Market Updates – May 1, 2023
Friday, 05 May 2023
There is some big news this week. First started with First Republic Bank is sold to JPMorgan Chase Bank on Monday, May 1, 2023. First Republic was funded in 1985 and the 2nd largest U.S. bank by assets to breakdown after Washington Mutual which was also took over by JPMorgan Chase Bank. Fed increased the
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Market Updates – March 20, 2023
Wednesday, 22 March 2023
Recent news of Silicon Valley Bank and Signature Bank collapse has caused investors questioning the US economy. Fed increased the overnight fund rate for another 0.25% on March 22, 2023 which marks the highest point since September 2007. Here is the complete press release from Federal Reserve. Federal Reserve Board – Federal Reserve issues FOMC
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Reduction of FHA Annual MI Rates
Tuesday, 28 February 2023
Awesome news!! Borrowers would like to utilize FHA(Federal Housing Administration) loans to purchase homes or refinance their current loans. HUD made an announcement on Feb 22, 2023, the Annual Mortgage Insurance Premium (MIP) will be cut by 0.3% from 0.85% on the loans endorsed on and after March 20, 2023. The annual MIP will depend
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Market Updates – January 30, 2023
Friday, 03 February 2023
Fed rates increased another 0.25% moving the overnight Fed Fund rate to 4.5% – 4.75%, the highest since October 2007. The marks the 8th increase since March 2022. For many homeowners who have a home equity line of credit loan, you will see a monthly interest payment increase as the Prime Rate is now at 7.75%, comparing with
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Conforming Loan Amount Increase!!!
Friday, 16 December 2022
Great news for homebuyers in Los Angeles and in the Bay Area, Fannie Mae and Freddie Mac have set new conforming loan limits for a one-unit residence from $647,200 to $726,200 starting in 2023. They also establish a ceiling of $1,089,300 for high balance loans on one-unit homes. The high balance loans are subject to
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