Did you know that investment funds may be hiding in your mortgage? It's true! You may have more to invest than you think. 

A mortgage is the single largest liability most people ever assume. Do your realize its proper management is as important as for any investment?

30-Year vs 15-Year Loan

Which is best the best option? A 30-year or a 15-year loan? Many homeowners want to pay their home loan off as soon as possible, but the value of putting their money into long-term savings and investments often trumps a rapid amortization of principal.

Why pay down the balance on a home loan, only to borrow again later to pay for the kids' college?

The differential savings of a 30-year loan vs. a 15-year option can be put in a 529 plan instead. The result is tax-advantaged growth over time and no uncertainty of borrowing at a potentially high rate later.

Have questions or want to learn more. Reach out! The Greenway Team would love to help and answer any questions you may have.

Market Minute - Economy and Housing News - Erin Carvelli

  • More new jobs than forecast were created in December. However, wage growth was lower than expected, helping mortgage rates.
  • Inflation continued to slow in December, signaling prices have peaked and giving markets hope the Fed will slow the pace of interest rate hikes.
  • Weakening demand in December led to the first services industry contraction in more than 2-1/2 years, signaling a slowing economy.

  • Mortgage applications rose 1.2% last week over the previous week, although purchase applications were down 1% on the week.
  • NAR's Nadia Evangelou, director of forecasting, predicts mortgage rates likely will settle below 6% and experience less volatility this year.
  • In December, 21% of survey respondents told Fannie Mae now is a good time to buy a home, up from 16% in November. 

Market Minute Report - Mortgage News

Market Minute - Economy and Housing News - Erin Carvelli

  • Demand for employment remained high in November as companies looked for workers to fill positions despite worries of a looming recession.
  • Minutes from last month's Fed meeting showed officials were still focused on stamping out inflation but gave few clues about future rate hikes.
  • A December reading of the manufacturing sector showed factory activity slowing down. The prices producers paid their suppliers fell.


  • A large drop in mortgage applications last week made headlines. Higher rates were blamed, though apps typically fall some at year’s end.
  • Cash-out refinances will cost consumers more in 2023 due to higher fees from the FHFA. Refis still make up almost one third of mortgage apps.
  • Beginning in March, Freddie Mac will require a first lien mortgage to be at least 12 months old before it can be paid off by a cash-out refinance. 

Market Minute Report - Mortgage News


Market Minute - Economy and Housing News - Erin Carvelli

  • The dollar is ending the year on the defensive, having given back roughly half of its 2022 gains, as investors bet inflation is slowing.
  • Jobless claims rose only modestly last week and held near prepandemic levels, suggesting the labor market remains historically tight.
  • Purchasing power of middle-income household paychecks fell 2.9% in 2022, as inflation hit middle earners harder than other groups.

  • Month-over-month house prices were flat in October, changing 0.0%, according to FHFA. Prices rose 9.8% over October 2021.
  • Pending home sales fell 4% in November, more than expected. Higher mortgage rates and tight inventory continue to affect the housing market.
  • Mortgage applications rose 0.9% last week. Refinance apps were up 6% week over week, and purchase apps were down 0.1% for the week. 

Market Minute Report - Mortgage News

There could be savings on the table for home buyers in 2023!

The Federal Housing Finance Agency (FHFA) has just increased the amount of money that can be borrowed through a standard home loan to more than $726K. In some areas, the limit is even higher. The new limits will take effect in 2023.

This is great news for buyers and owners alike.

  • Buyers may be able to borrow more money through a conventional, typically lower-rate loan.

  • Owners may be able to refinance their "jumbo" loan to a lower rate conforming loan and possibly drop mortgage insurance, too.

  • Combining (or avoiding) smaller 1st and 2nd mortgages may now be an option.

  • The increase reflects the growth in values over the past year and reaffirms your decision to invest in a home.

Here are the specifics about the change:

  • The standard loan limit, also known as the conforming loan limit, rose by just over 12% to a maximum of $726,200 in most areas.

  • The percentage increase is equal to the national appreciation average over the last year.

  • This is the 7th year in a row that the FHFA has raised the limit, after a decade of no increases. The limit has risen more than $310K over seven years.

Curious about limits in your county or other areas? Follow the link below to check. We'll update it as limits change, so bookmark it for future reference if you'd like.

2023 Conforming Loan Limits

If you have questions about what this change could mean for you, please reach out. And if you have friends who may benefit from the news, please pass it along. The Greenway Team would be honored to help them too!

Erin Carvelli - Greenway Mortgage

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