GREENWAY BLOG

A greener look at a mortgage process unlike anything you have
experienced before. Where experience, efficiency & integrity meet.

MarketMinute | How many millennials own homes?

MarketMinute | How many millennials own homes?

Consumer inflation continued its slow-but-steady deceleration last month to the lowest level since April 2021, slightly better than March. Wholesale inflation is also cooling, coming in better than expected. Producer prices increased at the slowest pace since early 2021. The labor market is showing signs of fatigue as well. New unemployment claims hit a 1-1/2-year high. Continuing claims also rose. According to NAR, home prices are still rising in most areas of the country. However, prices fell in 31% of metro areas, some as much as 10%. Purchase mortgage applications rose 5% last week despite still being lower than...

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MarketMinute | The Fed Has Spoken Again

MarketMinute | The Fed Has Spoken Again

The Fed raised its policy rate by 0.25% this week. This 10th consecutive hike puts the rate above 5% for the first time since 2007. Job openings fell more than expected in March to the lowest level in nearly two years, a sign the job market is loosening. Applications for unemployment benefits also rose by the most in six weeks, while continuing claims fell by the most since July. Purchase mortgage applications dropped 2% last week and were down 32% from a year ago. Tight inventory continues to...

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Fed Meeting May 2023: Interest Rates Hiked 0.25%

Fed Meeting May 2023: Interest Rates Hiked 0.25%

  Well, here we are again. The Fed again increased policy rates by 0.25% at their most recent May 2023 meeting, as the markets expected. What they said next is more interesting. Will the rate hikes stop here? After 10 consecutive increases, the Fed softened its stance regarding the probability of future increases but did not go so far as saying this would be the last. Though investors had hoped to hear a pause in the series of hikes was coming, Fed Chair Jerome Powell said ongoing economic conditions will influence future adjustments.  Please Note: Mortgage rates are impacted by market forces beyond Fed actions and will not necessarily change at...

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Fannie Mae’s Credit Scoring Changes Could Help Enhance Homeownership

Fannie Mae’s Credit Scoring Changes Could Help Enhance Homeownership

  Fannie Mae and Freddie Mac recently announced a major change to the way they assess credit scores when multiple clients are on a mortgage. This update could help more borrowers qualify for a home. How do these changes compare to the old guidelines? We’ll discuss this and more in today’s blog. Credit Scoring Update With the recent changes, if there are multiple clients qualifying to purchase or refinance a home, Fannie Mae will now average the median credit scores of all borrowers. How is different? In the past, Fannie Mae looked at the lowest median score of all clients on the loan. Understanding Your Credit Score When...

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Prequalifying for Mortgage: Know How Much You Can Afford

Prequalifying for Mortgage: Know How Much You Can Afford

  Are you wondering how much you may be able to afford for your home purchase?  It pays to know before you look for a home so you can focus on properties that are truly in your comfort range. How Does Pre-Qualification Work? Pre-qualifying for a home loan is the easiest way. Here’s how it works. To determine how much you may be able to borrow, we’ll ask questions regarding the source and consistency of your income and savings. We’ll also inquire about any existing debts you may have for cars, credit cards, education, or other types of loans. This is important because not all income can be used to qualify, and any ongoing monthly debts you...

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