GREENWAY BLOG

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

MarketMinute | New home construction surges dramatically!

MarketMinute | New home construction surges dramatically!

In his bi-annual testimony before Congress, Fed Chair Powell hammered home the message that the Fed is not done raising rates to fight inflation. Jobless claims held steady at a 20-month high, remaining elevated for a 3rd straight week and signaling the labor market may be softening. Consumer sentiment rose 8% last month to the highest level in 4 months, reflecting greater optimism about inflation and the economy. Single-family homebuilding projects surged 21% in May, the most in more than 3 decades....

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First-Time Homebuyer Perks

First-Time Homebuyer Perks

  Buying your first home is a monumental step in life, brimming with excitement and a touch of trepidation. It's a decision that carries both the thrill of newfound independence and the weight of significant responsibility. As you embark on this journey, it's normal to experience a mix of emotions, but fear not, for you are not alone. We understand the blend of excitement and overwhelm that accompanies this milestone, which is precisely why we're here to assist you every step of the way. At Greenway Mortgage, we believe the path to homeownership should be paved with guidance and support. Whether you're at the beginning of your savings journey or have...

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MarketMinute | Can middle-income borrowers afford a home today?

MarketMinute | Can middle-income borrowers afford a home today?

Inflation rose at a 4% rate in May, the lowest in 2 years. However, it remains stubbornly high after excluding volatile food and energy prices. Wholesale inflation fell more than expected in May, dropping 90% year over year and falling below pre-pandemic levels. The Fed paused hiking its policy rate for the first time in 14 months at its June meeting but signaled more hikes could be coming. Of roughly 1.1 million homes listed for sale in April, only 25% were affordable to households earning the national...

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The Fed Pauses Rate Hikes

The Fed Pauses Rate Hikes

  After 10 straight rate hikes, the Fed held policy rates steady at its recent meeting.  Is this likely a pivot or a pause? In a statement issued after their June meeting, the Fed reiterated their goal of keeping inflation at 2%. Though recent reports indicate a slowdown in rising prices, inflation is still above that mark. The Board will continue to monitor economic activity to make decisions on future adjustments, so it's too soon to know what will come next. Please Note: Mortgage rates are impacted by market forces beyond Fed actions and will not necessarily change at the same pace as the Fed's moves. They often shift before the Fed acts,...

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FHFA Increases Area Median Income Limits to Qualify More Borrowers

FHFA Increases Area Median Income Limits to Qualify More Borrowers

  Low income just got higher! Some of our "low income" home loan programs are now available for borrowers with higher incomes. The Federal Housing Finance Agency (FHFA) just released updated Area Median Income (AMI) limits for 2023 and 2024. Limits increased an average of 7.73% across 95% of US counties. You can read the full announcement here from Freddie Mac. This change is expected to open the door to homeownership for more borrowers. Why did the FHA Make This Update to the Area Median Income (AMI) limits? The primary objective behind this decision is to foster an environment of increased accessibility to affordable homeownership...

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