Updated: December 13, 2024
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Today's 30-year mortgage rate in Hawaii averages at 6.22%, which is lower than the current national average of 6.83%. Homebuyers can reduce costs by taking advantage of mortgage programs like the Down Payment Assistance Loan Program and the Mortgage Booster.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Hawaii. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on December 2024.
The current mortgage rate in Hawaii for a 30-year fixed-rate mortgage as of December 2024 is 6.22%, slightly up from 6.7% in November. For a $250,000 mortgage with a 20% down payment, this increase could mean saving $3,788 on the total cost of your mortgage, not including additional expenses like property taxes or HOA fees.
Rates can vary daily due to changes in economic conditions and Federal Reserve decisions. The line chart below shows recent mortgage rate trends in Hawaii.
Even small rate changes can significantly affect your finances. Understanding the current mortgage rate in Hawaii can help you budget for your monthly payments.
Understanding today's mortgage interest rates in Hawaii, which reflect the shifts in the housing market, can benefit first-time homebuyers and existing homeowners looking to refinance.
Learning about current mortgage rates can help first-time homebuyers in Hawaii understand the rates they might be offered and plan their purchase.
Homeowners can use knowledge of current rates in Hawaii to consider a mortgage refinance if the rate is lower than the current.
For example, Hawaii's current rate for a 30-year fixed mortgage is 6.22%, but it rises to 6.75% for refinancing. This difference can significantly affect your financial planning, so consider it carefully when deciding between a new home loan or refinancing.
A 30-year fixed-rate mortgage in Hawaii generally has a higher interest rate than a 15-year one because longer terms carry more risk for lenders, including interest rate changes and potential defaults.
Mortgage types in Hawaii have varying rates. A mortgage calculator can help you estimate monthly payments and compare rates, ensuring your choice aligns with your financial plans.
| 5.39% | 5.58% |
The interest rate on a mortgage is the percentage that reflects what you pay each year to borrow money. In Hawaii, the average mortgage interest rate for a 30-year fixed mortgage is 6.13%.
The APR (annual percentage rate) includes the interest rate and additional costs such as mortgage points, fees and other charges. The current average APR in Hawaii for a 30-year fixed mortgage is 6.22%, representing the comprehensive annual cost of your mortgage.
In Hawaii, if you have a credit score of 740 or higher and make a down payment of 5% to 20%, you can expect an average APR of 6.93% for a 30-year fixed mortgage. If your credit score drops below 680, the average APR for the same loan is 7.34%.
Your credit score directly impacts the mortgage rates you could get in Hawaii. To see what rates might be available to you based on your credit score and down payment, check out the interactive table below:
| 10-year Fixed | 5.79% |
| 15-year Fixed | 5.88% |
| 20-year Fixed | 6.48% |
| 30-year Fixed | 6.64% |
| 5-year ARM | 7.27% |
| 7-year ARM | 7.31% |
In December 2024, 30-year fixed loans in Hawaii have the lowest average APR for 30-year fixed rate mortgages at 6.22%. Knowing your mortgage options helps you make an informed decision and could save you money over the life of your loan. Here is a closer look at the mortgage types in Hawaii:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Hawaii |
|---|---|---|---|
Conventional Loans | A conventional loan is a home loan not guaranteed by a government agency. | Conventional loans may have higher rates due to lack of government guarantee, impacting borrower's costs. | 6.22% |
FHA Loans | An FHA loan is a mortgage insured by the Federal Housing Administration, allowing lower minimum down payments and credit scores. | FHA loans typically offer lower rates to accommodate borrowers with lower credit scores or smaller down payments. | currently unavailable |
VA Loans | A VA loan is a mortgage for veterans and service members backed by the Department of Veterans Affairs. | VA loans often have competitive rates due to government backing, benefiting veterans financially. | 6.38% |
USDA Loans | USDA loans support rural development by offering mortgages with no down payment requirement. | USDA loans can offer below-average rates since they are backed by the government, aimed at helping rural residents. | currently unavailable |
Jumbo Loans | Jumbo loans exceed the conforming loan limits set by the Federal Housing Finance Agency, used for more expensive properties. | Jumbo loans may carry higher interest rates as they represent a greater risk to lenders. | 6.56% |
Mortgage rates include two options: fixed and adjustable.
As of December 2024, the average rate in Hawaii for a 30-year fixed is 6.22%, and for a seven-year adjustable-rate mortgage (ARM), it's 7.28%.
