It is far from clear whether the name Halfast is intended to be meaningful, and it may simply be follow the pattern of Halfast's father Halfred. However, the name is notably similar in structure to that of Sam Gamgee's father Hamfast (said to mean 'stay-at-home', or literally 'home-fast') which does tend to imply that Halfast carried some intended meaning.
Possible sources for the Hal- element might Old English heal, 'nook, hiding-place', or heall, 'house, home', in which case Halfast would be share a similar meaning to Hamfast. There may also be a connection to healsfæst, 'obstinate' or 'stubborn', which would fit the tendency among the members of the Gamgee family towards names that were both comical and mildly disparaging.
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