GREENWAY BLOG

8 December 2023

MarketMinute | Are Refinances Making a Comeback?

Weakening demand spurred a 3.6% decline in factory orders in October, more than expected and the biggest monthly drop in more than 3 years. Job openings slid to 8.7 million in October, below estimates and the lowest level since March 2021, signaling a loosening labor market. Oil prices plunged to a 6-month low due to booming crude supplies. The drop helped push bond yields lower, supporting lower mortgage rates. Falling mortgage rates reignited refinancing activity. Refi apps were up 14% for the week...

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5 December 2023

10 Must-Know Tips for New Homeowners

  Welcome to the exciting world of homeownership! As you step into the realm of owning your own space, a myriad of possibilities and responsibilities unfolds. Understanding what to expect is key, and that's why we've crafted these 10 essential tips. Consider this your starting point, guiding you in the right direction and ensuring a smooth journey into the exciting world of homeownership. #1. Tackle Projects Methodically Prioritize tasks and take projects on one at a time. This approach not only helps manage your time and resources efficiently but also ensures that no aspect of your new home is overlooked. Plus, it's a financially savvy...

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1 December 2023

MarketMinute | Rates and inventory drive the housing market

The Fed's preferred gauge of inflation as measured by personal spending increased 3.5% year over year in October, meeting expectations. Consumer confidence rose in November after 3 straight monthly declines, though two-thirds of consumers think a recession is likely in 2024. The Fed released data showing economic activity slowed in recent weeks as consumers pulled back on discretionary spending. New home sales fell last month, coming in below analysts' expectations. The drop was likely due to...

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1 December 2023

Federal Housing Finance Agency (FHFA) Increases Conforming Loan Limits for 2024

  On November 28, 2023, 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 $ 766,550* , an increase of $40,350 from $726,200 in 2023.​  Release . National Baseline 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...

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27 November 2023

The Ultimate Holiday Gift: Money for a Down Payment on a House

  As the holiday season draws near, our thoughts naturally turn to the joy of giving. While we all appreciate receiving gifts for special occasions, there's something truly extraordinary about presenting a gift that can make someone's homeownership dreams come true. If you or someone you know is looking to purchase a home during this holiday season, consider the incredible gesture of providing a down payment as a gift. However, using gift funds for a down payment involves specific guidelines and considerations that are essential to understand. In this article, we'll explore the different loan programs that allow borrowers to use gift funds towards their down...

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