Aloha Everyone,

Mortgage interest rates finally fell for the first time in a month.  Nationally, home sales fell in June compared to the same time last year, and prices went up slightly from a year ago.  There are over 4 million used houses on sale nationally, making it a buyers market. 

Below are the average rates according to a survey of large lenders with an average of .29 points.  It is possible to lower the rate by paying more points up front.   For example 1 point can get about 6.375% - 6.5%, 2 points can get about 6.25% 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 dropped to 6.75 percent.

The average 15-year fixed fell to 6.42 percent.

The average jumbo 30-year fixed fell to 7.03 percent.

5/1 ARM fell to 6.41 percent.

Home Equity Loans Rates stayed the same:

The average HELOC at  8.19 percent.

The average fixed-rate home equity loan at 8.08 percent.

Mahalo and have a great week!

Pete Castillejos