Statement Regarding Publication of SOFR Averages and a SOFR Index - FEDERAL RESERVE BANK of NEW YORK

Beginning on March 2, 2020, the Federal Reserve Bank of New York (New York Fed), as administrator of the Secured Overnight Financing Rate (SOFR) and in cooperation with the Treasury Department's Office of Financial Research (OFR), will publish 30-, 90-, and 180-day SOFR Averages as well as a SOFR Index, in order to support a successful transition away from U.S. dollar (USD) LIBOR.

Read more... https://www.newyorkfed.org/markets/opolicy/operating_policy_200212#.XqhpDzXX1eQ.email

Metro Phoenix home prices hit record in March but sales are slowing

Metro Phoenix median home price hit a record in March, but most of the sales that drove the price up to $302,500 were negotiated before COVID-19 hit.

Read more... https://www.azcentral.com/story/money/real-estate/catherine-reagor/2020/04/26/metro-phoenix-home-prices-hit-record-march-but-sales-slowing/3014881001/

A Surprise Benefit For Student Loan Borrowers From The CARES Act

The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed Congress last week to address many of the issues created by the coronavirus. President Trump quickly signed the bill into law on Friday night. Included in the $2 trillion package is six months of relief for most student borrowers. Their loan payments are suspended—interest-free—through September 30, 2020. And for borrowers seeking forgiveness under the Public Service Loan Forgiveness (PSLF) program or income-drive repayment (IDR), those non-payments would count as though they had been made before the crisis.

https://www.forbes.com/sites/wesleywhistle/2020/04/02/a-surprise-benefit-for-student-loan-borrowers-from-the-cares-act/

    Best Regards,

Lillian Wong
Sr. Mortgage Advisor
NMLS 630337
NEXA Mortgage
2450 S Gilbert Rd #210
Chandler AZ 85286
480.650.5412
www.lillianwong.net
lwong@nexamortgage.com