Off the News: Mortgage rates go up, up, up

Expect more prospective buyers to be edged out of homeownership, as mortgage rates climb.

The average 30-year rate has jumped to 5.89%, up from 5.66% last week, the highest for that rate since November 2008. Just one year ago, the 30-year rate was at 2.88%.

That and other factors are cooling home sales on Oahu, with the number of August sales dropping by about a quarter for the second straight month. All this could mean price reductions on some properties — but with the average price of single-family homes remaining at $1 million or higher, it’ll still take a lot of money to own a piece of paradise.