Favorable Interest Rates for Buying Homes in Hawaii

While there has been much press on the secondary mortgage market and a tightening among lenders for those seeking mortgages, "First Hawaiian Bank cut its 30-year fixed rate mortgage back to 6.25 percent this week while Bank of Hawaii held at 6.375 percent." as reported by Pacific Business News.

The Honolulu Board of Realtors reported that Wells Fargo Home Mortgage who does a good deal of residential loans in Hawaii also cut their mortgage rate back to 6.25%. The APR's on these rates that includes fees was more than 6.5 percent while First Hawaiian and Territorial Savings Bank, which was already at the 6.25 percent, had APR's below 6.5 percent.

American Savings Bank, Central Pacific Bank and Finance Factors also remained at 6.375 percent as did Bank of Hawaii. These rates are lower than national rates that have eased to an average APR of 6.75 percent.

Although these adjustments may seem modest, they may be the deciding factor for those Buyers needing to qualify for that new home purchase. Overall, the lending rates are favorable for buying a home in Hawaii at this time. If you have been considering making a purchase, we hope you will contact the Trinity Properties Sales Team. We are ready with all the current market information and over 18 years of successful real estate sales experience to assist you in finding the home of your choice in beautiful Hawaii!