Weekly News (January 18, 2023)
Mortgage Interest Rates Review
(Fairway Home Loan 1/18/2023)
30 yr fx (%)
|15 yr fx (%)||FHA (%)||10 yr Tr Y (%)||5 yr Arm (%)||
7 yr Arm (%)
A year ago
A month ago
Federal Fund Rate: 4.25% -4.5% Prime Rate: 7.25%-7.50%
Borough Administrator sued the Ex-Mayor: 팔팍 행정관 로렌조, 전 정시장 고소
(Korea Times 1/13/23)
- David Lorenzo, the borough administrator in Palisades Park filed the suit on 12/29/2022 against the former mayor, Chris Chung and the town, claiming that he was discriminated because of the race; non-Korean.
- He and Austin Ashley, the deputy administrator claimed that the former Mayor insisted the borough administrator must be a Korean and Chris Chung tried to pass the resolution of signation of David Lorenzo and Austin Ashley unfairly.
- They want that Mr. Chung should pay for the damage personally.
New York Luxury-Home Market Softens: 뉴욕 고가 콘도 시장 약세
- Sales of the city’s most expensive apartments slowed in the second half of last year, and brokers and analysts said they don’t expect a turnaround soon as the prospect of an economic slowdown pinches even the most affluent home buyers.
- New York’s luxury market finished 2022 with a respectable $10.3 billion in sales from more than 1,300 apartments priced at $4 million and above, according to Ms. Olshan. The year ranked fifth over the past decade in terms of contracts signed, but 64% of those transactions occurred before the end of June, with activity slowing significantly over the last six months.
Luxury Condo sales and volumes
Residential Market turns to buyer market partially:일부지역에서 바이어 마켓으로 신속히 이동
(Korea Times 1/13/2023)
- According to Redfin, 42% of sellers had seller concession in 4th Qt, which is the highest since July, 2020 and is double from July 2021 when the market is booming.
- The seller concession includes accepting repair costs, closing costs including “Buy-down costs” with the range of a few thousands to tens of thousands, or multiple of those concessions. These market changes can be seen especially in Phoenix, San Diego, Portland, Las Vegas, etc.
- But the market doesn’t take the unreasonable offers yet. Buyers need to pay attention on DOM when they think of lower than the list price.
EVs Climb to 10% of New Cars Sold: 전기차, 새차 판매의 10% 까지 차지
- Electric- vehicle sales crossed a key global milestone last year, achieving market share of around 10% for the first time, driven mainly by strong growth in China and Europe, according to data and estimates.
- Global sales of fully electric vehicles totaled around 7.8 million units, an increase of as much as 68% from the previous year, according to preliminary research from LMC Auto-motive and EV-Volumes.com.
- The U.S. lags behind China and Europe in the rollout of EVs, but last year auto makers sold 807,180 fully electric vehicles in the U.S., a rise in the share of all-electric vehicles to 5.8% of all vehicles sold from 3.2% the year before.
Bond Rally Eases Pressure on Traders: 국채 가격 강세로 투자자들 선호
- Another strong week for the U.S. bond market is giving investor increasing hope that they can turn the page on a brutal 2022. Yields on Treasurys, which fall when bond prices rise, have plunged this year more than they shot upward last January
- While cheering traders, this year’s nascent bond rally has implications far beyond Wall Street’s trenches. Falling Treasury yields translate to lower borrowing costs for consumers and businesses. Overall, the trend is good for economic growth—though potentially an issue for the Fed officials, who have expressed anxiety at times that market rallies could complicate their inflation fight.
10-year Treasury Yield, Percentage change
Inflation Pace Slows for Sixth Straight Month: 인플레이션 6개월 연속 약세
- U.S. inflation eased in December for the sixth straight month following a mid-2022 peak as the Federal Reserve aggressively raised interest rates and the economy showed signs of cooling.
- The consumer-price index, a measurement of what consumers pay for goods and services, rose 6.5% last monthfrom a year earlier, down from 7.1% in Novemberand well below a 9.1% peak in June.
- Core CPI, which excludes volatile energy and food prices, climbed 5.7% in December from a year earlier, easing from a 6% gain in November.
Core services and goods price
USB says the Fed will lower Interest rates from July: 스위스 은행이 미국이자률 감소 7월부터로 예상
(Korea Daily 1/16/23)
- Swiss Bank USB forecasted that the U.S. Fed will start lowering the interest rates as early as July this year.
- The chief economist at USB said that core goods price index increase might drop to 2.5%, which can be the pivotal event.
- UBS said the Fed simulation indicates 3.5% at the end of the year, but USB forecasted 2.1% and the difference is not a small matter.
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