Factory orders for durable goods rose in March, pointing to sustained investment in business equipment that is helping drive economic growth. GDP growth slowed to a 1.4% pace in the 1st qtr, an unexpected change for an economy coming off its best performance since 1984. However, personal consumption, the biggest part of the economy, rose an annualized 2.7% in the 1st qtr, compared with 2.5% at the end of 2021. Despite a drop in sales, new home demand remains strong. The number of new homes already sold and not yet...READ MORE
Green mortgages do exist, but what exactly are they? Green mortgages are an environmentally friendly type of home loan. How do you make a mortgage environmentally friendly; you might ask? Green mortgages, also known as Energy Efficient Mortgages (EEM), are a special type of loan designed to make your home more energy efficient while saving you money at the same time. Interesting, right? How Do Green Mortgages Work? These loans help you borrow money to pay for energy efficient upgrades to your home. The cost can be added into the mortgage or rolled into your current mortgage through an energy efficient refinance to allow you to make improvements to your current home....READ MORE
Fed members continue to signal they will take aggressive action to curb inflation, including hiking policy rates at their May meeting. Claims for jobless benefits are at their lowest levels since the 1960s, highlighting a job market where demand for labor exceeds supply. This week’s Fed survey, known as the Beige Book, found little evidence inflation will turn appreciably lower, not a good sign for rates. Inflation and higher mortgage rates are taking their toll on the nation’s homebuilders. Builder...READ MORE
The thought of buying a home on your own as a single home buyer can be intimidating. If you’re making this leap, it’s going to take careful planning and the right team of experts. Research from Freddie Mac shows 28% of all households (36.1 million) are sole-person, and that number is growing. Over the past 40 years, the number of sole-person households has nearly doubled, and that’s a trend that’s expected to continue as more and more Americans choose to live alone. “ Our calculation suggests that there will be an additional 5 million sole-person households in the United States by the next decade. This means 42% of the household growth will...READ MORE
Surging food, energy, and shelter costs pushed consumer prices up 8.5% in March, slightly hotter than expected and the highest since 1981. The prices that goods and services producers pay also rose. Wholesale inflation hit 11.2% in March, the biggest gain on record. New unemployment applications remained near historically low levels, as employers held onto workers in a tight labor market. Large investors have increased cash flow to devote to housing, having accumulated $89 billion for building or buying rental homes....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.