Hawaii Mortgage and Refinance Rates
Current mortgage rates in Hawaii
As of Monday, March 24, 2025, current interest rates in Hawaii are 6.13% for a 30-year fixed mortgage and 5.38% for a 15-year fixed mortgage.
Despite the Federal Reserve cutting rates three consecutive times last year, mortgage rates rose in response, ending the year above 7 percent. However, by early March, mortgage rates dropped to well below 7 percent despite the Fed choosing to hold rates steady. While mortgage rates are difficult to predict, many housing experts believe that rates will continue to bounce around the 6 to 7 percent range for most of 2025.
Refinance rates in Hawaii
Refinance rates are higher than the historic lows of the early 2020s, but they’re more appealing now than they were in the fall of 2023. If you recently purchased your home in Hawaii, refinancing could save you money by reducing your interest rate. 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
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.68% | 6.73% |
| 15-Year Fixed Rate | 5.91% | 5.99% |
| 5-1 ARM | 5.95% | 6.69% |
| 30-Year Fixed Rate FHA | 6.45% | 6.51% |
| 30-Year Fixed Rate VA | 6.46% | 6.52% |
| 30-Year Fixed Rate Jumbo | 6.75% | 6.80% |
Rates as of Monday, March 24, 2025 at 6:30 AM
Hawaii mortgage rate housing market statistics and trends
Everything in Hawaii costs more, including housing. However, despite the higher price tag, the median home sales price in the state has remained relatively unchanged from a year prior, according to Redfin. Here’s a rundown of some key housing market data points to help you navigate the home search:
- Median home sales price, Feb. 2025: $740,000
- Median down payment, Dec. 2024: $200,000
- Most affordable counties, Dec. 2024: Hawaii and Honolulu
- Housing inventory months of supply, Feb. 2025: 8
- Homes with price drops, Feb. 2025: 20.4%
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 $15,000 on a 6:1 matching basis to help you cover your down payment and closing costs, including points.
- 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
Research shows comparing more than one mortgage loan offer could help you save thousands of dollars in interest costs. Bankrate can help you find the best mortgage deal in today’s volatile rate environment. As you shop around, keep these tips in mind:
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Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender and applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.
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Step 2: Determine your budget
Get a handle on how much house you can afford. One rule of thumb many buyers use to figure out their price range is the 28/36 rule. Keep in mind that a mortgage lender could qualify you for a loan over your budget, but that would leave no room for unexpected expenses.
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Step 3: Know your mortgage options
There are different types of mortgages, including conventional loans with as little as 3 percent down and government-backed loans. If you’re in the market for a jumbo loan, check Hawaii’s county-by-county loan limits.
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Step 4: Compare rates and terms from multiple lenders
Don’t settle on the first lender you talk to. Rate-shop with different lenders — banks, credit unions, online lenders and local independents — to ensure you’re getting the best deal on rates, fees and terms.
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Step 5: Get preapproved for a mortgage
Get a mortgage preapproval with three or four different lenders. This helps you understand exactly what loan amount you’d qualify for if you were to apply, and prepares you to make offers on homes.
Additional Hawaii mortgage resources
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.
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.