GREENWAY BLOG

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

MarketMinute | Home Sale Profits Are Up

MarketMinute | Home Sale Profits Are Up

Consumer inflation data for April was slightly better than expected after coming in higher for 3 consecutive months, a good sign for rates.  Retail sales were unexpectedly flat in April, down from last month's 0.6% increase, an indicator that consumer spending may be losing momentum. Jobless claims were slightly lower last week, but continuing claims — the number of people receiving benefits — rose to 1.79 million. Fewer homeowners are investing in renovations. After peaking in late...

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MarketMinute | A better week for rates and apps

MarketMinute | A better week for rates and apps

The DJIA stretched its winning streak to 6 straight sessions this week, closing above 39K points for the first time in 5 weeks.  This year, consumers will borrow an estimated $334 billion through "buy now, pay later" loans, which often are not reported to credit agencies. The May jobs report showed 175K new jobs in April, a 6-month low. Labor market declines open the door for the Fed to cut rates sooner in 2024. According to the New York Fed, renters put the probability of ever owning a...

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Can You Drop PMI to Pay for a HELOC Instead?

Can You Drop PMI to Pay for a HELOC Instead?

  As your loan balances decrease through regular payments and your home values increase over time, you may become eligible to eliminate your Private Mortgage Insurance (PMI). PMI can add hundreds of dollars to your monthly expenses. By removing it, you can keep that money in your pocket instead. Moreover, if you now have sufficient equity to drop PMI, you also have enough to secure a Home Equity Line of Credit (HELOC). A HELOC is a versatile financial tool that can be used for a variety of purposes, from funding home improvements to financing higher education. No Immediate Need For Cash? This is where the beauty of a HELOC truly shines. A HELOC can...

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MarketMinute | Fed Rate Actions and Home Price Movement

MarketMinute | Fed Rate Actions and Home Price Movement

The Fed kept its policy rate unchanged at this week's FOMC meeting but kept alive hopes for at least one rate cut this year.  Job openings fell to a 3-year low in March, and fewer people quit their jobs. Declining labor market conditions could be good for rates. Consumer confidence dropped to a 21-month low in April, falling for the 3rd straight month amid concerns about the cost of food and gas. The FHFA House Price Index climbed at a faster than expected 1.2% rate for the month in...

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Rate Watch: The Fed holds rates steady and offers hints for the future

Rate Watch: The Fed holds rates steady and offers hints for the future

  When will the elusive rate cuts arrive?  As expected, the Federal Reserve Board left policy rates unchanged at their most recent meeting. Investors – those who actually control mortgage interest rates – were listening for hints of future action.   Are rate cuts still on the board for 2024? In March, Board members projected three policy rate cuts in 2024. At the May 1st press conference, Chairman Jerome Powell reaffirmed the Board's commitment to reaching 2% inflation. He also said, given current data, the Board expects achieving this goal to take longer than previously thought. As always stated, Powell affirmed that...

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