Mortgage rates trending lower this fall
Jeff Ostrowski BANKRATE.COM
If you’ve been holding out for lower mortgage rates, they’re finally here. The average 30-year mortgage rate began falling from 7 percent in mid-July, and landed just under 6.5 percent as of late August.
However, mortgage rates might not fall as precipitously this month, even with the likelihood of a Federal Reserve rate cut. With inflation cooler, the Fed is primed to cut rates at its next meeting ending Sept. 18 — the first reduction since the pandemic. While the Fed doesn’t directly set mortgage prices, it does influence them, and they’ve been trending down as cuts loom.
“Mortgage rates will trend lower in September, but it will be an uneven journey,” says Greg McBride, CFA, Bankrate’s chief financial analyst. “Economic data, such as a weak jobs report, would spur more movement in mortgage rates than any response to a long-expected Fed interest rate cut.”
“Mortgage rates will bump around over the next few weeks, and I expect rates to be between 6.2 percent and 6.4 percent at the end of the year.,” says Lisa Sturtevant, chief economist at Bright MLS.
When will mortgage interest rates go down?
Mortgage rates have already started to pull back, with the 30year loan averaging 6.48 percent as of Aug. 28, according to Bankrate’s weekly lender survey.
U.S. construction spending falls more than expected in July
Lucia Mutikani
RUETERS
WASHINGTON, D.C. — U.S. construction spending fell more than expected in July as higher mortgages and increased supply weighed on single-family homebuilding.
The Commerce Department’s Census Bureau said on Tuesday that construction spending dropped 0.3 percent after being unchanged in June. Economists polled by Reuters had forecast construction spending dipping 0.1 percent. Construction spending increased 6.7 percent yearon-year in July.
Spending on private construction projects decreased 0.4 percent in July. Investment in residential construction also fell 0.4 percent.
Outlays on new single-family construction projects plunged 1.9 percent. Spending on multi-family housing was unchanged. A surge in mortgage rates in the spring weighed on homebuilding and sales, leading to an inventory overhang in some regions.
The excess supply and weak demand has forced builders to hold back breaking ground on new projects. Single-family homebuilding dropped to a 16-month low in July, with inventory near levels last seen in early 2008. Residential investment, which includes homebuilding, contracted in the second quarter after double-digit growth in the January-March quarter. Mortgage rates have since dropped to 16-month lows amid expectations the Federal Reserve will start cutting interest rates this month.
Spending on private non-residential structures like factories dropped 0.4 percent as the boost from a drive by President Joe Biden’s administration to bring semiconductor manufacturing back to the United States fades. Investment in public construction projects edged up 0.1 percent. State and local government spending slipped 0.1 percent and outlays on federal government projects jumped 2.1 percent.
Still, rates might not come down as low as some homeowners hope, as forecasters previously baked in a September rate cut. In fourth quarter 2024 outlooks, Fannie Mae analysts anticipate 30-year rates at 6.4 percent, while the Mortgage Bankers Association predicts 6.5 percent. The National Association of Realtors projects 6.7 percent.
Current rate trends
The average interest rate on a 30-year fixed mortgage was 6.48 percent as of Aug. 28, according to Bankrate’s survey of lenders. Rates haven’t been this low since 2023.
Higher mortgage rates have kept homeowners locked in to lower-cost loans. Meanwhile, the median home price surged to a record $422,600 in July, according to the National Association of Realtors.
“Lower mortgage rates make it more affordable for buyers to purchase a home,” Sturtevant says. “But lower rates also make it easier for existing homeowners to sell. Nationwide, there is an average three percentage point gap between rates on new and existing mortgages. This rate gap has kept some homeowners from listing their home for sale. As rates fall, the rate gap is going to be
less of an obstacle to sellers.”
“Continued improvements in mortgage rates are expected to drive more home sales,” says Skylar Olsen, chief economist at Zillow. “However, we are also entering a period of uncertainty for reasons that are often overlooked by econometric models: the behavior of buyers who may be holding out for further rate drops with growing confidence in an upcoming Fed rate cut, and the significant uncertainty surrounding the approaching elections. These factors may influence major decisions and have an impact on existing home sales as we near the end of the year.”
