Important Hawaii Market Update: Rate Drop/Companies Close

Hey folks,

I normally send out updates in the beginning of the week, but a lot has gone on the last couple of days:

Market Highlights

•· Carteret Mortgage closes offices, including Hawaii

•· GMAC Mortgage closes all 200 offices, 4 in Hawaii, laying off 5,000 employees

Interest Rates, 30 day lock - DROPPED

(compiled from CPHL, FHB, Countrywide, Wells Fargo, First Horizon, and more. These are wholesale rates we have access to, often lower than going to these banks directly)

30 yr fixed: 5.75% w/ 2 points, 6% w/ .875 points, 6.25% w/ 0 points

7/1 ARM: 5.5% w/ 1.875 points, 5.75% w/ 1 point, 6.25% w/ 0 points

5/1 ARM: 5.25% w/ 1.75 points, 5.5% w/ 1.25 points, 6% with 0 points

Have a safe weekend,