sales posted their biggest drop in 5 months in January. The NAR blames the weakness on rising mortgage rates.

Higher rates also contributed to lower mortgage application volume last week. Purchase apps fell 5%, and total apps were down 5.6%.

MarketMinute | Housing Inventory is Inching Up

Feb 23

2:10

AM

Category | Markets in a Minute

New unemployment claims fell unexpectedly last week, suggesting that job growth likely remained solid in February.

Minutes from their last meeting showed Fed members were more worried about the risk of cutting rates too soon than keeping them high too long.

After 2 months of solid improvements, consumer sentiment hit a lull in February. Sentiment still ticked up slightly.

Housing News

Single-family production improved slightly in January, though a decline in multifamily construction pushed overall housing starts down.

Existing home sales rose 3% to start the year. The inventory of homes for sale in January increased but is still at a low 3-month supply.

Mortgage rates jumped last week, pushing applications lower. Purchase apps fell 10% for the week and were 13% lower than a year ago.