Supply chain issues continue to contribute to rising inflation, as manufacturers and distributors of goods struggle to deliver as much as pre-pandemic levels.


The Fed said employers reported significant increases in prices and wages even as economic growth slowed to a “modest to moderate” pace in September and early October.


Jobless claims hit another pandemic low, dropping to 290,000 last week, the 3rd straight drop. Continuing claims also continued their steady decline.


Homebuilding unexpectedly fell in September. Permits dropped to a 1-year low amid shortages of materials and labor, supporting expectations of slowing economic growth.


Existing home sales rose in September, likely due to a brief decline in mortgage rates. First-time buyers made up just 28% of sales, the lowest level since July 2015.


Single-family rents are surging, and investors are flooding the market. August rents rose 9.3% year over year, up from a 2.2% year-over-year increase in August 2020.


Minutes from their last meeting show the Fed feels the economy is close to reaching their prescribed targets to begin tapering bond buying soon, pressuring rates higher.

Consumer prices grew slightly more than expected in September, when food and energy increases offset declines in used car prices. Inflation can contribute to higher rates.

Jobless claims fell last week to the lowest since March 2020, as employers hang onto their workers in the tight labor market. Continuing claims dropped to 2.6 million.


Foreclosures are rising, but numbers should stay relatively low due to high levels of home equity and aggressive modifications by lenders.

Purchase applications increased 2% for the week but were 10% lower than the same week one year ago. Refinance applications fell 1% for the week and were 16% lower year over year.

A recent survey of agents shows rising prices are causing problems with appraisals. 23% of contracts were delayed and 12% then terminated due to appraisal issues, according to the survey.



Conventional Loan Limits are increasing effective immediately! As home prices continue to rise, this update gives home buyers more wiggle room to qualify.

Loan Limits Just Got Higher

Previously, conforming loans were available up to $548,250. With recent changes, that limit has increased to $625,000, about $75,000 beyond our previous limit!

What can this mean for you?

  1. You can potentially borrow more through a conventional, typically lower rate loan.

  2. You may be able to access lower down payment options for larger loan amounts without paying mortgage insurance for the life of the loan.

  3. You may be able to combine (or avoid) smaller 1st and 2nd mortgages.

If you have questions about this change, please reach out to the experts at Greenway Mortgage. And if you have friends who may benefit from the news, please pass it along. We are happy to help.

It’s no lie, the housing market has been wild. If you’re a first-time homebuyer, don’t lose faith in finding your first home. You have options. Sometimes thinking outside the box can lead you in the right direction. Here are a few things to consider:

Your Budget

Have you crunched the numbers yet to see how much you can afford? If you’re unsure of your magic number, reach out to the experts at Greenway Mortgage. We’ll look at your finances and assess what you can borrow.

Consider a Condo or a Townhouse

Condos and Townhouses make great starter homes. In fact, they’ll help you build equity to fuel a move when you’re ready!

Click here to find out if Townhouse Living or Condo Living is right for you.

Expand Your Radius

Widening your radius to include nearby neighborhoods or communities can help you find a hidden gem.

Weight Your Must-Have and Nice-To-Haves

Not finding the perfect house? Take another look at your desired features and see if any are nice-to-have instead of essential. Work with your trusted real estate agent and let them know what your wants and needs are.

Greenway Mortgage is Here To Help Guide You!

As a first-time homebuyer, there are a variety of different mortgage programs available to you. Some include:

We also have a variety of tools and resources to help you through your home buying journey. Whether you’re just starting to save or you already have a house in mind, we can help you get your keys to your first home.

Your first home is out there. Work with your real estate agent and loan officer to stay up to date on all your options and to find out what other first-time homebuyers are doing to find their dream homes.

Reach out when you’re ready to take the next step! Erin the Expert is here to help!

The Fed's favorite inflation gauge rose 3.6% to a 30-year high in August. Inflation will typically pressure interest and mortgage rates higher.

Stock market holdings made up about half of the $109.2 trillion of household-owned financial assets through the second quarter of 2021, reaching a 70-year high.

Initial jobless claims fell last week to 326k, the lowest in a month, pointing to ongoing improvement in the labor market. Continuing claims fell to 2.7 million.


The housing market has been fiercely competitive over the last few months, but housing analysts predict buyers who keep getting shut out may soon find better luck.

Bathroom renovations have become popular in the last year, particularly upgrades with spa-like features such as rainfall shower heads, dual showers, and whirlpool baths.

Purchase mortgage applications declined 2% for the week and were 13% lower than the same week one year ago. Refinance demand fell to the lowest level in three months.

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