Hawaii Mortgage and Refinance Rates

Current mortgage rates in Hawaii

As of Tuesday, August 19, 2025, current interest rates in Hawaii are 6.58% for a 30-year fixed mortgage and 5.78% for a 15-year fixed mortgage.

For most of 2025, mortgage rates have settled in a tight range between 6.5 percent and 7 percent. With economic uncertainty surrounding tariffs and inflation and questions about whether the Federal Reserve will cut rates this year, it's difficult to predict which way rates will swing. However, it's unlikely mortgage rates will plunge in the near term. 

Refinance rates in Hawaii

Refinance rates in Hawaii tend to closely mirror rates for purchasing a new home. That means that if you bought your Hawaii home in 2023 or 2024 and locked in a rate of 8 percent or higher, you might be able to refinance to help lower your monthly payments. 

Alternatively, if you’ve owned your property in the state for a long time and have bigger financial goals, you might be in a position to leverage your equity with a cash-out refinance. Use Bankrate’s mortgage refinance calculator to run the numbers.

National mortgage rates by loan type

Hawaii mortgage rate housing market statistics and trends

The housing market in Hawaii is beginning to look better for buyers with declining sales prices and rising supply that offers more choices during your house hunt. However, Hawaii is still one of the most expensive states in the country. As you begin your search, use these statistics to be an informed Hawaii house hunter:

• Median sales price (June 2025): $759,700
• Median days on market (June 2025): 86
• Median down payment (May 2025): $195,600
• Number of homes for sale (June 2025): up 25 percent from year prior

Sources: Redfin, ATTOM

Mortgage options in Hawaii

If you’re looking to get a mortgage in Hawaii, consider these loan options:

• Hawaii conventional mortgages: To qualify for a conventional loan, you’ll need a credit score of at least 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay for private mortgage insurance (PMI), as well.
• Hawaii FHA loans: If your credit history disqualifies you from a conventional loan, you might be eligible for a loan insured by the Federal Housing Administration (FHA). For this type of mortgage, you’ll need a credit score of at least 580 with a 3.5 percent down payment. As with a conventional loan, if you put down less than 20 percent on an FHA loan, you’ll be on the hook for mortgage insurance.
• Hawaii VA loans: If you’re an eligible veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee.
• Hawaii jumbo loans: Hawaii’s home prices are notoriously high, which means that more buyers may need to borrow a chunk of money that exceeds the conforming loan limits. If that’s the case, you’ll need to learn more about jumbo loans, which require a down payment of at least 10 percent and good to excellent credit.

First-time homebuyer programs in Hawaii

If you’re an eligible first-time homebuyer in Hawaii, you might want to consider one or more of these special financing programs:

• HHOC Mortgage Down Payment Assistance Loan: This program requires just 3 percent down and comes with a maximum interest rate of 4.5 percent.
• HHOC Mortgage Deferred Closing Costs Assistance Loan: This program includes a 15-year deferred loan of up to $10,000 on a 6:1 matching basis to help you cover your down payment and closing costs, including points.
• HHOC Mortgage Booster: This program requires a minimum down payment of 3 percent. It offers up to $50,000 at a 3 percent interest rate on a 30-year loan to help boost your borrowing amount.
• Max HLPR (Home Loan Payment Relief) Loan: This is a deferred 0 percent loan to help cover a down payment, with payments beginning 20 years after your purchase (earlier if you sell). The program also has a shared equity agreement, which means you'll pay HHOC Mortgage a portion of the net proceeds when you sell the home for a profit.
• HawaiiUSA Federal Credit Union first-time homebuyer mortgage program: If you’re a member of this credit union, you might qualify for its first-time homebuyer mortgage, which requires only 3 percent down and waives some loan origination costs.
• Honolulu Down Payment Loan Program: Available to homebuyers on Oahu who meet fairly stringent income restrictions, this program provides a zero-fee, zero-interest, 20-year loan of up to $40,000 to help with the down payment.
• Mortgage credit certificate (MCC): Hawaii’s mortgage credit certificate (MCC) allows you to convert a portion of your mortgage interest into a federal tax credit, up to 20 percent each year. You’ll need to be within income and purchase price limits to qualify for the credit, and there’s a fee to obtain it.

How to find the best mortgage rate in Hawaii for you

Additional Hawaii mortgage resources

• Hawaii first-time homebuyer resources: Read about resources reserved for first-time homeowners in the state.
• Hawaii loan limits by county: Check out the maximum amount you can borrow for conforming and FHA loans in each county in Hawaii.
• Hawaii mortgage lenders: Compare the best mortgage lenders in the state and choose at least three to compare offers from.
• Guide to buying a house in Hawaii: Discover what it takes to buy a house in the Aloha state.
• Best homeowners insurance in Hawaii: Compare different insurance companies to find the best option for your housing needs.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Laurie Richards, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Richards