With interest rates trending upward, Now is the Time to Act
Mortgage interest rates are making waves again in Hawaii’s housing market – and this is one set you may want to catch because rates are on the rise.
After several months when mortgage rates dropped below 4 percent – down to an all-time low of 3.5 percent at First Hawaiian Bank just a few weeks ago – rates may be creeping upward again. At First Hawaiian Bank, the 30-year fixed rate mortgage with 2 points is at 3.875 this week.
Buyers of all ages and from all parts of the world are flocking to live in Kakaako.
“Six new buildings have gone up in Kakaako in the last eight years,” says Marshall Mower, Realtor and partner at Prudential Locations. “And long-term plans call for more than a dozen new buildings.
“Near term, Waihonua At Kewalo, which will be built behind Nauru Tower, is currently being marketed with plans to break ground by the end of this year,” says Mower. “There is also recent discussion of the new Symphony condominium complex planned at the corner of Ward Avenue and Kapiolani Boulevard.”