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Homebuyers facing very steep borrowing costs despite Fed move

Alex Veiga ASSOCIATED PRESS

Kapaa

5515 Kuamoo Road

A 3 bedroom 2 bath home located in Wailua Homesteads.

Surrounded by mountains and waterfalls, reminiscent of old Hawaii but it’s actually quite modern, light and practical.

1080 sq. ft. of original house and 386 sq. ft. of enclosed lanai. A level yard with hedges gives you privacy.

MLS # 668940; $885,000.

Call Julie Black, RB-14203

(808) 652-6174 or Kela Caspillo, RB-23365

(808) 652-6173

Kauai Dreams Realty, to see this property.

LOS ANGELES — Homebuyers should get used to painfully high mortgage rates, despite this week’s signal from the Federal Reserve that it could finally pause its yearlong campaign of rate hikes. The Fed raised its short-term rate to roughly 5.1 percent Wednesday, the highest since 2007.

While the Fed stopped short of declaring an end to the hikes, its effectively raised the possibility of pausing them after a streak of 10 increases going back to March 2022.

A pause would likely only nudge mortgage rates modestly lower, said Greg McBride, chief financial analyst at Bankrate.com.

“Any meaningful and sustained decline in mortgage rates will require further easing of inflation pressures and continued slowing of the economy,” McBride said.

While inflation has fallen from a peak of 9.1 percent last June, it’s still well above the Fed’s 2 percent target rate, despite signs that the economy is slowing. The nation’s GDP rose at just a 1.1 percent annual rate in the January-March quarter, down from 2.6 percent growth in the previous quarter. Consumer spending, which accounts for 70 percent of U.S. economic activity, stagnated in March for a second straight month. More weakening could help bring down mortgage rates,

Average long-term U.S. mortgage rate slips to 6.39 percent

ASSOCIATED PRESS

LOS ANGELES — The average long-term U.S. mortgage rate edged lower this week, a modest boost for homebuyers looking for relief as a stubbornly low inventory of properties for sale fuels bidding wars in many markets.

The average rate on the benchmark 30-year fixed-rate home loan fell to 6.39 percent from 6.43 percent last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 5.27 percent. The average rate fell for five straight weeks before rising the last two weeks of April.

This week’s drop in mortgage rates is welcome news for prospective homebuyers, many of whom have been pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate in a bid to tamp down persistent, four-decade high inflation.

All told, the Fed has raised its benchmark rate 10 times since March 2022, including an increase this week that pushed it to 5.1 percent, the highest since 2007, from virtually zero early last year. Shifts in the Fed’s short-term lending rate don’t directly affect mortgage rates, but they do influence the yield on 10-year Treasury bonds, which lenders use as a guide to pricing home loans. That’s because higher rates push bonds prices lower, which then causes their yield to go up. Investors’ expectations for future inflation and global demand for U.S. Treasurys also influence mortgage rates.

The average rate on a 30-year mortgage reached a two-decade high of 7.08 percent last fall after months of Fed rate hikes and stubbornly high inflation. So far this year, it has averaged around 6.36 percent.

A residential development under construction in Eagleville, Pa., on April 28, 2023. Homebuyers should get used to painfully high mortgage rates, despite a signal from the Federal Reserve on Wednesday, May 4, 2023, that it could finally pause its yearlong campaign of rate hikes.

though the reverse is also true.

“There is still uncertainty in the economy,” said Lisa Sturtevant, chief economist at Bright MLS.

“There’s a chance mortgage rates come down, but I expect we’re still going to be in the 6 percent (range), though.”

Shifts in the Fed’s benchmark lending rate don’t directly affect mortgage rates, but they do influence the yield on 10-year Treasury bonds, which lenders

use as a guide to pricing home loans. That’s because higher rates push bonds prices lower, which then causes their yield to go up.

Investors’ expectations for future inflation and global demand for U.S. Treasurys also influence mortgage rates.