What to do if you’re getting a mortgage now
• Improve your credit score. A lower credit score won’t prevent you from getting a loan, but it can make all the difference between getting the lowest possible rate and more costly borrowing terms. The best mortgage rates go to borrowers with the highest credit scores, usually at least 740.
• Save up for a down payment. Putting more money down upfront can help you obtain a lower mortgage rate, and if you have 20 percent, you’ll avoid mortgage insurance, which adds costs to your loan. If you’re a first-time homebuyer and can’t cover a 20 percent down payment, there are loans, grants and programs that can help. The eligibility requirements vary by program, but are often based on factors like your income.
• Understand your debt-to-income ratio. Your debt-to-income
(DTI) ratio compares how much money you owe to how much money you make, specifically your total monthly debt payments against your gross monthly income. Not sure how to figure out your DTI ratio? Bankrate has a calculator for that. FAQ
• How are mortgage rates determined?
It might seem like a bank or lender are dictating mortgage terms, but in fact, mortgage rates are not directly set by any one entity. Instead, mortgage rates grow out of a complicated mix of economic factors. Lenders typically set their rates based on the return they need to make a profit after accounting for risks and costs.The Federal Reserve doesn’t directly set mortgage rates, but it does set the overall tone. The closest proxy for mortgage rates is the 10-year Treasury yield. Historically, the typical 30year mortgage rate was about two percentage points higher than the 10-year Treasury yield. In 2023, that “spread” was more like three percentage points.
• When should I refinance my mortgage?
Deciding when to refinance is based on many factors. If rates have fallen since you originally took out your mortgage, refinancing might make sense. A refi can also be a good idea if you’ve improved your credit score and could lock in a lower rate or lower fees. A cash-out refinance can accomplish that as well, plus give you the funds to pay for a home renovation or other expenses.
MARK ZALESKI / THE TENNESSEAN / USA TODAY NETWORK
Ariel and Cameron McCain in front of their home in Lyles, Tenn., on Monday, Aug. 19, 2024.
NOTICEOFMORTGAGEE’SINTENTIONTOFORECLOSUREUNDERNON-
KNOWNASGUYS.CROYDON,ALSOKNOWNASGUY
PLEASEBEADVISEDthattherehasbeenFILEDin theFifthCircuitCourt,StateofHawaii,underCaseNo. 5CLP-24-0000085,aPetitionbyANNM.V.CROYDON, whoseaddressisc/oKauaiEstateLaw,LLLC,4334 RiceStreet,Suite202,Lihue,Hawaii96766,seekinga determinationthatGUYSPENCERCROYDON,ALSO KNOWNASGUYS.CROYDON,ALSOKNOWNASGUY CROYDON,whowaslastseenorheardfrominHaena, CountyofKauai,StateofHawaiionJuly11,2024, shouldbedeemedtohavediedonJuly11,2024,and directingtheissuanceofacertificateofdeath accordingly.
Tuesday,October8,2024,at1:30p.m.beforethe HonorableJudgeKathleenN.A.Watanabe,inher courtroomNo.6,locatedat3970Ka’anaStreet, Lihue,Hawaii96766,istheappointeddate,timeand placeforhearingsaidPetitionandallinterested persons,includinganyonewhomayhaveinformation astothewhereaboutsofsaidGUYSPENCER CROYDON,ALSOKNOWNASGUYS.CROYDON,ALSO KNOWN AS GUY CROYDON.
