Consumer confidence slipped in November, amid a resurgence in COVID-19 cases and business restrictions, reinforcing expectations for a 4th quarter economic slowdown. Durable goods orders grew at a faster than expected clip in October, demonstrating the manufacturing sector's continued support of the economy. Jobless claims rose the 2nd week in a row for the first back-to-back increase since July. The rising COVID-19 count is likely causing labor market weakness. The FHFA...READ MORE
October retail sales rose 0.3% over September. The pace was the slowest in 6 months, suggesting consumers may be growing more hesitant to spend as pandemic numbers rise. Congress remains locked in a stalemate over a coronavirus stimulus. Increases in job losses and reduced spending could slow the economic recovery. Jobless claims unexpectedly rose by 31,000 to 742,00 last week, as new business restrictions sparked a fresh wave of layoffs. November's homebuilder confidence index for construction of single-family homes shattered...READ MORE
A change is underway in the world of adjustable-rate mortgages and mortgage-backed loans such as revolving home equity lines of credit, known as HELOCs. For decades, the rates on those loans and a variety of other financial products were determined by an index called the London Interbank Overnight Rate (LIBOR). This is now being phased out in favor of a new index called the Secured Overnight Financing Rate (SOFR). Sometime after 2021, LIBOR is expected to be discontinued. However, the transition has already begun. If you have an adjustable rate mortgage, a home equity line of credit or a reverse mortgage, it may be a good time to check with your...READ MORE
The consumer price index was unchanged in October, missing forecasts that called for a modest gain. Low inflation helps keep mortgage rates low. Stocks rallied to new highs early this week on positive COVID-19 vaccine news but fell later due to concerns about possible lockdowns to curb a resurgence in cases. Jobless claims fell by the most in 5 weeks to a 7-month low. The drop signals a continued recovery in the labor market despite COVID-19's recent surge. ...READ MORE
Manufacturing activity accelerated more than expected in October, with new orders jumping to their highest level in 17 years. A pandemic related spending shift is driving the surge. According to Senate Majority Leader Mitch McConnell, passing a new stimulus package before the end of the year remains a top priority when the Senate reconvenes. The Fed left policy rates unchanged once again at this week's meeting and pledged to continue implementing policy to help the economy recover. ...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.