Greenway Mortgage Blog

16 December 2022

MarketMinute | How Much Did The Fed Raise Policy Rates?

Consumer prices came in better than expected in November, up just 0.1% from October and up 7.1% over last year, signaling inflation is ebbing. Consumers pulled back on spending in November, with retail sales for the month declining 0.6%, more than the expected 0.3% drop. The Fed raised policy rates 0.5% this week and signaled more rate hikes to come in 2023 as it continues to fight inflation. Although still lower than a year ago, purchase mortgage applications were up 4% last week. Refinance applications rose 3%....

13 December 2022

The FHA Raises Loan Limits 2023

The Federal Housing Agency (FHA) has just increased the amount of money that can be borrowed through its mortgage programs by more than $51k in most areas. In high cost locations, the increase is even greater. New limits will take effect in 2023. The increases will allow more borrowers to take advantage of FHA’s benefits: Low down payment options Lower total cash-to-close requirements with gift or seller contributions More lenient and streamlined refinancing Ability to combine purchase and rehab financing In some high-cost areas, higher loan limits than conventional mortgages Here are the specifics: In most areas, the FHA loan...

9 December 2022

MarketMinute | What's Supporting Home Prices?

Nonfarm payrolls rose 263K in October, well above the expected 200K. Wages jumped 0.6%, double the estimate, which could fuel inflation. Money supply growth fell in October to a 39-month low, continuing a 7-month decline and signaling a slowdown in economic activity. After 4 consecutive 0.75% interest rate hikes, the Fed is widely expected to increase rates by 0.50% at its December meeting next week. Black Knight reports the pace of home price declines slowed by 0.43% in October, the smallest drop this year, due to inventory shortages....

6 December 2022

Conforming Loan Limits Increase for 2023

On November 29, 2022, the Federal Housing Finance Agency (FHFA) announced an increase in the maximum conforming loan limits for mortgages acquired by Fannie Mae and Freddie Mac in 2023. The maximum loan limit for one-unit properties will be $726,000 , an increase from $79,000 from $647,200 in 2022. Release . The decision was based on the recovery of housing prices under the Housing and Economic Recovery Act of 2008 (HERA). They require that the baseline conforming loan limit be adjusted each year for Fannie Mae and Freddie Mac to reflect the change in the average U.S. home price. FHFA third quarter 2022 House Price Index (HPI)...

6 December 2022

Renting vs. Owning Your Own Home

Let’s compare the costs and benefits of renting and owning. If you're choosing between renting and owning, it's important to look past the monthly payment. Renting is sometimes (not always) cheaper by the month. Over time, though, the benefits of owning typically make a purchase a much better deal. Our Renting vs Owning Calculator will show you how the costs and benefits might compare for your scenario. When deciding keep in mind these key reasons why so many Americans continue to value homeownership. Let’s take a look at some financial benefits and non-financial benefits to owning a home . The Financial Benefits of Owning a Home...

GREENWAY BLOG

MarketMinute | How Much Did The Fed Raise Policy Rates?

The FHA Raises Loan Limits 2023

MarketMinute | What's Supporting Home Prices?

Conforming Loan Limits Increase for 2023

Renting vs. Owning Your Own Home