Mortgage rates fall to a new low

Mortgage rates fall to a new low

By Howard Dicus - bio | email

WASHINGTON and HONOLULU (HawaiiNewsNow) - The national average rate for conventional home mortgages has fallen below 4.6%, while Hawaii banks are quoting rates that are lower still.

The massive mortgage lender and reseller Freddie Mac said Thursday the average APR - annual percentage rate, including all points and fees - is now 4.58%, the lowest national rate since the 1950s.

Bank of Hawaii quoted an APR of 4.233% on its website Thursday while First Hawaiian Bank quoted 4.43%, and this appears to be the general trend among Hawaii mortgage lenders. Rates vary according to creditworthiness, how much money is borrowed, and how many points are paid up front.

In other residential real estate news, RealtyTrac reported Wednesday that 12% of first quarter Hawaii home sales were foreclosure sales, fifth lowest percentage of the 41 states the company watches. Average price was 15% below market. Mainland foreclosure sales have been down from the rest of the market by twice that much.

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