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MarketMinute | Housing Market Bright Spots

Oct 21

2:22

Category | Markets in a Minute

Jobless claims fell last week to 214K, indicating the labor market remains tight even as demand for labor is cooling.

Consumer spending was basically flat in September, up only 0.4% compared to August, but retail sales were still up 8.2% from a year ago.

Fed members this week continued emphasizing the need to raise rates into 2023 to curb inflation, even if it causes a recession.

Existing home sales fell to the slowest pace since September 2012. The 8th straight month of declines came as mortgage rates continued to rise.

Housing starts dropped 8.1% in September, and single-family home starts fell to their lowest level in more than two years. Permits also fell 3.1%.

Buyers in many areas are finding bright spots in the market, including seller concessions, easier negotiations and more time to consider options.

MarketMinute | Mortgage Rates and Prices Rising At The Same Time?

Oct 14

3:33

Category | Markets in a Minute

Both wholesale and consumer inflation reports showed inflation continued to rise in September despite multiple Fed rate increases.

The labor market remains strong. Nonfarm payrolls increased more than expected in September, and unemployment fell to 3.5%.

Jobless claims were up slightly last week. Claims reached their highest level since August but still showed a stable labor market.

Purchase mortgage applications dropped 2% for the week. The average purchase loan fell below $400K for the first time since December 2021.

Higher mortgage rates are creating an appetite for adjustable rate mortgages. ARMs represented about 12% of last week's applications.

Despite higher mortgage rates, home prices remain higher compared to a year ago and are unlikely to fall steeply due to persistently tight supply.

Reverse Mortgages for Home Purchase

Oct 11

3:39

Category | General

When you were younger, your home was the perfect place. Your spacious backyard provided a place for your children and even your pets to run and play. Your kitchen provided meals to feed your family and your living room and den served as the family gathering spot. During those years, the last thing you may have thought was leaving the home that you loved and made so many memories in.

However, as you enter the stage of retirement you may begin to realize you prefer to grow older in a new home that best fits this new stage in your life. For instance, your current home may be too large for your needs and having a multiple-level home with many rooms may take more work to maintain than you want.

Whatever your reasons may be, downsizing to a smaller, more manageable home is ideal.

Just think, you could purchase your new dream home with no monthly mortgage payments* with the Home Equity Conversion Mortgage (HECM).

What is the HECM?

Commonly known as a “reverse mortgage”, the Home Equity Conversion Mortgage (HECM) is a government-insured loan that allows older homeowners to convert home-equity into tax-free cash.* Perfect for borrowers who are downsizing or want to purchase a home without a monthly mortgage payment.*

PROGRAM DETAILS:

No payment option available*
HECMs are federally insured.
Same products, limits, LTVs, and rates as traditional mortgages
Excellent planning tool to fund retirement

THE FINE PRINT

Must be 62 years old, or older
Applies only to owner-occupied, primary residences
Mandatory HUD counseling
The homeowner is still responsible for property taxes, homeowners insurance, upkeep and any relevant HOA fees.

*Age-based assessment and other guidelines determine allowable equity ratios. Various payment and draw options available.

MarketMinute | How are home prices looking?

Oct 7

5:21

Category | Markets in a Minute

Manufacturing activity grew at its slowest pace in nearly 2-1/2 years in September. New orders contracted amid aggressive Fed rate increases.

The services industry sector slowed modestly in September, suggesting underlying strength in the economy despite rising interest rates.

Fed officials this week continued to spread the message that Fed rate policy needs to remain aggressive until inflation is under control.

Purchase mortgage applications fell 13% for the week and were a steep 37% lower year over year.

September new for-sale listings fell 18.9% year over year. During the year ending September 30, 37.6% of listings were priced from $200K to $400K.

Home prices remain higher than a year ago, and it is unlikely they will fall too steeply, according to recent data from Black Knight.

Fall Home Maintenance Checklist

Oct 1

4:00

Category | General

It would be amazing if all you needed to prep your home for fall was hang a wreath and light a bunch of pumpkin spice candles. While yes, those are a part of getting ready for the change of seasons, there are more important preparations that come with being a homeowner.

With that said, fall is the perfect season to tackle general home maintenance projects because the weather is generally dry and temperatures are moderate. Before you start your seasonal home maintenance checklist, examine both the interior and exterior of your home.

Most of these home maintenance items can be accomplished without the help of a professional, but it's always better to be safe and call for assistance if a home improvement project is beyond your abilities.

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Tick these items off your list this season, and you can rest easy knowing that your home and yard are buttoned up and ready for winter. Happy Fall from your friends at Greenway Mortgage!