Freddie Mac's weekly average interest rate on 30-yr., fixed-rate mortgages hit its lowest level in the survey's 49-year history. This is the 8th time this year for record lows.

The ISM manufacturing index increased to 54.2 in July, indicating manufacturing expansion for the 3rd consecutive month after the spring's steep collapse.

Initial jobless claims fell more than expected last week to the lowest since the pandemic started. The broad decline across nearly all states suggests labor market improvement.




Home prices increased 4.9% in June, even higher than May's 4.1% annual increase, according to CoreLogic. Prices climbed 1.0%, the fastest monthly gain for June since 2013.

Despite rising prices, home affordability was the best level in 4 years, requiring only 19.8% of the median monthly income to make the mortgage payment on an average priced home.

Construction spending fell for the 4th straight month in June. However, even after the declines, spending at the end of June was 5% higher than it was through first 6 months of 2019.


Download Your Free Home Comparison Chart Here.

Purchasing a home is a major milestone that tops many people's lifetime to-do lists—and maybe their list of financial fears too. But it certainly doesn't have to be a scary or stressful experience. With time, care, and research, you can take control of the home-buying process.

When looking for a home to buy,  it becomes easy to get individual houses confused with one another because there are so many details.

That's why Greenway Mortgage has created a Home Comparison Chart to help keep everything in order!

Our handy checklist identifies important factors to consider when choosing a home. In addition to an affordable sales price, you will also want to be sure that the neighborhood and house meets your needs.

Download and take this checklist along with you when you are house hunting. It will help you to evaluate the neighborhoods and assess the availability and condition of various features of up to three homes in a side-by-side comparison.


At this week's regular meeting, the Fed pledged to keep policy rates near zero until the economy stabilizes. Bond purchases will also continue in support of the markets.

Jobless claims rose for a 2nd week in a row to 1.43 million, after several weeks of improvement. The increase was slight, with only 12,000 more claims than the week before.

Consumer confidence fell more than expected in July, as some businesses had to close again or halt reopenings amid a flare-up in COVID-19 infections across the country.


According to Case-Shiller, national home prices rose 4.5% year-over-year in May. Prices continue to get a boost from record low mortgage rates.

Pending home sales surged for the 2nd consecutive month in June, rising 16.6% monthly and up 6.3% from June 2019. The NAR improved their 2020 housing market forecast.

The U.S. homeownership rate surged to 67.9%, its highest point since the Great Recession. The rate increased 3.8% over last year and 2.6% over last quarter.



With COVID-19 cases on the rise and the extra $600/wk in unemployment assistance set to expire next week, Congress is facing mounting pressure to pass another aid package.

Optimism about a potential vaccine, fiscal stimulus, and economic improvement has helped the benchmark S&P 500 rise 1.4% this year, recouping most of its virus-induced losses.

Jobless claims rose last week for the first time since March, signaling a labor market stall. The increase is likely due to states' reversing course on re-opening businesses.



Existing home sales surged nearly 21% in June, the highest monthly gain on record. The increase follows 3 months of sharp declines due to the coronavirus pandemic.

Home prices continued to rise through the pandemic, according to the FHFA index. Prices increased 5.5% year-over-year in April and were up 0.2% from March.

Weekly mortgage demand from homebuyers jumped even higher, up 19% annually. Refinance applications increased 5% for the week and 122% over last year.




Planning ahead for your mortgage application will save you time and trouble once you start making offers. Here's a list of things you'll need to gather!


  1. Provide your last two paystubs along with your W2s and Federal tax returns for the last two years (include all schedules). State returns are not needed.
  2. If you are self-employed, ask me for the additional documentation requirements.
  3. If you receive bonus or commissions or have changed your job or position, let’s talk.


  1. Combine all the funds needed to close into one account at least two months prior to your application.
  2. Document any other deposits here as each could be scrutinized.

Your Statements

  1. Save all pages of your asset statements, even if some are blank or are just advertisements.


  1. Deposit checks individually.
  2. Don’t deposit cash without clear proof of the source.


  1. If you are going to sell stocks, bonds, investments or borrow against a retirement account, do it now. Cashing out now may cost you a few dollars in additional gains, but it also protects against losses.

Current Housing

  1. If you own and are selling, provide a copy of the HUD-1 settlement statement.
  2. If you own and are not selling, you'll need to qualify for both homes or meet the requirements for renting the current.
  3. If you are renting, show 12 months of canceled checks demonstrating timely payments and/or written verification from your management company. Ideally, pay your rent on the same day each month on or prior to its due date.
  4. If you live with family, you may need a letter stating that you live rent-free.


  1. Check your credit report at Identify any errors now and consult with us for the correct action to take.
  2. If you co-signed a loan or are being reimbursed for a loan that’s in your name, you’ll need at least six months of checks to exclude it.
  3. Avoid new credit or inquiries. These can lower your score and increase your rate.

Employment Stability

  1. Ideally, you’ll have two years or more with your current employer.
  2. Consult with us before changing employers, position or method of compensation. For example, don't switch from salary to commissions.


Have questions? Reach out to the Greenway Mortgage Team! We are here to help. And if you're ready to get started - click here to apply online! Start closing your loan in about 15 minutes with our easy online application! 



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