This week’s Interest Rate (16th Week) (Fairway Asset Corp.) 30 Y Rate: 3.490%/ 15 Year Rate:2.875%/ 10 Y Treasury: 0.879%/ FHA:3.490% Prime Rate:3.0% / Ref IR: 0.00- 0.25% Conventional rates are getting better, but Government loans(FHA,VA, USDA) still have difficulties. NY State might hit the Apex of COVID-19 death toll ( The Korea Times 4/14) As of 4/13, dealth toll is 10,056 in...
by stephenlee This week’s Interest Rate (15th Week) (Fairway Asset Corp.) 30 Y Rate: 3.490%/ 15 Year Rate:2.99%/ 10 Y Treasury: 0.687%/ FHA:3.490% Prime Rate:3.0% / Ref IR: 0.00- 0.25% The U/W guidelines getting tighten during the COVID-19. Some of lenders cap the DTI lower than normal time and require 3 month reserves. ( See below) Jersey City councilman, Michael Yun died of the complication due to...
by stephenlee This week’s Interest Rate (14th Week) (Fairway Asset) 30 Y Rate: 3.625%/ 15 Year Rate:3.125%/ 10 Y Treasury: 0.687%/ FHA:3.490% Prime Rate:3.0% / Ref IR: 0.00- 0.25% WeWork kept most of it locations open:Only two offices are closed in N. America (The NYT 3/25) In the fight against the spreading COVID-19 countless businesses, restaurants and bars have temporarily shuttered to...
by stephenlee This week’s Interest Rate (13th Week) (Fairway Asset) 30 Y Rate: 3.625%/ 15 Year Rate:3.125%/ 10 Y Treasury: 0.879%/ FHA:3.375%/ VA:3.250% Prime Rate:3.0% / Ref IR: 0.00- 0.25% NYC is planning to increase property tax for single homes (The Korea Daily 3/24) NYC is changing the law that property tax will be adjusted according to current market value for single homes of which tax...
by stephenlee This week’s Interest Rate (12th Week) (Fairway Asset) 30 Y Rate: 3.490%/ 15 Year Rate:3.375%/ 10 Y Treasury: 0.885%/ FHA:3.375%/ VA:3.375% Prime Rate:3.0% / Ref IR: 0.00- 0.25% Fed Reserve lowered Reference Interest Rates by 1% to 0.00 – 0.25% (The Korea Daily 3/17) Fed Reserve decided to lower Reference IR by 1% (Big Cut) to Zero Interest rates is on 3/15, and to release...
by stephenlee This week’s Interest Rate (11th Week) (Fairway Asset) 30 Y Rate: 3.375%/ 15 Year Rate:2.875%/ 10 Y Treasury: 1.377%/ FHA:3.125%/ VA:3.000% Prime Rate:4.75% / Ref IR: 1.00- 1.25% NJ, Edgewater Condo Group sued the Admiral condo over access to walkway (The Record 3/11) The nonprofit Hudson River Waterfront Conservancy is suing the Admiral’s Walk condo complex to remove 900 feet...
by stephenlee This week’s Interest Rate (10th Week) (Fairway Asset) 30 Y Rate: 3.370%/ 15 Year Rate:2.875%/ 10 Y Treasury: 1.377%/ FHA:3.125%/ VA:2.875% Prime Rate:4.25% / Ref IR: 1.00- 1.25% Federal Reserve issues FOMC statement - The rate cut announcement by 0.5% (The FOMC 3/3, The Record 3/4) FOMC made fast and big step to lower Ref IR. The fundamentals of the U.S. economy remain...
by stephenlee This week’s Interest Rate (9th Week) (Fairway Asset) 30 Y Rate: 3.250%/ 15 Year Rate:2.875%/ 10 Y Treasury: 1.377%/ FHA:3.125%/ VA:2.875% Prime Rate:4.75% / Ref IR: 1.50- 1.75% Palisades Park parents want action on school crowding (The Record 2/25) Parents are asking school district to take immediate action to address overcrowding in class rooms and lunchrooms. Neris Rapoter and...
by stephenlee This week’s Interest Rate (8th Week) (Fairway Asset) 30 Y Rate: 3.375%/ 15 Year Rate:2.875%/ 10 Y Treasury: 1.651%/ FHA:3.25%/ VA:2.875% Prime Rate:4.75% / Ref IR: 1.50- 1.75% The developer has filed a suit against Alpine town government (The Korea Time/ The Record 2/19 ) Richard Kurtz wants to build affordable-housing units if the lots are rezoned to allow for the construction of...
by stephenlee This week’s Interest Rate (7th Week) (Fairway Asset) 30 Y Rate: 3.375%/ 15 Year Rate:2.99%/ 10 Y Treasury: 1.651%/ FHA:3.25%/ VA:3.000% Prime Rate:4.75% / Ref IR: 1.50- 1.75% NY renters will not have to rental broker fee by tenant law (The Korea Daily, TRD 2/12) NY DOS(Dept Of State) announced the order specifying that tenant should not pay the rental broker fee which has been...
by stephenlee