Hawaii Second Mortgage
Hawaii mortgage rates hold below 6.5%
For a second week, most Hawaii lenders quoted less than 6.5 percent for a 30-year, fixed-rate home mortgage, the Honolulu Board of Realtors reported Friday.
First Hawaiian Bank, Bank of Hawaii, American Savings Bank, Central Pacific HomeLoans, Finance Factors, Territorial Savings and Wells Fargo all quoted 6.375 percent. With a spectrum of point and fee differences, their actual annual percentage rates spread across a range of more than 8/100 of a percent.
Hawaii National Bank quoted a higher rate, 6.5 percent, while Countrywide Home Loans quoted a lower one, 6.25 percent.
For 15-year notes, Territorial quoted 5.75 percent, Bankoh and American Savings Bank quoted 5.875 percent, and the other major local lenders quoted 6 percent. This generally represented a lower rate than last week.
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Bank of Hawaii 2Q Profit Falls
Bank of Hawaii Corp. said Monday that its second-quarter profit fell 20 percent, hurt by a hefty charge and as its margins were squeezed by the flattening yield curve.
Net income declined to $37.2 million, or 73 cents per share, from $46.4 million, or 87 cents per share, a year ago. The company said its results were shaved by a charge of $9 million, or 17 cents per share, related to a new tax rule which repealed the exclusion from federal income tax of a portion of the income from foreign sales corporations.
Analysts surveyed by Thomson Financial expected earnings of 86 cents per share.
Net interest income, or earnings from interest accounts like loans and deposits, edged down 1 percent to $99.9 million from $101 million, a year earlier.
Non-interest income, or cash made from mortgage loan service fees and other fees and charges, increased 5 percent to $53.2 million from $50.7 million.