MORTGAGE RATE CLIMBS TO 7.09 PERCENT
Rates at highest level in more than 20 years
Alex Veiga and Matt Ott ASSOCIATED PRESSThe average long-term U.S. mortgage rate climbed this week to its highest level in more than 20 years, grim news for would-be homebuyers already challenged by a housing market that remains competitive due to a dearth of homes for sale.
Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year home loan rose to 7.09 percent from 6.96 percent last week. A year ago, the rate averaged 5.13 percent.
It’s the fourth consecutive weekly increase for the average rate and the highest since early April 2002, when it averaged 7.13 percent. The last time the average rate was above 7 percent was last November, when it stood at 7.08 percent.
High rates can add hundreds of dollars a month in costs for borrowers, limiting how much they can afford in a market already unaffordable to many Americans.
“With prices even higher than they were a year ago in many markets, crossing the 7 percent mortgage rate threshold again could
be what sets in motion a major contraction in the housing market this fall,” said Lisa Sturtevant, chief economist for Bright MLS.
The latest increase in rates follows a sharp uptick in the 10-year Treasury yield, which has been above 4 percent this month
Warren Buffett’s firm invests in the biggest homebuilders
Josh Funk
ASSOCIATED PRESS
OMAHA, Neb. — Warren Buffett’s company appears to be betting on the housing market picking up because Berkshire Hathaway bought more than $700 million worth of homebuilder DR Horton’s stock this spring along with smaller stakes in fellow builders Lennar Corp. and NVR Corp.
Berkshire revealed those new investments Monday in a quarterly filing with the Securities and Exchange Commission that shows the conglomerate’s holdings as of the end of June.
Investors always watch Berkshire’s moves closely because of Buffett’s remarkably successful track record over the years, but these filings don’t make clear which moves Buffett made and which ones were handled by one of the Omaha, Nebraska-based company’s two other investment managers.
Buffett typically handles all the biggest investments in the $350 billion portfolio worth $1 billion or more. The three homebuilder stakes together are worth around $800 million.
Berkshire holds nearly 6 million DR Horton shares, 152,572 Lennar shares and 11,112 NVR shares.
Buffett’s company made a number of other tweaks to its portfolio during the second quarter including reducing the size of its General Motors and Globe Life stakes while adding to its Capital One investment.
Berkshire almost halved its GM stake from 40 million shares to 22 million. And it reduced its Globe Life investment to 2.5 million shares from the previous quarter’s nearly 6.4 million.
Berkshire Hathaway now owns nearly 12.5 million Capital One shares, up from 9.9 million in March.
Buffett’s company also eliminated smaller investments in Marsh & McClennan, McKesson Corp. and Vitesse Energy.
Berkshire’s biggest holdings in Apple and Bank of America stock remained unchanged.
and climbing. The yield, which lenders use to price rates on mortgages and other loans, touched its highest level since October on Thursday morning, and it’s close to where it was in 2007.
The yield has been rising as bond traders react to
more reports showing the U.S. economy remains remarkably resilient, which could keep upward pressure on inflation, giving the Federal Reserve reason to keep interest rates higher for longer.
“The economy continues to do better than expected
and the 10-year Treasury yield has moved up, causing mortgage rates to climb,” said Sam Khater, Freddie Mac’s chief economist. “Demand has been impacted by affordability headwinds, but low inventory remains the root cause of stalling home sales.”
High inflation drove the Federal Reserve to raise its benchmark interest rate 11 times since March 2022, lifting the fed funds rate to the highest level in 22 years. Mortgage rates don’t necessarily mirror the Fed’s rate increases, but tend to track the yield on the 10-year Treasury note.
Investors’ expectations for future inflation, global demand for U.S. Treasurys and what the Fed does with interest rates can influence rates on home loans.
The average rate on a 30year mortgage remains more than double what it was two years ago, when it was just 2.86 percent.
Those ultra-low rates spurred a wave of home sales and refinancing. The sharply higher rates now are contributing to a dearth of available homes, as homeowners who locked in those lower borrowing costs two years ago are now reluctant to sell and jump into a higher rate on a new property.
The lack of housing supply is also a big reason home sales are down 23 percent through the first half of this year. The average rate on 15year fixed-rate mortgages, popular with those refinancing their homes, rose to 6.46 percent from 6.34 percent last week. A year ago, it averaged 4.55 percent, Freddie Mac said.
In light of the wild fires tragedy suffered by the people of Maui last week, I would like to pause from real estate advertising, to take this opportunity to thank all of Kauai for the Love & Aloha shown to our friends on the Valley Island. God Bless
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village of several home sites and farm plots for your cherished ones to play and explore nature, or as a development potential. Exploring and enjoying this property, you will find a beautiful flowing stream, bamboo forest, fruit trees, beautiful banyan trees, tropical vegetation and more! This property has excellent agricultural potentials ... one water meter is located at the end of Kapena Road and a Water Department’s letter allowing a 2nd water meter is attached.
