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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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PREFAB FRIDAY: Living Homes…Such a deal?
One of the most beautiful, flexible, and complex prefab systems we've covered in the last year is the Ray Kappe designed Living Home. For better and worse, it was covered this week in the LA Times by writer Christopher Hawthorne in the article "Such a deal?" Although he addressed several shortcomings that bother us about the current prefab industry, we can't help but feel he cast a harsh light on prefabs in general based upon this high end model.
"…the last thing the fledgling prefab movement needs at this point is aggressive marketing or more hype. What it needs is a reality check." –Christopher Hawthorne, LA Times
Yes, there's a lot of prefab hype. We admit it; a bit of a prefab bubble, yet to be filled. But we consider this an important weekly topic for two important reasons.