Hawaiians need to take advantage of falling mortgage rates, says Rick Blangiardi

Mortgage rates are currently at their lowest level since September. The average contractual interest rate for 30-year fixed-rate mortgages with a qualifying loan balance ($726,200 or less) fell to 6.23% from 6.42%.

For every resident of Hawaii, this is a sign - now is the time to take out a mortgage, especially for those who already have money for a down payment.

However, this matter requires attention. There are several types of mortgages, but the most common are fixed-rate mortgages and adjustable-rate mortgages. When you choose a fixed-rate mortgage, your payments will not change no matter your mortgage term. If you take out an adjustable-rate mortgage, then after a while, when interbank rates rise, your rate will rise too.

You can save money in both cases. If you opt for a fixed-rate mortgage, you will benefit significantly, given the current price drop, especially if you expect to pay more.

An adjustable-rate mortgage can save you money if you can pay it off early. The fact is that the initial rates on such mortgages are usually lower. And if you have time to pay it off before raising your interest rate on loan, you will save even more.