Mark K. Tanaka RB (808) 639-0367 - mark@marktanaka.com
Ashley M. Carvalho R(S) (808) 639-9307 - ashley@ashleycarvalho.com
ConstructionResidential situatedat4975Kaulu Street,Koloa,HI96756, TMK:(4)2-6-16:086,has been
OWNER’S NOTICE OF COMPLETION OF CONTRACT
NOTICEISHEREBY GIVENthatpursuantto theProvisionsofSection 507-43,oftheHawaii RevisedStatutes,the constructionbyMARK GUATHIER,MATTHAMAI, DOUGPICKLESofthat certainDeckExtension, situatedat5-7107B KuhioHwy,Hanalei,HI, TMK:RP5-8-011-0080002, has been completed.
JOHN F. DOLAN REVOCABLE TRUST
Owner(s) (TGI1426954 8/18, 8/25/23)
OWNER’S NOTICE OF COMPLETION OF CONTRACT
NOTICEISHEREBY GIVENthatpursuantto theProvisionsofSection 507-43,oftheHawaii RevisedStatutes,the constructionbyJM PACIFICCONSTRUCTION, LLCofthat certain 2 STORYRESIDENCE situatedat 969NIULANI RD.,KAPAA,Hawaii,TMK: (4)4-3-009-006-0000, has been completed.
VINCENT ORTOLANO & NADINE CLAPP Owner(s) (TGI1426186 08/11, 08/18/23)
FIFTH CIRCUIT COURT NOTICE AND NOTICE TO CREDITORS
P. NO. 5CLP-23-0000037 ESTATE OF JOHN DAVICHICK, DECEASED FILED,StatementofIntestateInformal AppointmentofPersonalRepresentativefiled 4/11/23,showingtheIntestacyofthesaiddecedent, showingpropertywithinthejurisdictionofthisCourt, andthatLORIPIPITONE,whoseaddressis2447 LexingtonPl,Livermore,CA94550,isappointedas
Personal Representative of said estate. Allcreditorsoftheabove-namedestatearehereby notifiedtopresenttheirclaimswithpropervouchersor dulyauthenticatedcopiesthereof,eveniftheclaimis securedbymortgageuponrealestate,tosaid appointee,attheaddressshownabove,withinfour(4) monthsfromthedateofthefirstpublicationofthis notice, or they will be forever barred.
DATED: Honolulu, Hawaii, August 9, 2023
DAVID K. AHUNA 9540 Attorney for Personal Representative (TGI1426349 8/11, 8/18, 8/25/23)
Pursuanttosections91-3and92-41,HawaiiRevisedStatutes,noticeishereby giventhattheDepartmentofHumanServices(DHS)willholdapublichearingto consideranewruleoftheMed-QUESTDivisionforthepurposeofconformingto State and Federal Statutes.
TheproposedruleisbasedonabillforanactandStateandFederallaws.Brief descriptions of the proposed rules are listed below.
CHAPTER 17-1747 HAWAII CHILD WELLNESS PROGRAM
Newchapter17-1747incorporatesthebillforanacttoestablishafive-yearchild wellnessincentivepilotprogramwithintheDHStoensurethehealthofchildrenin Hawaii,includingearlydetectionofpotentialillness.Thepilotprogramshallpay $50.00toeachstateMedicaidbenefitrecipientforeachcompletedwell-child examinationofthatrecipientparent’schild;providedthatonlyonepaymentmaybe madeperchildeachyear.TheDHSshalladoptrulespursuanttochapter91, Hawaii Revised Statutes, to carry out the purpose of this Act.
1. §17-1747-1, Purpose. Thissectionstatesthatthisnewchapterwill establishtheHawaiiChildWellnessCare(HCWC)ProgramasaFive-year temporary pilot program based on SLH 2022, Act 127.
2. §17-1747-2, Definitions. Thissectionprovidesthedefinitionof“Annual”, andaddsdefinitionsto“Child”,“Department”,“HawaiiChildWellnessCare Program”,“Licensedhealthcareprofessional,“MedicaidBeneficiary Parent”, and “Well-child examination”.
3. §17-1747-3, EligibilityRequirements. Thissectionspecifiestheeligibility requirements of the program.
4. §17-1747-4, ApplicationProcess. Thissectiondescribeswhatshallbe submitted with the application and the process.
5. §17-1747-5, ProgramRequirements. Thissectionspecifiesthatthedepartment shallbeprovideanopportunitytoaneligibleindividualtoapplyforand receive the HCWC Program $50.00 incentive per child.
