Consumer prices rose 5.3% from a year ago and only 0.3% from July, a smaller than expected increase in inflation. The lower inflation reading helps keep mortgage rates low. Retail sales posted a surprise gain in August, up 0.7% vs expectations of a 0.8% decline. The increase in consumer spending shows the economy is continuing to recover. Jobless claims rose slightly last week, mostly due to a regional jump after Hurricane Ida. Continuing claims fell to a fresh pandemic low, now down to 2.7 million. Purchase mortgage applications jumped 7% last week, hitting the...READ MORE
Greenway Mortgage is here to help every step of the way. We want to assure a smooth mortgage application and approval process so we put together a guide JUST FOR YOU. Here's what you need to know about Bank Statements and Deposits Always provide ALL numbered pages of a bank statement For example, while “Page 1 of 8” may be just a cover sheet, and “Page 8 of 8” may just be a blank page – an underwriter may not know that. Please include ALL pages of your bank statement to avoid confusion and delays. Any deposit that’s not clearly identifiable as being from an employer can be subject to scrutiny As a result,...READ MORE
Non farm payrolls increased by just 235,000 in August vs. expectations of 720,000. The unemployment rate fell to 5.2% for the month, and wages rose 4.3% year-over-year. The leisure and hospitality industries saw wages jump 1.3% for the month and 10.3% for the year in August. Wage growth is inflationary and could push rates higher. Initial jobless claims last week fell to a pandemic low of 310,000, and continuing claims fell, too. The expanded federal unemployment benefits expired on Monday, Sept. 6. A recent survey found that 48% of renters worry they...READ MORE
An inflation measure the Fed uses to set policy rose 3.6% in July from a year ago. The increase met Wall Street expectations and tied the highest level in about 30 years. At last week's Jackson Hole symposium, Fed Chair Jerome Powell signaled the Fed would begin tapering bond purchases by the end of the year, which could pressure rates higher. Weekly jobless claims dropped again last week, hitting 340,000. Continuing claims fell to 2.78 million. Layoffs reached a 24-year low in August. July’s pending home sales dropped 1.8% from June...READ MORE
What is a townhouse and is townhome living right for you? Today we’ll uncover everything you need to know. Some may say that a townhouse is perfect for first-time home buyers and empty nesters as they provide the perfect alternative to owning a single-family home. If the idea of living in a townhouse has never crossed your mind before, you may not be familiar with what makes them so desirable. What exactly is a townhouse? A townhouse is an individually owned, multi-floor home that is attached to one or more units. The residents own and are responsible for the interior and exterior of their townhome. Townhouses look a lot like the traditional detached homes...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.