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Market Conditions for KAMUELA, Hawaii
Reported by Juanita Montgomery Coldwell Banker Island Properties
As of April 11, 2019.
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Current Market Rating: 3
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Buyers
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Sellers
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Current Price Trend: 3
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Falling
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Rising
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In the first week of April, following a significant drop in mortgage rates in late March, many potential home buyers decided to accelerate their home buying process by starting a new loan application. Homeowners have also been initiating mortgage refinance applications in numbers that created a buzz in national headlines in the early days of Q2 2019.
• Mortgage Rates See Biggest One-Week Drop in a Decade
• Housing Sentiment Surges in March and Sellers Are the Most Optimistic
As of Thursday, March 28, according to Freddie Mac, the average rate for a 30-year fixed rate mortgage was 4.06% compared to last year’s average of 4.4% for a 30-year fixed rate loan. (The average for a 15-year fixed rate loan was 3.57%.) As of Thursday, April 4, the 30-year rate was 4.08% and as of Thursday, April 11, the rate has ticked back up to 4.12%.
For home buyers, lower interest rates can translate to either lower monthly payments or to increased buying power, potentially allowing you to expand your search to consider homes that may not have been affordable for you when rates were higher. (Our sister brokerage, Locations, has a great graphic that shows how a decrease in interest rates impacts buying power. Take a look at that here.)
For homeowners, this may be a perfect opportunity to refinance, depending on your circumstances. Lowering your monthly payment or tapping into existing equity at a low rate can be a smart fiscal move, as long as the costs of doing so don’t outweigh the benefits.
If you need a referral to a reputable local lender who can help you navigate the loan qualification process or decide if this is a good time for you to consider a refinance, please get in touch. We’re keeping a close eye on the movement of interest rates and are happy to share resources to help you decide if this is the time for your home purchase, sale or refinance.
Mahalo,
Juanita Montgomery (RB-17796)
Clark Realty LLC
cell: 808-936-7719
email: [email protected]
website: www.BigIslandHomes.com
ZIP Code: 96743
Location Characteristics:
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About Juanita Montgomery:
Having lived in Hawaii for 50 years, I know the Big Island intimately.
Even if you never buy or sell a property here, you can always call on me to answer a question or give you the information you need or wish to know about the Island.
Service with aloha and attention to any and all details of a clients needs and wants is my goal.
If I can't help you, I will find someone that will.
Aloha,
Juanita
