Hi everyone! Woke up this morning to update the daily Hawaii mortgage rates and found some interesting news from one of the nations largest mortgage originators.
But first, let’s take a look at what the conforming mortgage rates are starting off today with:
| Mortgage Program |
Interest Rate |
Points |
APR |
| 30-year fixed rate |
4.875 |
1.5 |
5.065 |
| 15-year fixed rate |
4.5 |
2 |
4.904 |
Now, on to that little piece of interesting news I mentioned earlier in todays post. Straight from my Account Executive at Wells Fargo:
“Due to low market demand and higher risks, we have decided to temporarily suspend non-conforming product offerings. Effective with new locks on and after Monday, Jan. 5, 2009, Wells Fargo Wholesale Lending will no longer offer nonconforming loans, until further notice.”
What this means is that Wells Fargo will no longer be offering those ‘No income verification’ and ‘No asset verification’ loan types that were once so very popular just a couple years ago.
So far all the other lenders, including local banks like Bank of Hawaii, First Hawaiian Bank, and Central Pacific Home Loans have not released any information if they will be suspending their origination of Non-conforming loan products as well. It just seems like Wells Fargo has decided to focus on the conforming market due to lack of interest in their non-conforming products.
Good news is that this change in lending policy for Wells Fargo has not affected the Conforming Hawaii mortgage rates which still remain in the very low 5 percentage range and into the 4′s.
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