Retail sales rose 17.7% in May, well above the 8% forecast. Although still below prior levels, it was the biggest one-month jump of all time. Fed Chair Jerome Powell warned of 'significant uncertainty' about the economic recovery in his semi-annual testimony before Congress, echoing his tone from last week. A second wave of layoffs and tepid demand saw initial jobless claims come in at 1.508 million last week. However, claims were lower for the 11th period in a row. ...READ MORE
Consumer prices fell for the 3rd straight month in May. Underlying inflation was weak, as demand remained subdued. Low inflation typically helps keep rates low. At their June meeting, the Fed renewed their commitment to purchasing mortgage bonds. Their purchases increase demand and support low rates. Initial jobless claims last week came in at 1.542 million, continuing the trend of weekly improvement. The continued claims number also fell to 20.929 million, from 21.268 million. The pandemic seems...READ MORE
June is National Homeownership Month, a time to celebrate the benefits that homeownership brings to families, neighborhoods, and communities across America. Not only does homeownership change lives and enhance futures, it is part of the American Dream. To this day, there continues to be a noticeable shift from renting to homeownership, especially among young buyers. It's a way for people to increase their wealth and home equity. Keep reading to learn about some of the key benefits that homeownership has to offer. How Did Homeownership Month Start? National Homeownership Month started as a week-long celebration of homeownership during the Clinton...READ MORE
Manufacturing activity rebounded from an 11-yr low in May, the strongest sign yet that the worst of the economic downturn is behind us as businesses reopen. Construction spending rose year over year in April, despite a dip due to the recent lockdowns. Residential spending was 6.2% higher than in 2019. Initial jobless claims dropped below 2 million for the first time since mid-March, continuing a pattern of weekly declines. According to a May survey, 52%...READ MORE
Staying at home doesn’t mean your search for a new place needs to come to a standstill. Check out these tips on how to explore other neighborhoods virtually in the homebuying process. You may find a spot that better suits your needs without ever leaving your living room! #1 - Check out neighborhood publications and local social media An active neighborhood community will sometimes have a print publication or local social media groups that connect residents. These can provide information on local events and activities that will give you a better feel for the neighborhood. In addition, you can also browse Facebook, Twitter, and Instagram...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.