Minutes from last month's Fed meeting show a consensus to start reducing balance sheet holdings by $95 billion a month, to be announced in May. Fed members also support multiple half point policy rate hikes this year. Along with balance sheet runoff, this supports higher mortgage rates. Economic signals such as an inverted yield curve for long- and short-term Treasuries point to a possible recession to come in 2023. Higher mortgage rates have pushed refinance applications down 41% from a year ago, but purchase apps were...READ MORE
Introducing the Doctor Loan One benefit of becoming a doctor is being able to take advantage of unique home financing opportunities. Greenway Mortgage's Doctor Loan is a great tool to help medical professionals who are looking to achieve the dream of homeownership. What is the Doctor Loan? Becoming a caregiver is not only commendable but it’s often coupled with a significant student loan burden. If you’re a resident, a recent medical school graduate, or at any stage of your career, looking to lose the lease and become a homeowner, the Doctor Loan was specially designed for professionals like you. The Doctor Loan helps those...READ MORE
The Fed’s preferred inflation gauge rose 0.4% in February and 5.4% year over year, the highest since 1983 but still lower than expected. According to ADP, companies added jobs at a solid pace in March, indicating that hiring is strong despite signs of a tightening labor market. Unemployment claims rose by more than forecast last week to 202K, likely a blip in an otherwise recovering labor market. Pending home sales fell 4.1% in February compared with January. However, purchase applications were up by 1% on the week....READ MORE
In many areas, prospective homebuyers understand how difficult the housing market has been. Inventory is tight, prices are up, and competition is intense. In fact, the nation is experiencing one of the most competitive housing markets in history. If you’ve been searching for a home, you can agree. What’s Happening with The Real Estate Market? Homebuyers are finding it hard to compete with other buyers who are making offers well above the asking price. That’s when a good strategy comes into play to ensure your offer gets accepted. One way is to make a cash offer. Making an all-cash offer is a competitive step to secure the home of their dreams, but...READ MORE
Fed Chair Jerome Powell commented this week that "inflation is much too high" and the Fed would raise policy rates until it is under control. Supply chain issues caused factory durable goods orders to fall more than expected in February, snapping a 5-month streak of increases. Last week's jobless numbers hit the lowest level since 1969. Fed Chairman Powell described the labor market as "tight to an unhealthy level." February’s existing home sales fell more than expected, down 7.2% from...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.