Aloha Everyone,

Here's news from the last couple of days, as well as a summary of current wholesale rates I compiled from local and national lenders I work with including Central Pacific HomeLoans, Wells Fargo, Countrywide, First Hawaiian Bank, First Horizon and more:

 Market Highlights

•·         Rates worse they have been all year!

•·         Bank of America's earnings better than expected after buying out Countrywide

•·         The U.S. economy will need months to recover from a growth slowdown caused by a home mortgage crisis, turmoil in financial markets and high energy prices, according to Treasure Secretary Henry Paulson

Interest Rates, 30 day lock

30 yr fixed:  6.25% w/ 2 points, 6.5% w/ .625 points, 6.625% w/ 0 points

7/1 ARM:  5.875% w/  1.875 points, 6.25% w/ .875 points, 6.75% w/ 0 points

5/1 ARM:  5.5% w/ 1.75 points, 5.75% w/ 1 point, 6.375% w/ 0 points

Products

The following are still available in the market:

•·         Stated Income/Stated Assets (will verify employment)

•·         100% Financing on 30 yr fixed (geographic/income restrictions)

•·         90% Financing on Construction loans

•·         VA (100% financing)

•·         Jumbo Loans

•·         CondoTels

Please contact me for any questions!

Pete