This week’s Interest Rate (20th Week) (Fairway Asset Corp.) Y Rate: 3.000%/ 15 Year Rate:2.625%/ 10 Y Treasury: 0.691%/ FHA:3.490% Prime Rate:3.0% / Ref IR: 0.00- 0.25% A special program for Owner Occupy and 2nd Home available. Conventional interest rate is lowest in history. Government loans still have liquidity problems. Palisades Park, NJ will operate COVID-19 Testing facility...
by stephenlee This week’s Interest Rate (19th Week) (Fairway Asset Corp.) 30 Y Rate: 3.375%/ 15 Year Rate:2.875%/ 10 Y Treasury: 0.657%/ 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. Palisades Park, NJ will raise Property Tax by average $97 (The Korea Times 4/29) Town government has...
by stephenlee This week’s Interest Rate (18th Week) (Fairway Asset Corp.) 30 Y Rate: 3.375%/ 15 Year Rate:2.99%/ 10 Y Treasury: 0.549%/ 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. Investigation started on Unfair PPP Approval (The Korea Times 4/28, 4/29) The Democrats initiated SBA to begin...
by stephenlee This week’s Interest Rate (17th Week) (Fairway Asset Corp.) 30 Y Rate: 3.490%/ 15 Year Rate:3.250%/ 10 Y Treasury: 0.549%/ FHA:3.490% Prime Rate:3.0% / Ref IR: 0.00- 0.25% Conventional rates went up a little bit and Government loans(FHA,VA, USDA) still have difficulties. Jumbo loan have difficulties New Jersey Schools will be closed till 5/15/2020 (The Korea Times 4/17) New...
by stephenlee 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