Hawaii Mortgage Interest Rates / Hawaii Real Estate News 11/03/08

Aloha Everyone,

Despite FED's cutting interest rates on Thursday, mortgage rates were not (yet?) affected. Below are a snapshot of today's wholesale rates I get from local banks and current market news:

Market Highlights

•· Banks tighten up loan standards, from mortgages to credit cards

•· Stocks dip today as investors consider tomorrow's election, lower oil prices (below $64 a barrel), and signs of a recession

•· 7.5 million single family homes in the nation are worth less than what's owed on their mortgages. The highest percentages in MI, FL, AZ, CA and GA.

Interest Rates, 30 day lock (wholesale rates, usually lower than banks advertised rates) - as of 11/03, 10am HI time

30 yr fixed: 6% w/ 2.125 points, 6.25% w/ 1 point, 6.5% w/ 0 points

15 yr fixed: 5.625% w/ 2.125 points, 5.875% w/ 1.125 points, 6.25% w/ .125 points

5/1 ARM: 6.125% w/ 1.25 points, 6.5% w/ .5 points, 6.625% 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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