GREENWAY BLOG

23 December 2022

MarketMinute | Home prices continue their rise

Consumer confidence rose to an 8-month high in December as inflation retreated and the labor market remained strong. In a sign of labor market strength, unemployment filings remain at historically low levels, though they rose slightly last week to 216K. The economy grew faster than previously thought in the 3rd quarter, a sign the Fed's battle to slow it down is having only a limited impact. NAHB reports homebuilder sentiment dropped for the 12th month in December to the lowest level since 2012 but...

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19 December 2022

Great News for Homebuyers | New Loan Limits for 2023

  There could be savings on the table for home buyers in 2023! The Federal Housing Finance Agency (FHFA) has just increased the amount of money that can be borrowed through a standard home loan to more than $726K . In some areas, the limit is even higher. The new limits will take effect in 2023. This is great news for buyers and owners alike. Buyers may be able to borrow more money through a conventional, typically lower-rate loan . Owners may be able to refinance their "jumbo" loan to a lower rate conforming loan and possibly drop mortgage insurance, too. Combining (or avoiding) smaller 1st and 2nd mortgages...

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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...

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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...

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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...

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