A public hearing will be held at the following time and place:
Date: Wednesday, September 20, 2023
Time: 10:00 a.m.
Location: 601 Kamokila Blvd., Conference Rooms 577A and 577B Kapolei, Hawaii 96707
Allinterestedpartiesareinvitedtoattendthehearingandtostatetheirviews relativetotheproposedruleseitherorallyorinwriting.Shouldwrittentestimonybe presented,two(2)copiesshallbemadeavailabletothepresidingofficerator before the public hearing to:
Department of Human Services Med-QUEST Division Attention: Policy and Program Development Office P.O. Box 700190 Kapolei, Hawaii 96709-0190
ResidentsofHawaii,Kauai,Maui,andMolokaiwishingtopresentoraltestimonies andunabletotraveltothehearinginperson,maycontacttheMed-QUESTDivision ontherespectiveislandsnolaterthanseven(7)daysbeforetheHonoluluhearing date to pre-record their testimony which will be
Pursuanttosections91-3and92-41,HawaiiRevisedStatutes,noticeishereby giventhattheDepartmentofHumanServices(DHS)willholdapublichearingto consideranewruleoftheMed-QUESTDivisionforthepurposeofconformingto State and Federal Statutes.
TheproposedamendedruleisbasedontheapprovaloftheStatePlanAmendment (SPA)HI-22-008toimplementSection9812oftheAmericanRescuePlanActof 2021(PL117-2),expandingthepostpartumcarecoverageperiodfromsixtydays to twelve months. Brief descriptions of the proposed rules are listed below. CHAPTER 17-1716 PREGNANT WOMEN GROUP TheproposedamendmentsinChapter17-1716includeaddingandmodifyingof sectionsandsubsectionstocodifyandmakeexplicittheexistingPregnantWomen requirements. A brief description of the significant proposed action follows:
1.§17-1716-10, CategoricalRequirements. Subsection(d)hasbeendeleted,and therequirementfromsubsection(d)hasbeenaddedtosection17-1716-13 instead.Subsection(a)hasbeenamendedtoclarifythat“Pregnantwoman”, meansawomanwhoisinthepregnancyperiodorisinthepost-partum,which beginsonthedatethepregnancyends,andcontinuesfortwelvemonthsthrough the last day of the month in which the twelve month period ends.
2.§17-1716-13, EligibilityReviewRequirements. ThissectionstatestheEligibility requirementsoftheprogram.Thissectionhasbeenamendedtoclarifythat eligibilityunderthischaptershallcontinuethroughoutthepregnancyandthepostpartumperiod.Thepost-partumperiodbeginsonthedatethepregnancyends,and continuousfortwelvemonthsthroughthelastdayofthemonthinwhichthetwelve month period ends instead of for sixty days under the current rules.
A public hearing will be held at the following time and place:
Date: Wednesday, September 20, 2023
Time: 10:00 a.m.
Location: 601 Kamokila Blvd., Conference Rooms 577A and 577B Kapolei, Hawaii 96707
Allinterestedpartiesareinvitedtoattendthehearingandtostatetheirviews relativetotheproposedruleseitherorallyorinwriting.Shouldwrittentestimonybe presented,two(2)copiesshallbemadeavailabletothepresidingofficerator before the public hearing to:
Department of Human Services
Attention: Policy and Program Development Office Med-QUEST Division P.O. Box 700190 Kapolei, Hawaii 96709-0190
ResidentsofHawaii,Kauai,Maui,andMolokaiwishingtopresentoraltestimonies andunabletotraveltothehearinginperson,maycontacttheMed-QUESTDivision ontherespectiveislandsnolaterthanseven(7)daysbeforetheHonoluluhearing date to pre-record their testimony which will be played at the hearing:
TMLF HAWAII, LLLC A Hawaii Limited Liability Law Company ROBIN MILLER #7982 1099 Alakea Street, Suite 1500 Honolulu, Hawaii 96813 Telephone: (808) 489-9741 Email: robin.miller@mtglawfirm.com Reference #161476 Attorneys for Petitioner WELLS FARGO BANK, N.A. FIFTH CIRCUIT COURT NOTICE
P. NO. 5CLP-23-0000079
THE ESTATE OF KURT ALLAN HANSON, ALSO KNOWN AS KURT ALAN HANSON, DECEASED.
FILED,PetitionforAppointmentofSpecial AdministratorofWELLSFARGOBANK,N.A.,showing propertywithinthejurisdictionofthisCourtandasking thatRandallM.L.Yee,Esq.,whoseaddressis1000 BishopStreet,Suite908,Honolulu,Hawaii96813,be appointed Special Administrator for said estate. That, TUESDAY,AUGUST29,2023at1:00p.m. beforepresidingJudgeatPu-uhonuaKaulikeBuilding, 3970Ka’anaStreet,Lihue,HI96766istheappointed date,timeandplaceofhearingonthePetitionandall interested person.