DATED: Lihue, Hawaii, August 29, 2024 /s/ Jondi Dotario Clerk of the Above-Entitled Court
Cynthia Hannah-White, #8977 Katherine A. Caswell, #9473 Attorneys for Petitioner KAUAI ESTATE LAW, LLLC 4334 Rice Street, Suite 202 Lihue, Hawaii 96766 Tel. (808) 245-9991 (TGI1467186 9/6, 9/13, 9/20/24)
FIFTH CIRCUIT COURT NOTICE OF HEARING
P. NO. 5CLP-23-0000132 (Formal Probate, Unsupervised Administration) ESTATE OF DOMINIC MARTIN MURGUIA, ALSO KNOWN AS DOMINIC M. MURGUIA, AND DOMINIC MURGUIA, DECEASED
FILEDaPetitionforAppointmentofPersonal Representativeregardingtheabove-nameddecedent whodiedonOctober24,2023,byBRITTANY MURGUIA,showingpropertywithinthejurisdictionof thisCourt,andprayingforappointmentofPersonal RepresentativeandissuanceofLetterstosaid BRITTANYMURGUIA,whosemailingaddressisc/o O’ConnorPlaydonGuben&InouyeLLP,Pacific GuardianCenter,MaukaTower,737BishopStreet, Suite 2340, Honolulu, Hawaii 96813. ThatonTuesday,October1,2024at1:30p.m. beforetheHonorableKathleenWatanabe,thePresiding JudgeinProbateinhercourtroomatPu’uhonua KaulikeBldg.,FifthCircuitCourt,3970Ka’anaStreet, Lihue,Hawaii96766,isappointedthetimeandplace of hearing of said petition and all interested persons. Ifanyinterestedpersonhasanobjectionto theabove-describedpetitionortheappointmentof personalrepresentative,he/shemayfileanobjection withinthirty(30)daysafterthedateofthefirst publicationofthisnotice;ifanyinterestedperson desiresfurthernoticeconcerningtheestate,including noticeconcerningtheclosinganddistributionofthe estate,he/shemustfileaDemandforNoticepursuant to HRS Section 560:3-204.
DATED: Lihue, Hawaii, August 29, 2024.
/s/ Jondi Dotario CLERK OF THE ABOVE-ENTITLED COURT
KRISTI L. ARAKAKI, Esq. Attorney for Petitioner (TGI1467200 9/6, 9/13/24)
pursuanttoHawaii RevisedStatutes§667-61through§667-65andPurchaseMoneyMortgage, SecurityAgreement,andFinancingStatementwith (SeeSchedule“1”), as Mortgagor,dated (SeeSchedule“1”), recordedintheBureauof ConveyancesoftheStateofHawaiiasDocumentNo. (SeeSchedule“1”), thatamortgagelienexistsagainsteachoftheVacationOwnershipInterests identifiedon (Schedule“1”) infavorof PAHIOVacationOwnership,Inc., aHawaiicorporation, forfailuretopaytheamountsowedandsecuredby therespectiveMortgages. PAHIOVacationOwnership,Inc.,aHawaii corporation, asMortgagee,whoseaddressis 6277SeaHarborDrive, Orlando,FL32821, intendstoforecloseitssaidmortgage,andwillholda salebypublicauctionofFeeSimplepropertybeingthatcertainproject, Pahio atTheShearwater, locatedat 3730KamehamehaRoad,Princeville, HI96722 on 10/04/2024 at VidinhaStadium,HoolakoSt,Lihue,HI 96766,underthetrees,atentrancetothestadium at 1:00PM. Each ofthepropertiesistobesoldasanundividedtimeshareinterest.Therewill benoopenhouses.Termsofthesaleare:(1)Noupsetprice.(2)Property soldwithoutcovenantorwarranty,expressorimplied,astothetitle possessionorencumbrances;(3)Atthecloseoftheauction,Purchasershall pay100%ofthehighestsuccessfulbidprice(“Bid”)bymoneyorder,certified, orcashier’scheckdrawnagainstaUnitedStatesbasedfinancialinstitution,in USCurrency,madepayabletoFIRSTAMERICANTITLECOMPANY;provided thatMortgageemaysubmitacreditbiduptotheamountofthesecured indebtedness;(4)Purchasershallpayallclosingcostsincluding,butnot