Consumer prices rose moderately in January, and underlying inflation remained benign. The pandemic continues to be a drag on the labor market and services industry. Despite a reported unemployment rate that has fallen to 6.3%, Fed chair Jerome Powell said the rate is actually closer to 10% and is “a long way” from where it needs to be. Jobless claims continue to decrease weekly, with 793k new applications last week. That is well below the record 6.867 million applications last March when the pandemic hit. Consumers were more positive...READ MORE
What time of year is it? IT’S GIRL SCOUT COOKIE SEASON! Valentine’s Day is right around the corner and we can’t think of a better way to celebrate than with a few of our favorite Girl Scout Cookies and by #givingback to those in need. If you’re looking for a Girl Scout troop to buy cookies from this year, order directly from Troop 6000 and you'll help support girls living in the New York City shelter system. Stock up on some of your favorites by ordering yours online here from Troop 6000. About Troop 6000 Troop 6000, founded in 2017 by Giselle Burgess, a single mom of five who lost her home, may seem like any other...READ MORE
Private companies added 174k jobs in January, versus a 50k estimate, according to ADP. Leisure and hospitality added 35k for the month but remains well below pre-pandemic levels. The ISM manufacturing index rose to the highest level in almost 2 1/2 years in December. Manufacturers have expanded for 7 months in a row since the economy reopened last spring. Jobless claims decreased for the 3rd week in a row to the lowest level since November, a sign that job cuts are starting to slow as COVID-19 infection numbers ebb. Construction spending hit a record high in...READ MORE
After a string of record-breaking low mortgage rates last year, 2021 has ushered in a new direction for rates. Unfortunately, that direction is up. It’s not all bad news though. Rates are rising due to expectations that trillions in new economic stimulus will spur a faster economic recovery . The downside of recovery is inflation. And the investors that influence mortgage rates through the purchase of mortgage bonds really hate inflation. They’ll be less likely to buy the bonds, the bonds’ value will drop, and rates will rise . Rates are moving from the lowest point ever. Even if they’re a little higher than last year, they’re still...READ MORE
The full year GDP for 2020 declined 3.5%, the worst year for the U.S. since the end of WWII. However, 4th qtr GDP grew at a 4% rate, led by gains in consumer spending. At this week's meeting, the Fed voted to keep policy rates unchanged and committed to continuing the bond purchase program that has helped drive mortgage rates to all time lows. Jobless claims fell more than expected last week, signaling a possible easing after increases in December and early January. Continuing claims also dropped to 4.77 million. November...READ MORE
In 2017 and 2018, Greenway Mortgage was awarded Best Mortgage Company in Monmouth County, NJ by the Asbury Park Press' Reader's Choice Awards.