GREENWAY BLOG

23 March 2023

Rate Watch: The Fed Increases Rates Again

  The Fed again increased rates by 0.25% at their most recent meeting, though some had anticipated a pause in rate hikes. This is the ninth time the Committee has increased rates in the last 12 months. Here’s why they kept pushing forward. The Fed statement released after the meeting indicated economic signals, including continuing inflation and the strong labor market, warranted the rate hike, while also expressing confidence in the U.S. banking system. The Committee signaled that some additional rate increases may be appropriate before inflation is brought to the Fed’s target range of 2.0%. Please Note: Mortgage rates are impacted by market...

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17 March 2023

MarketMinute | Signs of hope for a stabilizing housing market?

Inflation fell for the 8th straight month in February, reaching the lowest level since September 2021. It remains higher than the Fed's 2% goal. Although more jobs were created in February than expected, wage growth came in slightly slower, which helps the outlook of reduced inflation. Retail sales fell in February after surging in January, suggesting that consumer spending is slowing down in the face of high inflation. Single-family homebuilding and permits for future construction rebounded in...

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10 March 2023

MarketMinute | What might a return to normalcy look like?

In his semiannual testimony before Congress this week, Fed Chair Powell signaled a possible higher-than-expected Fed rate hike in March. Job openings declined slightly in January but still far outnumber available workers, as the labor picture remains tight. Labor market strength and strong economic and consumer spending data have pressured mortgage rates higher recently. Despite rising interest rates, mortgage application volume improved 7.4% last week. Purchase apps rose 7%, and refi apps grew 9%....

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3 March 2023

MarketMinute | Prices and Pending Sales are on the Rise!

January's manufactured capital goods orders grew by the most in 5 months, ending 2 straight months of declines. Consumer confidence declined in February, as rising prices and growing recession concerns outweighed the near-term strength of the economy. The PCE, a key inflation measure, rose more than expected in January, indicating the Fed has more work to do to bring down prices. Pending home sales jumped 8.1% in January, improving for the second straight month, as mortgage rates fell from 2022...

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28 February 2023

FHA Loan Borrowers Can Soon Save $800 Per Year

  Mortgage Insurance will cost less on new FHA home loans. Yes, you heard right, financing a home just became more affordable for hundreds of thousands of buyers! Beginning March 20, most FHA loans will carry lower mortgage insurance premiums. The average FHA borrower will save $800 per year.* Costs are based on loan amount, so savings will be even higher on pricier homes. With lower costs, you'll save on your monthly payment and require less income to qualify for the mortgage you want! Here's a little background: FHA loans can often accommodate borrowers with lower credit scores, income and cash-to-close than conventional loans....

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