limitedto:costsofdocumentdrafting,notaryfees,consentfees,escrowfees, conveyancetax,recordationfeesandothercharges,togetherwithanyspecial assessmentswhichmayariseunderHRS514B-146(g)(h)(i);(5)Iftitleisnot conveyedtoPurchaserforanyreason,otherthanPurchaser’sfailureto performasspecifiedherein,theMortgagee’ssoleresponsibilityshallbethe returnoftheBidfundstenderedbyPurchaser.ThePurchasershallhaveno furtherrecourseagainsttheMortgageeoritsagents,attorneys,servicersand auctioneers;(6)Thesalemaybepostponedfromtimetotimebypublic announcementbyMortgageeorsomeoneactingonitsbehalf;(7)By submittingtheBid,Purchaseracknowledgesreadingthetermsandconditions setforthinthisnoticeandagreestobeboundtherebyandsignawritten acceptanceofalltermsherein.Forfurtherinformationregardingthissale,you mustcontact: WyndhamVacationResorts,Inc.,aDelaware corporation at (800)251-8736. Conductorofthepublicsaleinthestate ofHawaii:AQUALEGAL,LLConbehalfof,FirstAmericanTitle,agentfor Claimant;Phone:(808)539-7504;Address:1099AlakeaStreet,suite2430, Honolulu,Hawaii96813.BatchNo: ForeclosureDOT142893-SW16-DOT. Schedule“1”: Mortgagor(s),MortgageDatedDate,MortgageDocument No.,VacationOwnershipInterest(ContractNo.);JamesL.Monkemeierand Lillian B. Monkemeier, 11/29/2006, Inst: 2007-005649, 1150700110. (TGI1466415 9/6, 9/14, 9/20/24)
NOTICEOFMORTGAGEE’SINTENTIONTOFORECLOSUREUNDERNONJUDICIALPOWEROFSALE.NoticeisHerebyGiven pursuanttoHawaii RevisedStatutes§667-61through§667-65andPurchaseMoneyMortgage, SecurityAgreement,andFinancingStatementwith (SeeSchedule“1”), as Mortgagor,dated (SeeSchedule“1”), recordedintheBureauof ConveyancesoftheStateofHawaiiasDocumentNo. (SeeSchedule“1”) thatamortgagelienexistsagainsteachoftheVacationOwnershipInterests identifiedon (Schedule“1”) infavorof PahioVacationOwnership,Inc., aHawaiicorporation, forfailuretopaytheamountsowedandsecuredby therespectiveMortgages. PahioVacationOwnership,Inc.,aHawaii corporation, asMortgagee,whoseaddressis 6277SeaHarborDrive, Orlando,FL32821,i ntendstoforecloseitssaidmortgage,andwillholda salebypublicauctionofFeeSimplepropertybeingthatcertainproject, Pahio AtKauaiBeachVillas, locatedat 4330KauaiBeachDrive,Lihue,HI 96722 on 10/04/2024 at VidinhaStadium,HoolakoSt,Lihue,HI 96766,underthetrees,atentrancetothestadium at 1:00PM. Each ofthepropertiesistobesoldasanundividedtimeshareinterest.Therewill benoopenhouses.Termsofthesaleare:(1)Noupsetprice.(2)Property soldwithoutcovenantorwarranty,expressorimplied,astothetitle possessionorencumbrances;(3)Atthecloseoftheauction,Purchasershall pay100%ofthehighestsuccessfulbidprice(“Bid”)bymoneyorder,certified, orcashier’scheckdrawnagainstaUnitedStatesbasedfinancialinstitution,in USCurrency,madepayabletoFIRSTAMERICANTITLECOMPANY;provided thatMortgageemaysubmitacreditbiduptotheamountofthesecured indebtedness;(4)Purchasershallpayallclosingcostsincluding,butnot limitedto:costsofdocumentdrafting,notaryfees,consentfees,escrowfees, conveyancetax,recordationfeesandothercharges,togetherwithanyspecial assessmentswhichmayariseunderHRS514B-146(g)(h)(i);(5)Iftitleisnot conveyedtoPurchaserforanyreason,otherthanPurchaser’sfailureto performasspecifiedherein,theMortgagee’ssoleresponsibilityshallbethe returnoftheBidfundstenderedbyPurchaser.ThePurchasershallhaveno furtherrecourseagainsttheMortgageeoritsagents,attorneys,servicersand