GREENWAY BLOG

5 January 2024

MarketMinute | Agents Greet 2024 With Optimism

Minutes from the Fed's last meeting suggest the policy rate could remain higher "for some time" until inflation moves lower.  Demand for workers fell to its lowest level in more than 2½ years in November, while hiring and layoffs both slowed. Manufacturing contracted in December. The pace of decline slowed amid a modest rebound in production and improvement in factory employment. As mortgage rates fell to end the year, refi apps were 15% higher than the same week a year ago....

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29 December 2023

MarketMinute | Hope for the 2024 Housing and Finance Markets

Investors are full of optimism for 2024 as the S&P 500 Index sits within striking distance of its first all-time high in nearly 2 years.  Initial jobless claims rose 218K last week, more than estimated but still consistent with a resilient labor market. Inflation around the globe is slowing faster than expected. Experts say levels could return to normal in 2024 for the first time in 3 years. The FHFA reported home prices rose 6.3% year over year in October, faster than September’s 5.5%...

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19 December 2023

Insider Tips for Getting the Best Mortgage Interest Rate

  Before you chase the lowest interest rate for your next mortgage, consider a few tips from Grenway Mortgage. Be wary of comparing only APRS The annual percentage rate (APR) expresses the total cost of interest AND fees as an interest rate over the full term of a loan. The problem is, most people pay fees up front and have their loan for far less than the full terms. This makes the APR inaccurate. Insider Tip: Compare loan costs and monthly payments separately for a better understanding of exactly what you'll pay and when. If you plan to sell or refinance in a few years, any savings from a lower rate may not make up for high upfront...

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18 December 2023

December 2023 Rate Watch: Fed Keeps Policy Rates Unchanged

  The Federal Reserve Board left policy rates unchanged at their most recent meeting, as expected. Mortgage rates had already fallen in anticipation .    Looking ahead to 2024 In conjunction with their meeting, the Fed released its most recent set of economic projections. Officials expect inflation to fall more quickly than previously anticipated , reaching their target of 2% in 2026. While individual board members have been saying that further rate increases are still on the table, the projections showed expectations for up to three cuts in 2024 . If rate cuts are expected, should you wait to buy, refi or access equity? Not...

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18 December 2023

The FHA Raises Loan Limits 2024

  The FHA Raises Loan Limits 2024 The Federal Housing Administration (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $26K in most areas. In high-cost locations, the increase is even greater. New limits will take effect in 2024. This news could make a big difference for homebuyers! The increases will allow more borrowers to take advantage of FHA’s benefits: Low down payment options Lower total cash-to-close requirements with gift or seller contributions More lenient and streamlined refinancing Ability to combine purchase and rehab financing In some high-cost...

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