Hawaii mortgage rates continue fall

Hawaii's second and third largest banks this week followed First Hawaiian Bank's lead in lowering rates on 30-year, fixed-rate mortgages to 6 percent.

Bank of Hawaii and American Savings Bank each lowered their rates an eighth of a percentage point from 6.125 percent last week to 6 percent this week, with 2 points and 1.875 points, respectively, according to data released Friday by the Honolulu Board of Realtors.

First Hawaiian offered a 6 percent rate on a 30-year loan for the second week in a row, but lowered points to 1.875 points, down from 2 points last week. Central Pacific Bank also offered the same rate, with the same points, while Finance Factors came in at 6 percent with 2 points for a 30-year fixed loan.

Nationally, the average rate for a 30-year fixed-rate mortgage was 6.46 percent with an average 0.5 point, up slightly from 6.45 percent last week, according to mortgage giant Freddie Mac. A year ago, the 30-year fixed-rate mortgage averaged 6.47 percent, Freddie Mac said Thursday.

"Over the past week, long-term mortgage rates were largely unchanged as the most recent economic news showed smaller increases than had been expected," said Frank Nothaft, Freddie Mac vice president and chief economist. "For instance, core personal consumption expenditure price index rose at an annualized rate of only 1.3 percent in the second quarter and July's consumer spending data showed a 1.9 percent gain in the core price index for the twelve months ending in July.

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