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Weekly News (September 14, 2022)

Mortgage Interest Rates Review 

(by Fairway Home Loan 09/14/2022)

30 yr fx (%) 15 yr fx (%) FHA (%) 10 yr Tr Y (%) 5 yr Arm (%) 7 yr Arm (%)

A year ago

2.750 2.125 2.375 1.289

A month ago

4.875 3.875 4.500 2.853 4.875


Last week 5.625 4.625 5.250 3.326 5.375


This week


4.875 5.500 3.427 5.750



Suspected South Korean Suicides Spur Calls for Change: 한국, 조그만 아파트 한 가족3명의 자살로 변화의 촉

(WSJ    9/8/2022)

  • The deaths of three women in a tiny suburban apartment have prompted South Koreans to change its social-spending strategy and structure.
  • The mother in her 60s, was suffering from cancer, while her daughters, in their 40s, had incurable illness, said an official in the city of Suwon.
  • South Korea has grown in recent decades to be the world’s 10th-largest economy –an export powerhouse, technological leader and cultural trend maker → Hypercompetitive society, social inequity and winner—takes all mentality contribute to the deaths of poor families.
  • South Korea’s suicide rate of 25.7 deaths per 100,000 people, highest in the OECD, and more than double the average of 11.


Average Mortgage rate Rises to 5.89%: 평균 모기지 이자률 5.89%로 상승

(Korea Daily  9/9/2022)

  • Mortgage rates touched their highest level in nearly 14 years this week, another blow to the rapidly colliding housing market.
  • Freddie Mac’s this week survey said the average rate on a 30-year fixed mortgage rose to 5.89%, topping an earlier high from June.
  • Housing market is a key focus for the Fed because rising costs there are a major component of this year’s sky-high inflation.
  • The buyer frenzy of last year has dissipated, bringing supply and demand back to closer balance.


Inflation Expectations Declined in August: 8월 인플레이션 기대지수 감소 

(Korea Time  9/13/2022)

  • American consumers said in August that they are expecting notable declines in future levels of inflation, a report from the Fed Bank of New York said Monday. (9/12)
  • The bank said in its August Survey of Consumer Expectation that one year from now, households see inflation at 5.7%, down from the 6.2% they predicted in the July survey. Three year from now, survey respondents expect to see inflation at 2.8%, down from the 3.2% seen in July.
  • Fed officials believe that the public’s expected path of inflation exerts a strong influence on where price-pressure levels stand now.

Median one-and three-year ahead expected inflation rate



Home listing price started lowering: 집값 부르는대로  안 팔린다 주택 리스팅 가격 감소  

(Korea Times    9/13/2022)

  • According to Redfin, U.S. average sold price became lower than average listing price for 4 weeks in August. Sold price was 99.8% of listing price while it was 101.4% a year ago, which means 1.6% lower.
  • Mortgage rate increased → makes week demand of buyers → lowering listing prices → becomes inflection point in residential market.
  • Still, 37% of transactions were going through biddings among buyers in August, but it came down from 50% a year ago.
  • Still, the median price in July in U.S. is $403,800, up 10.8% from a year ago.


Inflation slows for 2nd month, but still high: 인플레이션 증가세 2달 연속 감소

(The Record  9/14/2022)

  • Consumer prices surged 8.3% last month compared with a year earlier, down from an 8.5% jump in July, and a four-decade high of 9.1% in June. On a monthly basis, prices rose 0.1% , after a flat reading in July.
  • Inflation is higher than many Americans have ever experienced, escalating families’ grocery bills, rents and utility costs, among other expenses à deepened gloom about the economy despite strong job growth and low unemployment.
  • Republicans blame President Biden’s $1.9T stimulus package passed last year for much of the increase.


3% Down Mortgage Program Expanded: 3% 다운 모기지 프로그램 확장

(Korea Daily    9/14/2022)

  • Citibank initiated “HomeRun” mortgage program with 3% down payment, no PMI for low-income and minority people in U.S. in major metropolitan areas. Low income guideline is 80% of the area’s average family income, but extended to 120%. (
  • Bank of America provides “Community Affordable Loan Solution” with zero down payment for first home buyers.


Goldman to Cut Hundreds of Jobs: 골드만 삭스, 백여명 감원 조치    

(WSJ   9/14/2022)

  • Goldman Sachs Group Inc. is preparing to lay off hundreds of staffers as soon as next week, after the bank’s annual performance review that has been suspended during the pandemic.
  • The company had 47,000 employees on staff at the end of June, up from 41,000 a year earlier.
  • After a record-setting in 2021, the industrywide slump on mergers and new IPOs has hit Goldman’s bottom line this year. 2nd Q investment-banking revenue fell 41% from a year ago, and Goldman’s profit fell by nearly half in that period.


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Stephen Lee

He has been in Real Estate industry in about 20 years and has been Broker of Record for 9 years. His experience includes residential, commercial, and property management. Prior to involving with Real Estate business, he has been involved in the digital communication equipment industry utilizing his engineering background and education, including running own company. He has established C Land Realty in 2011 which has grown to staffing over 100 Real Estate agents and the annual transaction amount of over $110,000,000 today.

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