Aloha Everyone,

A lot of mixed news on Wednesday regarding the economy.  With home construction declining, retail inflation, and Fed Chairman Ben Bernanke telling Congress that the housing sector will get worse before getting better, the average mortgage interest rates rose again slightly.

Below are the average rates according to a survey of large lenders with an average of .23 points.  It is possible to lower the rate by paying more points up front.   For example 1 point can get about 6.5%, 2 points can get about 6.25%-6.375% for a 30 yr fixed mortgage.

Let me know if you want me to run specific scenarios for your Hawaii Mortgage Refinance or Hawaii Real Estate Purchase!

The average 30-year fixed rose to 6.82 percent.

The average 15-year fixed rose to 6.5 percent.

The average jumbo 30-year fixed rose to 7.06 percent.

5/1 ARM rose to 6.56 percent.

Home Equity Loans Rates are mixed:

The average HELOC dropped very slightly to 8.19 percent.

The average fixed-rate home equity loan rose to 8.08 percent.

Mahalo and have a great week!

Pete Castillejos