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The Hawaii real estate market is unlike any other in the United States. While it is not alone in offering homes in a seaside, tropical setting, Hawaii is still a small state with a comparatively small inventory of homes. Especially when set against California or Florida Hawaii’s market can appear both small and pricey. But Hawaii real estate did not suffer nearly as potent a collapse as seen in California and Florida. With historically low home mortgage interest rates across the country making this such a good time to buy, and Hawaii mortgage rates following the trend, now is a good time to consider buying a home in Hawaii.

Mortgage rates for buyers with good credit are below 5% and have been for months now. Although it is impossible to predict the path of mortgage rates in the future the continuing economic slump means that the Fed will likely keep core rates low, which should continue downward pressure on mortgage rates. Hawaii mortgage rates have benefited from Hawaii’s market not being as swamped with foreclosures – Hawaii’s main industry is tourism and its market is not limited to the United States. Hawaii has suffered less unemployment relative to much of the country so local banks have less fear of making mortgage loans. Together these factors conspire to keep Hawaii home mortgage interest rates low.

Indeed in some ways the economic troubles of the past couple years have boosted Hawaii’s home market. The cost of living is high in Hawaii and homes have never been cheap. This has held down speculation and limited new construction even more than the space limitations inherent in the islands’ geography. Anyone who looks to move to Hawaii tends to have a good deal of money, a stable job situation, and a realistic sense of how much it will cost to live in the islands. This all means that neighborhoods are more stable and suburban areas blighted by mass foreclosures are less common. Hawaii ends up being more attractive and calm – which are two major reasons people move to Hawaii in the first place.

Conditions are right for anyone who wants to buy a house in Hawaii – and has the financial ability to pay for a mortgage. Home mortgage interest rates will almost certainly never be so low again, and Hawaii’s market is more stable than most.

4.25% 30 Year Fixed Rate
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