auctioneers;(6)Thesalemaybepostponedfromtimetotimebypublic announcementbyMortgageeorsomeoneactingonitsbehalf;(7)By submittingtheBid,Purchaseracknowledgesreadingthetermsandconditions setforthinthisnoticeandagreestobeboundtherebyandsignawritten acceptanceofalltermsherein.Forfurtherinformationregardingthissale,you must contact: PahioatKauaiBeachVillasIntervalOwnersAssociation, aHawaiinon-profitcorporation at (800)251-8736. Conductorofthe publicsaleinthestateofHawaii:AQUALEGAL,LLConbehalfof,First AmericanTitle,agentforClaimant;Phone:(808)539-7504;Address:1099 AlakeaStreet,suite2430,Honolulu,Hawaii96813.BatchNo: Foreclosure DOT142901-KBV18-DOT.Schedule“1”: Mortgagor(s),MortgageDated Date,MortgageDocumentNo.,VacationOwnershipInterest(ContractNo.); Mikaela Walker, 04/04/2011, Inst: 2011-074728, 001161100391. (TGI1466410 9/6, 9/13, 9/20/24)
PUBLIC NOTICE
Noticetomedicalproviders,laborunions,and privateindividuals TheHawaiiDepartmentof Health,KauaiDistrictHealthOfficeintendsto solicitassistancefromtheDepartmentofDefense’s InnovativeReadinessTrainingProgram.The assistancewillprovidemedicallyunderservedKauai residentswithaccesstono-costdental,vision,and healthscreenings,examinations,andservices.The proposedassistancewilltakeplaceatmultiple locationsonKauai,includingpublicschoolsand othercommunitysitesin2026.Medicalproviders, laborunions,orprivateindividualswhohave questionsorwishtovoiceoppositiontomilitary assistanceforthisprojectmaycontactDr.Janet Berreman,KauaiDistrictHealthOfficer,at808-2413614orjanet.berreman@doh.hawaii.govnolater than30daysafterpublicationofthisnotice. Failuretofilecommentswithinthetimeframenoted willbeconsideredaneffectivewaiverofobjections to military assistance for this project. (TGI1465450 9/06, 9/16/24)
NOTICE OF PUBLIC HEARING (for consultation on housing needs) Pursuantto24CodeofFederalRegulationsPart91,noticeisherebygiventhat theStateofHawaii(State);DepartmentofBusiness,EconomicDevelopmentand Tourism;HawaiiHousingFinanceandDevelopmentCorporation(HHFDC),will prepareafive-year ConsolidatedPlan (CP)coveringProgramYears(PY)2025 through2029(PY2025-PY2029)andan AnnualActionPlan (AAP)forPY2025,as apartoftheconsolidatedplanningprocess.InpreparationforthisCPandAAP, HHFDCwillconsultwithlocalgovernmentsandresidentsatpublichearingsin eachcounty.IntheCountyofKauai,HHFDCwillconductvirtualandin-person hearings jointly with the Kauai County Housing Agency (KCHA) as follows: Virtual Public Hearing: Wednesday, October 9, 2024 at 2:00 p.m.
Connectivity information on attending the virtual public hearing via Teams: Joinonyourcomputerormobileapp: SeeNoticeofPublicHearingon HHFDC’s website at www.dbedt.hawaii.gov/hhfdc Or call in (audio only): +1 469-848-0234, Phone Conference ID: 720226733#
In-Person Public Hearing: Monday,October14,2024at10:00a.m.attheMoikehaBuilding,Meeting Room #3; 4444 Rice Street; Lihue, Kauai
ThepurposeoftheCPistoensurethatjurisdictionsreceivingfederalassistance planforthehousingandrelatedneedsoflow-andmoderate-incomefamiliesina waythatimprovestheavailabilityandaffordabilityofdecent,safe,andsanitary housinginsuitablelivingenvironments.ToreceivefundingundercertainU.S. DepartmentofHousingandUrbanDevelopment(HUD)programs,theStatemust have a housing strategy that has been approved by HUD.
