Hawaii Mortgage Interest Rates 8/02

Aloha Everyone,

Mortgage interest rates fell slightly again this week, except for jumbo loans.  Investors bought into U.S. Treasury notes, causing yields to fall slightly, with mortgage rates following suit.   However with delinquencies and foreclosures rising, investors still don't give as much attention to mortgages so the rate dip was minimal this week.  But at least it dipped!

Below are the average rates according to a survey of large lenders with an average of .27 points.  It is possible to lower the rate by paying more points up front.   For example 1 point can get about 6.375% - 6.5%, 2 points can get about 6.25% for a 30 yr fixed mortgage.

Let me know if you want me to run specific scenarios for your Hawaii Mortgage Refinance or Hawaii Real Estate Purchase!

The average 30-year fixed dropped to 6.71%.

The average 15-year fixed fell to 6.38%.

The average jumbo 30-year fixed rose to 7.13%.

5/1 ARM fell to 6.36%.

Home Equity Loans Rates about the same:

The average HELOC at  8.19%.

The average fixed-rate home equity loan at 8.06%.

Mahalo and have a great week!

Pete Castillejos