If you haven't already heard the news, interest rates are on the rise. The Fed promised, and they delivered in their meeting this week. The Federal Reserve Meeting At their most recent meeting, the Fed moved policy rates up by 0.5%, just as they've been saying. Because it was expected, interest rates had moved in advance, including those for home mortgage loans. What's Next With Rates? It's expected the Fed will continue moving rates on an upward path at each successive meeting of the Open Market Committee, so long as conditions warrant. Most analysts anticipate the increases will continue until the Fed has met its directive of...READ MORE
It's that time of year when many of us start making updates to our homes. May is Home Remodeling Month and Greenway Mortgage is celebrating all month long! Be sure to visit our Facebook and Instagram pages for remodeling inspiration, trends, and information regarding home improvement. Since the pandemic, homeowners were encouraged to spend more time indoors and since then realized that their homes may no longer fit their needs like once before. Perhaps some of us need more space, or have always dreamed of a home office or gym, maybe an outdoor deck or kitchen for entertaining? Whatever the case may be, our wants and needs have certainly changed....READ MORE
Factory orders for durable goods rose in March, pointing to sustained investment in business equipment that is helping drive economic growth. GDP growth slowed to a 1.4% pace in the 1st qtr, an unexpected change for an economy coming off its best performance since 1984. However, personal consumption, the biggest part of the economy, rose an annualized 2.7% in the 1st qtr, compared with 2.5% at the end of 2021. Despite a drop in sales, new home demand remains strong. The number of new homes already sold and not yet...READ MORE
Green mortgages do exist, but what exactly are they? Green mortgages are an environmentally friendly type of home loan. How do you make a mortgage environmentally friendly; you might ask? Green mortgages, also known as Energy Efficient Mortgages (EEM), are a special type of loan designed to make your home more energy efficient while saving you money at the same time. Interesting, right? How Do Green Mortgages Work? These loans help you borrow money to pay for energy efficient upgrades to your home. The cost can be added into the mortgage or rolled into your current mortgage through an energy efficient refinance to allow you to make improvements to your current home....READ MORE
Fed members continue to signal they will take aggressive action to curb inflation, including hiking policy rates at their May meeting. Claims for jobless benefits are at their lowest levels since the 1960s, highlighting a job market where demand for labor exceeds supply. This week’s Fed survey, known as the Beige Book, found little evidence inflation will turn appreciably lower, not a good sign for rates. Inflation and higher mortgage rates are taking their toll on the nation’s homebuilders. Builder...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.