Consumer confidence nudged up in May, suggesting a positive turn for the pandemic-driven economic slump as the country starts to reopen. U.S. retail traffic jumped over Memorial Day weekend, according to cell phone data. Unacast reported national traffic to retail sites was about 25% of 2019 numbers. Last week's continuing unemployment claims fell for the first time during the pandemic. Initial claims came in at 2.12 million, for a 4-week total of more than 40 million. Home prices continued...READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Mortgage rates continue to hit record lows, and mortgage applications point to a remarkable recovery in homebuying. Purchase apps rose 6% last week, only 1.5% lower than a year ago. More than 8% of U.S. mortgages are now in forbearance, equating to roughly 4.1 million borrowers. However, the number of people needing such help is slowing. Initial jobless claims remained high last week as backlogs are being cleared, but they continued their week-too-week decline. More layoffs are expected....READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. Consumer prices saw their largest drop ever in April, as the economy reeled from restrictions imposed to control the coronavirus. The CPI excluding food and energy fell 0.4%. Producer prices also tumbled in April, the largest annual decline since 2015. The data could bolster some economists' predictions for a brief period of deflation to come. Initial jobless claims came in last week at 2.981 million. The number is down from 3.176 million the week before, the 6th straight weekly drop....READ MORE
Please enjoy this quick update on what happened this week in the housing and financial markets. The U.S. services sector contracted for the first time in about a decade last month, as the coronavirus pandemic brought economic activity to a screeching halt. Household debt increased to a total of $14.3 trillion last quarter, the 23rd straight quarterly increase. Mortgage borrowing rose by $156 billion to $9.71 trillion. Jobless claims came in at 3.17 million last week, bringing the 7-week total to 33.5 million. Despite huge numbers, the weekly decline in initial claims is a positive sign....READ MORE
There are a lot of moving parts when it comes to buying a home and it can be confusing (especially for first-time home buyers). One frequently misunderstood area is closing costs. Many homebuyers think that saving for their down payment is enough to buy the house of their dreams, but what about the closing costs that are required to obtain a mortgage? How do you find out what your closing costs will be? By law, a homebuyer will receive a loan estimate from their lender 3 days after submitting their loan application and they should receive a closing disclosure 3 days before the scheduled closing on their home. The closing...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.