And mortgage rates in Hawaii continue to drop. I’m seeing no cost loans as low as 4.75%. This coupled with a weak market make it a good time to think about buying for those who need a loan. Even if you think you can save 10% more on a home if you wait, mortgage rates will certainly go up and you’ll pay way more in interest then that 10%.
If you’re coming in with an all cash deal, then waiting a little bit longer may play in your favor.
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Obama’s First Time Homebuyers $8,000 Tax Credit | Hawaii Real Estate Blog
March 18, 2009
[…] My Hawaii Life « Hawaii Mortgage Rates are Falling […]
Gary
March 18, 2009
The Fed’s announcement today that it will spend up to $300 billion over the next six months to buy long-term government bonds, coupled with that fact that the central bank will buy an additional $750 billion, bringing its total purchases of these securities to $1.25 trillion. It also will boost its purchase of Fannie and Freddie debt to $200 billion.
While rates will go up eventually, it’s unlikely that we’ll see any significant increase anytime soon…rates may stay low for quite some time!
Rates at Bank of Hawaii have changed 3 times already today, and one loan officer there said she thinks the 30 year mortgage rate will most likely be back down to around 4.25% within the next couple of days.
HawaiiLife.com Head-Web-Head
March 18, 2009
Thanks for the insight Gary. Keep us posted!