Consumer prices rose 0.2% in November, as an increase in energy costs offset a drop in food prices. Overall prices are up 1.2% over last year, keeping inflation in check. Congress continues to work on a relief plan of nearly $1 trillion, which will likely be part of a larger spending bill that may get done sometime next week. Jobless claims surged last week to 853,000, the highest number since September 19. Continuing claims saw their first increase since August, up 230,000 to 5.76 million. ...READ MORE
Stocks continue to rally to new highs as investors become more optimistic that multiple COVID-19 vaccines will help speed up an economic recovery as we head into 2021. An emergency stimulus package by the end of the year is now a possibility. Politicians have returned to the negotiating table as COVID-19 counts rise and the economy falters. Jobless claims dropped to a pandemic-era low of 712,000 last week. Continuing claims also fell, dropping to 5.52 million. Mortgage demand was up as new...READ MORE
With so many houses available today, competition is heating up among homebuyers. In fact, 55% of August 2020 home sales resulted in a bidding war AND 69% of homes sold were on the market for less than one month! With that said, it's important to be prepared for a bidding war, especially if you've found your dream home. Being prepared means you'll be able to move quickly and confidently in today's competitive market. Below you'll find three important tips to help you prepare for a bidding war. Don't forget to check out our recent blog on how to write an award-winning Real Estate Offer Letter. Some...READ MORE
I think we can all agree that 2020 has been anything but a normal year. However, one interesting bright spot is in the realm of the housing market. Mortgage rates are at all-time lows and homebuyers are taking advantage of it, creating a very competitive real estate market. If you’ve been house hunting you know what we’re talking about. With so few houses available today, competition is heating up among home buyers. It’s important to be ready for a bidding war, especially if you’ve found your dream home. How can you make yourself stand out? A real estate offer letter. Data from Redfin found that in a bidding war, a personal...READ MORE
On November 24, 2020 the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2021. The maximum loan limit for one-unit properties will be $548,250 an increase from $510,400 in 2020. Release . The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. FHFA third quarter 2020 House Price Index (HPI)...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.