What's Happening In Terms Of Maui's Mortgage World?
Ever since the Feds raised the prime rate on June 15th, the whole real estate world changed for 2022. Maui's market started off like a fire cracker. Offers left and right, sales prices a considerable amount above asking price, and short days on market. I asked one of my trusted loan officers how the slow down has affected his business. Dan Bardenhagen with Northpointe Home Loans has this to say....
We have seen an uptick in financed offers being accepted and I attribute that to sellers being slightly more negotiable due the current housing slowdown that is expected to continue. Buyers also have a little more time to see multiple properties before making an offer and with the dip in interest rates, they are more excited to get back in the buying mode. The dip in interest rates is due to 10 year treasury bond yields falling which could change quickly if the demand for the bond falls. Recession fears could keep bond yields low, however strong economic data or a curb in inflation could cause yields and mortgage rates to move higher.
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Sr. Loan Officer NMLS# 653667
P (808) 280-6168 | F +1 (808) 862-5986
115 E. Lipoa St. Suite 201, Kihei, HI 96753
Thank you so much Dan for sharing your expertise and being my first guest contributor to this blog. I look forward to working with you on our next adventure.