TheAAPdescribestheState’sfundingplansforthecomingprogramyearand certifiesprogramcompliancewiththeCPandtheHOMEInvestmentPartnerships (HOME),NationalHousingTrustFund(HTF),andHousingOpportunitiesfor Persons with AIDS (HOPWA) programs.
ForPY2025,theStateanticipatesreceivingapproximately$3,000,000inHOME funds,foruseprimarilyinthecountiesofHawaii,Kauai,andMaui.Approximately $3,000,000isanticipatedtobereceivedundertheHTFprogram,and approximately$1,000,000isanticipatedtobereceivedundertheHOPWA program,whichmaybeusedinanyofthecounties.TheseHUDprogramsprovide fundingtoexpandthesupplyofaffordablehousingforlow-andmoderate-income families,reducehomelessness,andprovidepreventativeprogramsandactivities for homeless individuals and families in the State.
AninformationalpacketdescribingtheHOME,HTF,andHOPWAprogramsis postedonHHFDC’swebsiteathttp://hawaii.gov/dbedt/hhfdcandavailablefor publicviewingatthefollowingpubliclibraries:Hilo,HawaiiIsland;Lihue,Kauai; Kahului,Maui;andKaimukiandKaneohe,Oahu.Additionally,copiesare availableattheHawaiiStateLibraryDocumentsCenterandtheUniversityof HawaiiatManoaLibrarySerialsDepartmentonOahu.Acopymayalsobe pickedupattheagencieslistedbelowbetweenthehoursof7:45a.m.and4:30 p.m. from Monday through Friday (except for State holidays).
AGENCIES: HHFDC; 677 Queen Street, Suite 300; Honolulu, Oahu County of Kauai Kauai County Housing Agency; 4444 Rice Street, Suite 330; Lihue, Kauai Toreceiveaninformationalpacketbymail,interestedpersonsmaycall(808) 587-0577; neighbor island residents may call toll free, extension 70577:
From Kauai: (808) 274-3141 From Maui: (808) 984-2400 From Molokai/Lanai: 1-800-468-4644 From Hawaii: (808) 974-4000
Interestedpersonsareinvitedtoattendthehearingsandstatetheirviews,orally orinwriting,relatedtothehousingneedstobeconsideredindevelopingtheCP and AAP.
Thosewhoprovidewrittentestimonyareaskedtomakefivecopiesavailableto thepresidingofficeratthehearing.Writtentestimonymayalsobesubmittedvia emailtohhfdc.consolidatedplan@hawaii.gov;byU.S.mailtoHHFDC,677Queen Street,Suite300,Honolulu,Hawaii,96813;orbyfaxto(808)587-0600bythe 4:30p.m.deadlineonthedayofthehearing.Commentsandtestimonyreceived by the deadline will be considered in preparing the final AAP. Ifaccessorcommunicationassistanceand/orservices(e.g.,largeprint,taped materials,signlanguageinterpreter,ortranslator)arerequiredtoparticipatein thispublichearing,pleasecontactHHFDC’sHumanResourcesOfficeat(808) 587-0501,byemailathhfdchr@hawaii.gov,byfaxat(808)587-0600,orby writtenrequestatleast10businessdaysbeforethehearing.Promptrequests helptoensuretheavailabilityofappropriateaccommodations.Uponrequest,this notice is available in alternate/accessible formats.
HHFDCdoesnotdiscriminateagainstanypersonbecauseofrace,color,religion, sex(includinggenderidentityorexpression),sexualorientation,disability,familial status, ancestry, age, marital status, or HIV status.
Dean Minakami, HHFDC Executive Director September 6, 2024 (TGI1466176 9/06/24)