Bank of America, New American and Better are the top mortgage options in Hawaii for their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Other lenders in Hawaii might also fit your needs.
Choosing the right lender is crucial because mortgage rates and terms vary per lender. Compare options to find the best rate and terms for your needs.
Bank of America offers a range of loan options, including fixed-rate, adjustable-rate and FHA loans. While it doesn't specify a minimum credit score, VA loans require no down payment. The Affordable Loan Solution mortgage needs only a 3% down payment.
Customer service is available online, by phone or in person Monday through Friday from 8 a.m. to 10 p.m. ET and on Saturday from 8 a.m. to 6:30 p.m. ET. Bank of America also provides extra help through programs like America’s Home Grant® and Down Payment Grant.
Pros
Cons
New American offers various mortgage options, including FHA and conventional loans, to suit different financial needs. FHA loans require a minimum credit score of 580 and allow down payments as low as 3.5%. Conventional loans generally require a down payment of at least 3%.
Phone and email customer support is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays. New American also provides loan assistance solutions to support your homeownership journey.
Pros
Cons
Better is an online-only mortgage lender that offers fixed-rate, adjustable-rate and jumbo loans. The minimum credit scores are 700 for jumbo loans, 620 for conventional and 580 for FHA loans. Down payments start at 3% for conventional loans. If your credit score is 580 or higher for FHA loans, the down payment is 3.5%. If your score is below 580, the required down payment is 10%.
Customer service is available by phone or email from 8 a.m. to 9 p.m. ET on weekdays and 9 a.m. to 9 p.m. ET on weekends. The lender also provides a Better Real Estate discount to assist with the homebuying process.
Pros
Cons
Owning a home brings hidden costs, apart from monthly amortizations. The Hawai'i HomeOwnership Center Affiliate (HHOC) provides support to homebuyers in Hawaii. For assistance, look into its mortgage programs.
Program | Description |
|---|---|
Down Payment Assistance Loan Program | Helps first-time buyers earning up to 120% of the area median income (AMI). It offers a low 3% down payment. Features include a 4.5% interest rate or the same as your first mortgage rate, no prepayment penalties and no mortgage insurance. You can also receive up to $125,000 in assistance after completing the required homebuyer education. |
Mortgage Booster | Helps you borrow more despite higher interest rates. Qualified borrowers can get a fixed rate of 3% with a 3% down payment and a loan up to $50,000. The mortgage term is 30 years. To qualify, you must complete homeowner education and coaching sessions, which can be used with other HHOC products. |
Deferred Closing Costs Assistance Loan | Offers up to $15,000 for closing costs to buyers with an income of 120% AMI or lower. The 15-year loan has no interest or monthly payments. To qualify, HHOC Mortgage must handle the first mortgage, and buyers must complete homeowner education. |
Understanding today's mortgage rates in Hawaii is essential for those wanting to buy a home. We've answered your pressing questions, ensuring you're well-informed about what to expect.
Current average APRs in Hawaii vary based on loan type and other factors. For example, as of December 2024, the average APR for a 30-year fixed conforming loan is 6.22%, while the average APR for a seven-year ARM jumbo loan is 6.93%.
Comparing Hawaii's mortgage rates to national averages, as of December 2024, the average APR for a 30-year fixed rate mortgage in Hawaii is 6.22%, slightly below the national average of 6.83%. Similarly, the average APR for a five-year adjustable-rate mortgage is 7.34% in Hawaii, which is less than the national average of 7.79%.
Your credit score can significantly influence the low mortgage rates you qualify for in Hawaii. Higher credit scores generally lead to lower interest rates, while lower scores may result in higher rates.
Yes, Hawaii offers several mortgage programs to assist homebuyers, such as the Down Payment Assistance Loan Program, Mortgage Booster and Deferred Closing Costs Assistance Loan.
To obtain the best possible mortgage rate in Hawaii, consider putting in a larger down payment, maintaining a strong credit score, and shopping around to compare offers from multiple lenders.
As of December 2024, today's refinance rates in Hawaii for a 30-year fixed-rate loan average at 6.75%, and the average refinance rate for a 15-year fixed-rate loan is 6.15%.
To estimate your monthly payments, you can use a mortgage calculator for Hawaii, which takes into account your loan amount, interest rate, loan term and other relevant factors.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
