Hawaii mortgage rates fall further - Hawaii News Now - KGMB and KHNL

Hawaii mortgage rates fall further

HONOLULU (HawaiiNewsNow) - Mortgage rates fell in Hawaii and across the nation this week as global economic uncertainty sent more investors to safer investments than stocks and commodities.

Because mortgages are bundled and sold as investments in competition with 10-year Treasury bills, mortgage rates tend to track 10-year T-bill rates. The Treasury offers higher interest paybacks when it has trouble selling them, lower rates when they sell easily, as they have this week.

The fourth week of declining rates left Hawaii's four largest banks quoting APRs well below 5 percent for 30-year fixed-rate mortgages, bvased on data compiled Wednesday by the Honolulu Board of Realtors:

  • First Hawaiian 4.550.
  • Bank of Hawaii 4.558.
  • American Savings  4.579.
  • Central Pacific 4.580.

Smaller local banks mostly fell in line, with Finance Factors quoting 4.691, Hawaii National 4.560, and Territorial Savings 4.552.

The Mortgage Bankers Association said Wednesday that for the week ending May 6, mortgage applications rose 8.2 percent from the week before, to the highest level since the middle of March.

Copyright Hawaii News Now 2011. All rights reserved.

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