GREENWAY BLOG

13 October 2023

MarketMinute | What's most concerning to home buyers?

According to minutes from last month's Fed meeting, officials see a need for ‘restrictive’ policy and higher rates until inflation eases. Wholesale inflation rose more than expected last month. Consumer inflation met expectations but is still higher than the Fed's goal. Jobless claims remained at historically low levels last week. The job market remains strong in the face of higher interest rates. In a Fannie Mae survey, high mortgage rates surpassed home prices as the top reason...

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11 October 2023

Mortgage News: Fannie Mae Approves 5% Down Payment for Multi-Unit Homes

  Exciting developments are underway in the mortgage industry, and we're here to bring you the most significant breakthrough in the mortgage world in the past decade. In order to expand credit availability and access to affordable rental housing, Fannie Mae is relaxing the down payment requirements for owner-occupants on purchase and basic refinance loans for multifamily homes.   Here's what you need to know: Past requirements of 15% and 25% are being changed, and you can now purchase a two-, three- or even four-family home as an owner-occupant with as little 5% down. This change takes effect for loans closing after November 18,...

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6 October 2023

MarketMinute | Construction spending is a bright spot in housing news

The number of job openings jumped unexpectedly in August. Labor market strength continues despite the Fed's rate hikes. Manufacturing data showed improvement for the 3rd straight month in September, a sign that the worst may be over for the sector. However, the services sector slowed in September, as new orders fell to a 9-month low. Still, the pace was consistent with solid economic growth. Residential construction spending increased 0.6% in August. Private sector spending for single-family homes...

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29 September 2023

MarketMinute | Home price increases persist

Consumer confidence dropped to a 4-month low in September, as consumers continued to feel the pressure of inflation. Orders for durable U.S.-manufactured goods rose in August. An increase in machinery and other products offset a drop in business spending. Last week’s unemployment claims fell to the lowest level since January, indicating a healthy labor market.   Pending home sales dropped 7.1% for the month in August, as mortgage rates surged to levels not seen in 20 years....

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26 September 2023

How Does a Home Equity Line of Credit (HELOC) Work?

  Establishing a line of credit to access your home’s equity is an important decision! You now have a flexible tool you can leverage to fund important endeavors, improve your home, or help support your financial well-being. How does your HELOC work? Here are some guidelines for typical HELOCs. If you have an agreement currently, check it for the specifics related to your account. Spend your cash Most people find it convenient to access their funds through account transfers or checks. There are no restrictions on how you spend your funds. If you direct them to home repairs or upgrades, the interest may be tax deductible. Consult your...

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