As mortgage rates edge lower, the Oahu real estate market is expected to become even more competitive for buyers. As lower rates attract greater buyer interest, demand for homes and condos increases across the island. In this fast-moving environment, homebuyers need to be prepared and informed to gain a competitive advantage. One of the best ways to strengthen your position as a buyer is to understand the difference between getting prequalified and being preapproved for a mortgage.

If you purchased a new home in the past year, don't forget to claim your Oahu Home Exemption by Sept. 30 to avoid paying a higher property tax rate.

The interest rate on a 30-year fixed-rate mortgage fell 6 basis points to 6.44% last week, according to the Mortgage Bankers Association. That's the lowest rate since April 2023! Mortgage rates have been trending down since the Federal Reserve's recent indication that they are set to cut interest rates in September 2024. Falling rates are welcome news for both buyers and sellers, and create a unique window of opportunity in Hawaii's highly competitive real estate market.