Hawaii Mortgage Interest Rates / Hawaii Real Estate News 10/27/08

Aloha Everyone,

Rates a little higher than last week, but supposedly the Feds may drop the rates after meeting this week. Below are a snapshot of today's wholesale rates I get from local banks and current market news:

Market Highlights

•· New home sales up 2.7%

•· Mortgage applications fell nearly 16.6% week of Oct 17^th from the week before, despite improved rates

•· Banks who have announced so far that they will receive funding from the government mortgage bail-out: KeyCorp, Huntington Bancshares, Capital One Financial, Valley National Bancorp. First Horizon National,. Regions Financial, and SunTrust

Interest Rates, 30 day lock (wholesale rates, usually lower than banks advertised rates) - as of 10/27, 10am HI time

30 yr fixed: 5.875% w/ 2.25 points, 6.125% w/ 1.25 points, 6.5% w/ 0 points

15 yr fixed: 5.375% w/ 2.25 points, 5.75% w/ 1.125 points, 6% w/ .5 points

5/1 ARM: 5.875% w/ 1.25 points, 6.125% w/ .625 points, 6.375% with .125 points

Products

The following are available in the market:

•· First Time Home Buyer promotions (less points, free appraisal)

•· 100% Financing on 30 yr fixed (geographic/income restrictions)

•· Hawaii VA loan up to $793,750. VA jumbo available up to 1 mil.

•· Hawaii Jumbo Loan

•· Hawaii CondoTels / Condo Hotel

•· 90% Financing on Hawaii Construction loans

•· 10-40 yr fixed rate program

Feel free to call me for updated rates and scenarios. Have a great week!

Pete

Visit http://www.HawaiisMortgageGuy.com to prequalify

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