PursuanttoRule10(c)oftheHawaiiProbate Rules,anypartywishingtoobjectorrespondtothe PetitionshallfilesuchobjectionwiththeCourtorserve itonallinterestedpersonswithinthirty(30)daysof the date of this Notice.
DATED: Lihue, Hawaii, 7/20/2023. /s/Doreena Olivas Brun CLERK OF THE ABOVE-ENTITLED COURT (TGI1424824 8/4, 8/11, 8/18/23)
Orbycalling(808)692-8058.Neighborislandresidentsmayrequestacopyofthe proposedrulesatNOCOSTbycontactingtheMed-QUESTDivisionSectionsas noted above.
Acopyoftheproposedrulechangeswillbeavailableforpublicviewingfromthe firstworkingdaythatthelegalnoticeappearsintheHonoluluStarAdvertiser, HawaiiTribuneHerald,TheMauiNews,andTheGardenIsland,throughthe daythepublichearingisheld,fromMonday-Fridaybetweenthehoursof 9:00a.m.to2:00p.m.attheappropriateMed-QUESTDivisionofficesontheir respectiveislandslistedabove.OnOahu,theproposedruleswillbeavailableat 601KamokilaBoulevard,Room518,Kapolei,Hawaii96707,betweenthehoursof 7:45 a.m. to 4:30 p.m.
ProposedrulesarealsoavailableattheVirtualRulesCenterlocatedatthe following website: http://humanservices.hawaii.gov/admin-rules-2/proposed-rules/ Specialaccommodations(i.e.SignLanguageInterpreter,largeprint,tapedmaterials, oraccessibleparking)canbemade,ifrequestednolaterthanseven(7)working daysbeforethescheduledpublichearingonOahubycalling(808)692-8058. Neighborislandresidentsneedingspecialaccommodationsshouldcontactthe Med-QUEST Division Sections on the respective islands with their requests.
Ifyouneedanauxiliaryaid/serviceorotheraccommodationduetoadisability, contactEmeliniaMauricioatphonenumber(808)692-8058oremailat PPDO@dhs.hawaii.govassoonaspossible,preferablybySeptember12,2023.Ifa responseisreceivedafterSeptember12,2023,wewilltrytoobtaintheauxiliary aid/serviceoraccommodation,butwecannotguaranteethattherequestwillbe fulfilled.
Uponrequest,thisnoticeisavailableinalternateformatssuchaslargeprint, Braille, or electronic copy.
proposedrulesatNOCOSTbycontactingtheMed-QUESTDivisionSectionsas noted above.
Acopyoftheproposedrulechangeswillbeavailableforpublicviewingfromthe firstworkingdaythatthelegalnoticeappearsintheHonoluluStarAdvertiser, HawaiiTribuneHerald,TheMauiNews,andTheGardenIsland,throughthe daythepublichearingisheld,fromMonday-Fridaybetweenthehoursof 9:00a.m.to2:00p.m.attheappropriateMed-QUESTDivisionofficesontheir respectiveislandslistedabove.OnOahu,theproposedruleswillbeavailableat 601KamokilaBoulevard,Room518,Kapolei,Hawaii96707betweenthehoursof 7:45 a.m. to 4:30 p.m.
ProposedrulesarealsoavailableattheVirtualRulesCenterlocatedatthe following website:
http://humanservices.hawaii.gov/admin-rules-2/proposed-rules/ Specialaccommodations(i.e.SignLanguageInterpreter,largeprint,tapedmaterials, oraccessibleparking)canbemade,ifrequestednolaterthanseven(7) working daysbeforethescheduledpublichearingonOahubycalling(808)692-8058. Neighborislandresidentsneedingspecialaccommodationsshouldcontactthe Med-QUEST Division Sections on the respective islands with their requests. Ifyouneedanauxiliaryaid/serviceorotheraccommodationduetoadisability, contactEmeliniaMauricioviaphoneat(808)692-8058oremailat PPDO@dhs.hawaii.govassoonaspossible,preferablybySeptember12,2023.Ifa responseisreceivedafterSeptember12,2023,wewilltrytoobtaintheauxiliary aid/serviceoraccommodation,butwecannotguaranteethattherequestwillbe fulfilled.
Uponrequest,thisnoticeisavailableinalternateformatssuchaslargeprint,
DEPARTMENT OF HUMAN SERVICES CATHY BETTS, DIRECTOR (TGI1425774
