Weekly News (March 29, 2023)

Mortgage Interest Rates Review

(Fairway Asset Corp. 3/29/2023)

30 yr fx (%)

15 yr fx (%) FHA (%) 10 yr Tr Y (%) 5 yr Arm (%)

7 yr Arm (%)

A year ago

4.875 3.875 4.500 2.427

A month ago

6.625 5.625 6.250 3.914 6.750


Last week 6.750 5.625 6.125 3.628 6.750


This week 6.250 5.375 5.999 3.628 6.250


Federal Fund Rate: 4.75% -5.00%        Prime Rate: 7.75%-8.00%



NYC may ban gas cooking range for new building: 뉴욕주 가스레인지 퇴출 임박

Korea Daily  3/28/23

  • The NY Sate and the Representative are in the process of making the law to prohibit use of gas or fossil fueled cooking oven in the new building.
  • The prohibition of use of gas or fossil fuel includes fire place, laundry drier, gas range and stove in the new construction.
  • If the law becomes enacted, NY is the first state who bans the use of gas in the building and the law is prepared to care of the climate change.  The goal of the state is reach to net-zero carbon emission by 2050.
  • The republican is opposing the enacting this law.



Home prices are falling in the West, while prices in the East are icreasing: 서부 집값은 떨어지는데, 동부 집값은 상승

(WSJ  3/28/23)

  • The United States is a country of two housing markets. In one, home prices are falling from a year ago. In the other, they’re still posting annual gains. That division runs right down the center of the U.S.
  • In all of the 12 major housing markets west of Texas, plus Austin, home prices fell in January on an annual basis, according to mortgage-data firm Black Knight Inc.’s home-price index. In the 37 biggest metro areas east of Colorado, except Austin, home prices rose year-over-year.
  • The metro areas posting the biggest price declines tend to fall into two categories: markets where prices skyrocketed in recent years as people moved in from other states, such as Phoenix and Austin, and markets where prices didn’t surge as dramatically during the boom but that were already prohibitively expensive, such as San Francisco and Los Angeles, said Black Knight’s Mr. Walden.

Consumer-price index, change from previous year



Wall Street can control 40% of residential investment market: 월가가 단독주택 임대시장 좌지우지

(Korea Daily   3/25/2023)

  • MetLife, Investment management company reported that Wall Street can control 40% of single home residential investment market, i.e., Wall Street investment  companies, backed by such as Blackstone, can own over 40% of single home investment market by 2030.
  • It can be risky situation, called captive market — Investment companies can control rental market and raise rent. In Berlin, Germany, between 2016 through 2021 rent soared 41% while renters were 85% of total residents.  Afterall Berlin City exercised eminent domain power to condemn those houses and converted them to public housing.
  • For 3 years from Jan. 2020, 2Br single home rent increased 24% nation wide, but Tampa, Florida up 44%, Phoenix, Arizona up 43%, Atlanta, Georgia up 35%.



Home prices Log Seventh Straight Monthly Decline: 미 주택가, 7개월 연속 하감세

  • The S& P CoreLogic Case-Shiller National Home Price Index, which measures home prices across the nation, fell 0.2% in January compared with December on a seasonally adjusted basis. Prices have fallen for seven straight months, the longest streak of declines since 2012.
  • Prices are declining fastest in Western markets, such as Seattle, where prices fell a seasonally adjusted 1.5% in January from the prior month, and Las Vegas, where prices fell 1.1%.
  • The median existing-home price fell 0.2% in February from a year earlier to $363,000, according to NAR.

The S&P CoreLogic Case-Shiller National Home Price Index, change from a year earlier



Fee for DTI 40% Over has been delayed: DTI 40% 이상 경우에 수수료 부과를  연기

(Korea Times    3/26/2023)

  • Collection of the fee for those whose DTI is over 40% has been postponed 3 months to 8/1/2023. The fee is 0.25% of loan amount.
  • Back end DTI – PITI, Credit card, Student loan, auto loans and personal loan which cause fixed monthly payment – Typically 43%.
  • Front end DTI – PITI ( Principle, Interests, Taxes, Insurance) – Typically 36%.



FAANG declined, “Apple-MS” Two Top advanced: FAANG 전성기 가고, Apple-MS 시대 오나

(Korea Times   3/24/23)

  • According to WSJ on 3/22, MS takes 6.14% in S&P 500 Index and Apple takes 7.11% and these two top takes up 13.25%,which is a record high.
  • In New York Stock Exchange market, FAANG(Facebook, Apple, Amazon, Netflix, Google) high season is declining and new two tops – Apple and MS – are showing high performance.
  • It is record high since IBM and AT&T combined market value in 1978.

Market value for FAANG & Two Top



LG Energy Plans $5.6B Battery Factory for Arizona: LG 에너지, 아리조나주 배터리 공장건설에 $5.6B 투자  

(WSJ   3/25/23)

  • South Korea’sLG Energy SolutionLtd. said it would invest about $5.6 billion in a battery-manufacturing complex in Arizona, the latest in a string of new plants by foreign companies as the U.S. transitions toward cleaner fuels.
  • LG Energy said Friday that the new battery complex in Queen Creek, Arizona, would mainly serve electric-vehicle makers in North America.
  • The complex announced Friday will consist of two battery plants and mark the largest investment ever for a stand-alone battery-manufacturing facility in North America, LG Energy said.


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