Hawai'i mortgage rates fall to 6.18 percent
| • | Mortgage rates plunge to new low |
Advertiser Staff
As nationwide mortgage rates have plunged, so have local home mortgage rates, according to an Advertiser analysis of Honolulu Board of Realtors data.
The average 30-year mortgage rate in Hawai'i was 6.18 percent Wednesday, easily the lowest rate in more than a year. That rate is down from 7.64 percent last year.
The average rate for 15-year mortgages was 5.82 percent, down from 7.40 percent the previous year.
That means a Hawai'i borrower getting a $300,000, 30-year mortgage this week would pay $1,833 per month — $289 per month less than would be owed under a 7.64-percent mortgage.
Under a 15-year, 5.82 percent mortgage, the monthly payment would be $2,502, a savings of $262 per month over a 7.40 percent mortgage.
