Weekly News (November 15, 2023)

Mortgage Interest Rates Review

United Mortgage Nation  11/15/2023


30 yr fx (%) 15 yr fx (%) FHA 


10 yr Tr Y (%) 5 yr Arm (%) 7 yr Arm (%)
A year ago 6.375 5.500 6.000 3.811 6.375 6.375
A month ago 7.625 6.999 6.999 4.712 7.625 7.625
Last week 7.375 6.750 6.750 4.656 7.375 7.375
This week 7.299 6.499 6.625 4.457 7.299 7.299

                  Federal Fund Rate: 5.25% -5.50%        Prime Rate: 8.25%-8.50%  


 Finally rent in NYC coming down

뉴욕시 렌트 드디어 하락세      

Korea Daily   11/13/23 

  • According to Elliman, the median rent in Manhattan is $4,195 which is down 3.6% from September($4,350) while it was up 4.6% from the last year($4,009).  The median price of studio in Manhattan was down 4.8% to $3,000 compared to the last month($3,150).
  • The median price in NE Queens, including Astoria was down 9.4% to $3,198 from the previous month($3,528).  The medina price of studio in this area went down 12.1% to $2,684.   The median price in Brooklyn also went down 5.7% to $3,490 from the previous month, while it was down 0.2% from the previous year. 
  • However, in general, rent is 16% higher than pre-pandemic period. 


Korean Foreign Students increase again

한국 유학생 다시 증가 시작         

Korera Daily   11/15/23 

  • Korean foreign student enrolled in US increases 7.6% to 43,047 compared to the previous term: 2021 – 2022 (40,775). 
  • In the middle of the pandemic, it was 39,491 which was the record low.
  • Total foreign students in US increase 12% to 1,057,188 grom the previous year.  Chinese students are 290,000 which is the largest, but it decreases for 3 consecutive years.   Indian students are 269,000, the 2nd and it is up 35% from the previous year. Korean students takes 4.1%, the 3rd
  • Foreign students in NY are 126,782 and Korean students take up 4.7%, and there are 21,985 foreign students in NJ and Korean takes up 3.1%.


 Housing inventory dropping while the rates coming down

모기지 금리 2주 연속 하락, 주택매물 4개월째 감소        

Korea Times  11/13/23 

  • According to Foxnews and Bloomberg, Freddie Mac announced the 30 year fixed mortgage rates came down to 7.5% while it was 7.76% in the previous week .
  • 15-year fixed mortgage rates came down to 6.81% from 7.03% in the previous week while it was 6.38% a year earlier. 
  • The inventory in housing market decreased 4 consecutive months which makes the buyers harder to purchase their homes.  


As Rent Rises Cool, So Will Inflation 

렌트상승이 추줌하면서 인풀래이션도 …  

WSJ  11/15/23    

  • Inflation has been cooling, and a big part of why is that rent increases have as well. That is also why inflation is likely to keep going lower in the months ahead.
  • Shelter costs, which account for about two-fifths of the Labor Department’s measure of core spending, have played a large role in the decline in core inflation. Last month, they were up 6.7% from a year earlier, versus a recent peak of 8.2% in March. Those shelter costs are in turn mostly driven by rent prices. This is because the Labor Department uses rent prices to calculate “owners’ equivalent rent”—what it estimates people would need to pay if they rented homes equivalent to ones they own. The Labor Department’s measure of rents was up 7.2% from a year ago last month, versus 8.8% in March.


Change in rent


Distressed Property Loans Send out Warning

부실 재산 상업용 융자로 경고 신호    

WSJ  11/14/2023 

  • Lenders this year have issued a record number of foreclosure notices for high-risk property loans, according to a Wall Street. Many of these loans are commonly known as mezzanine loans. 
  • Mezzanine loans have high interest rates and offer a faster and easier path to foreclose than mortgages. The Journal analysis found notices for 62 mezzanine loans and other high-risk loans this year through October. That is more than double the number for all of last year.
  • Mezzanine lending became big business like billions for Blackstone, KKR and Starwood Capital. Also South Korean asset managers also became big mezzanine lenders, lending against hotels and office towers in cities such as New York and Los Angeles.


Number of UCC Foreclosure sales notices

WSJ  11/15/23


Inflation Cools, Market Soars

WSJ  11/15/23 

  • Consumer prices overall were flat last month and rose 3.2% from a year earlier, a slower pace than in September, the Labor Department said Tuesday. Overall inflation hit a recent peak of 9.1% in June 2022.
  • “The hard part of the inflation fight now looks over,” said David Mericle, chief U.S. economist at Goldman Sachs.  Stocks and government bonds soared as investors concluded the Fed was done raising rates and shifted attention to when officials might begin cutting rates.
  • “We may have brought down inflation as fast as it has ever come down, and we did that without starting a recession,” Chicago Fed President Austan Goolsbee in an interview last week.


Index performance Tuesday

WSJ 11/15/23


Wearable “AI Pin” announced – end of cell phones?

스마트폰 시대 끝나나 – 옷에 붙이는 AI기기 나왔다     

Korea Times  11/13/23 

  • Al start-up company Humane, founded by couple team in 2018, who worked for Apple, announced AI secretary, “AI Pin” on 9th
  • The screen is your palm. You may send text and call someone.  You approach to the food and AI pin tells you the exact calory info of the food. It summarizes email contents and record the conversation.
  • AI pin is equipped with speaker and camera.  If you double tap AI pin, then it takes pictures or record video.  Also it translate English and Spanish in real time, the company said.  
  • Humane can receive orders at $699 and $24/m T-mobile data use. 


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