Fed Chair Powell's semiannual testimony before Congress this week was good for mortgage rates. Powell said Fed bond purchases would continue while the economy recovers. Inflation climbed higher than expected in June. Consumer prices rose 5.4% year over year and saw the biggest monthly gain since August 2008. Inflation is still being seen as transitory. Jobless claims fell to a pandemic low last week, as the labor market continued to improve. More than half of U.S. governors have announced plans to end enhanced benefits early. Treasury Secretary Janet...READ MORE
Homeowners Associations (HOAs) often manage community interests, including maintenance of common areas and cohesion of community atmosphere, in a development. Condominium buildings almost always have an HOA. Planned communities with common areas and amenities or the goal of adhering to certain standards often have HOAs, too. For more information on Condos and their HOA fees (and rules) check out our blog here . Buyers will be bound by guidelines contained in a set of bylaws. An elected board of homeowners governs the HOA. How much does an HOA cost? HOA fees range from a low annual payment to monthly charges. Fees can cover taxes, insurance, utilities,...READ MORE
Minutes from last month's Fed meeting showed officials were not yet ready to set a timeline for scaling back asset purchases due to high uncertainty around the economic outlook. Strong jobs data from June shows the labor market continues to recover. Nonfarm payrolls increased 850,000 for the month, led by job recovery in the leisure and hospitality industries. Lower wage workers are seeing higher wages, as businesses struggle to find and retain help. Retailers and restaurants are having to pay more to hire workers to meet demand. ...READ MORE
It has been an incredible year for refinances. And to make things even better, this summer, new programs are coming to help certain lower-income borrowers reduce their monthly mortgage payments. Extra benefits will make the process easier and more affordable, opening refinance options to homeowners who may have been locked out before. Refinancing your home is finally within reach with RefiNow™ from Greenway Mortgage . This program makes it easier for eligible homeowners earning at or below 80% of the area median income to refinance at a lower interest rate and reduce their monthly mortgage payments. Relaxed guidelines also allow lower credit...READ MORE
Consumer confidence hit a 16-month high in June and was also revised upward for May, as the growing labor market and reopening economy offset inflation concerns. Companies hired nearly a million new workers in May, according to ADP. This was the largest gain since last June, led by 440,000 new hires in leisure and hospitality. Jobless claims hit 364,000 last week, reaching a new pandemic-era low. The drop was more than expected, consistent with companies' efforts to meet growing demand. The FHFA reported a monthly home price increase of 1.8% and...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.