The average rate on a 30-year mortgage reached a two-decade high of 7.08 percent last fall after months of Fed rate hikes and stubbornly high inflation. This

week, it averaged 6.39 percent, down slightly from last week, according to mortgage buyer Freddie Mac. A year ago, it averaged 5.27 percent. Higher borrowing costs and a shortage of available homes are largely to blame for a 22 percent drop in home sales in the 12 months ended in March, marking eight straight months of annual sales declines of 20 percent or more.

Julie Black, Principal Broker & Owner (808) 652-6174 with daughter Kela Caspillo, Realtor Broker (808) 652-6173 kauaidreams.com

Kevin M Horita -RB khorita@kauairealty.net

IN THE FAMILY COURT OF THE FIFTH CIRCUIT STATE OF HAWAI‘I CASE NO. FAN-23-000015 In the Matter of the Adoption of A MALE Child Born on July 13, 2020

THE STATE OF HAWAI‘I TO: TYLERCARRICOandLAURENPIERCE,whoselast known address is unknown. YOUAREHEREBYNOTIFIEDthatapetitionforadoption oftheabove-identifiedchildborntoTYLERCARRICCO andLAURENPIERCE,thechild’sbirthparentshas beenfiledintheFamilyCourtoftheFifthCircuit,State of Hawai‘i. THEPETITIONALLEGESthatyourconsentisnot requiredandmaybedispensedwithpursuantto Hawai‘iRevisedStatutesSection578-2(c)as amended. AhearingonthePetitionwillbeheldonJUNE20, 2023,at9:00A.M.attheFamilyCourtlocatedat 3970Ka‘anaStreet,Lihu‘e,Hawai‘i,inCourtroom Number 1. IFYOUFAILtoappearatthehearingondateandtime andattheplacenotedaboveorifyoufailtofilea writtenresponsetotheallegationsreflectedinthe PetitionforAdoption,furtheractionmaybetaken includingthegrantingoftheadoptionwithoutfurther noticetoyou.Yourwrittenresponseshouldbe addressedtothePresidingJudge,FamilyCourt,Fifth Circuit, 3970 Ka‘ana Street, Lihu‘e, Hawai‘i, 96766. FAILURETOOBEYthisnoticemayresultinanentryof default and default judgment against you. YOUAREFURTHERNOTIFIEDthatthechild,the adoptiveparentsandthenaturalparentshaverights underHRSSection578-15regardingconfidentialityof adoption records after the child reaches the age of 18. Dated: Lihue, Kauai, Hawaii, May 2, 2023. (TGI1414985

NOTICE TO MOTORISTS

Department of Land and Natural Resources

KO ROAD ROCKFALL MITIGATION (MAKAI SECTION PART 4)

The Ko Road Rockfall Mitigation project will commence on May 15th, 2023 and is expected to be completed by November 11th, 2023.

SALES Account ExEcutivE

We are looking for the right candidate to call on new and current customers and market our numerous advertising solutions to grow our customer’s business. This person will prospect new business and grow the current account base. Comfort with cold-calling is a must. He/she will be able to represent numerous newspapers, magazines, website and digital products, be able to match those products to the customer’s needs and make sales presentations to key decision makers. A high school diploma is required. A Bachelor’s degree in marketing or business is preferred. An aptitude for understanding statistical information and basic computer skills are necessary. He/she also must possess excellent verbal and written communication skills and be able to successfully multi-task. If you want a career with a fast paced, top media company with excellent pay and benefits, we want to hear from you.

Our full-time employees enjoy a generous benefit package that includes: Medical, Dental, Company-Matched 401K as well as sick leave and paid vacation.

The proposed work will consist of the following:

• Tree Removal

• Slope Stabilization

• Drapery & Rockfall Barrier Systems

Work hours are Monday to Friday, from 7:30 a.m. to 5:30 p.m. While the work is underway, Ko Road will be closed to the public for four-hour increments. The closure will keep the public safe during the construction, and help to expedite the work. Signage will be posted to keep the public informed about the road closures. Motorists should take into consideration there are no alternative routes, expect delays, and plan their travel accordingly. Please drive with caution in the construction zone and watch for workers.