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For the Week Ending November 9, 2018

 

Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

The Fed didn't raise policy rates at this month's FOMC meeting but is expected to raise rates in December. Mortgage rates will likely remain unaffected.
The midterm election results are not expected to slow economic growth. As a result, the outcome did not adversely affect stock and bond markets either.
Manufacturing activity slipped for a second month in September yet still pointed to growth. Construction spending was up slightly at 0.1%.

 

Year-over-year purchase applications have held steady despite rising rates, falling 0.2% last week. 
Last month, consumer housing sentiment fell to its lowest level in a year. Fewer consumers expect home prices to rise or mortgage rates to fall.
A recent study shows Gen Z is eager to get an early start on homeownership. They're twice as likely as previous generations to start saving for a home by age 25.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


Have a side gig? Just got married? Received a sizeable gift from a relative?

When you're applying for a mortgage these situations are important, can have a significant impact on your qualification and must be documented in a specific way.

Erin the Expert is out with the latest video in her series on mortgage topics.

Reach out to Erin by phone, text or email:


Check out the other videos in the series:

Want to set some time to speak with Erin directly? Click here. If there's anyone that can get a deal done it's Erin the Expert. #ETE

And if you like podcasts, check out Erin's MortgageCast too. She keeps it short and cuts right to the meat of each topic.

(MortgageCast)

 


Laura and her assistants, Nimbus and Nico, bring you this week's mortgage term, Principal.

Connect with Laura


For the Week Ending November 2, 2018


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Please enjoy this quick update on what happened this week in the housing and financial markets.

 

 

Consumer spending rose for a 7th straight month in September, but personal income recorded its smallest gain in more than a year on moderate wage growth.
Companies continued to hire at a brisk pace in October. Private payrolls rose by a better-than-expected 227,000, according to ADP and Moody's Analytics.
Despite a strong labor market and increasing inflation, the Fed is not expected to raise policy rates at next week's meeting. A December rate hike is likely though.

 

According to Case-Shiller, home price gains tempered to a 5.8% yearly increase in August. This is slightly lower than prior readings yet still a healthy rate.
Mortgage application volume fell 2.5% last week compared to the previous week. Refinance applications were down 4% last week after previously improving.
Despite low inventory, the national homeownership rate was 64.4% in the third quarter. That's a half-percentage point higher than it was a year ago.

Rate movements and volatility are based on published, aggregate national averages and measured from the previous to the most recent midweek daily reporting period. These rate trends can differ from our own and are subject to change at any time.


The home you've always dreamed of may be within reach. Did you know that Greenway Mortgage offers a Jumbo Alternative Program? We understand that when it comes to your dreams, one size does not fit all.
 
Our Jumbo Alternative Program provides several options that will help you achieve your financial goals. With that said, we are able to provide more products, more choices and more advantages for you!
 
If you are able to demonstrate the ability to repay and are looking for higher loan amounts with more flexible guidelines, Greenway’s Jumbo Alternative Program can provide the perfect lending solution.
 
This program allows for non-conforming scenarios to finance loan amounts beyond $4MM with LTVs up to 95%, DTIs up to 55% and FICO down to 660.* Take a closer look at some of the key features this program has to offer.
 
KEY FEATURES
-  Loan amounts beyond $4MM
-  Purchase, Rate and Term / Cash-out Refis
-  Unlimited financed properties, 2nd homes allowed
-  ARM, Fixed and Interest only programs available
 
THE FINE PRINT
-  Based on loan characteristics, approvals may take longer than typical Greenway time frames
-  Multiple appraisals may be required
-  Risk profile may limit certain criteria
Eligibility requirements, exclusions and other terms and conditions apply.

 

For more information on Greenway's Jumbo Alternative Program contact us today.


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