Today's 30-year mortgage rate in Hawaii is around 5.86%, lower than the national average of 6.4%. Homebuyers can reduce costs by taking advantage of mortgage programs like the Down Payment Assistance Loan Program and Mortgage Booster.
Mortgage
Today's Mortgage Rates in Hawaii (October 2024)
Updated: October 21, 2024
Advertising & Editorial Disclosure
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 October 2024.
Current Mortgage Rates in Hawaii
In October 2024, Hawaii's average APR for a 30-year fixed-rate mortgage fell to 5.86% from 6.08% the previous month. For a $250,000 mortgage with a 20% down payment, this decrease could save you about $11,186 in total interest, excluding 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.
Who Needs to Know Current Mortgage Rates in Hawaii?
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.
First-time homebuyers
Learning about current mortgage rates can help first-time homebuyers in Hawaii understand the rates they might be offered and plan their purchase.
Homeowners with mortgages
Homeowners can use knowledge of current rates in Hawaii to consider a mortgage refinance if it's lower than their rate.
For example, Hawaii's current rate for a 30-year fixed mortgage is 5.86%, but it drops to 5.7% for refinancing. This difference can significantly affect your financial planning, so consider it carefully when deciding between a new home loan or refinancing.
Current Mortgage Rates in Hawaii by Loan Type
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.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.78% | 6.00% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
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 5.78%.
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 5.86%, representing the comprehensive annual cost of your mortgage.
Current Mortgage Rates in Hawaii by Credit Score
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 6.11% 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:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 15-year Fixed | 5.15% |
| 30-year Fixed | 6.11% |
| 5-year ARM | 7.58% |
Mortgage Types in Hawaii
In October 2024, VA loans in Hawaii have the lowest average APR for 30-year fixed-rate mortgages at 5.67%. 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 isn't insured by the government. | Rates may vary based on credit score and down payment. | 5.86% |
FHA loans | An FHA loan is backed by the Federal Housing Administration. | FHA loans often have lower interest rates for borrowers with less-than-ideal credit. | currently unavailable |
VA loans | A VA loan is guaranteed by the Department of Veterans Affairs. | VA loans usually offer competitive rates due to government backing. | 5.67% |
USDA loans | A USDA loan supports rural development and is backed by the United States Department of Agriculture. | USDA loans can offer lower rates for eligible rural and suburban homebuyers. | currently unavailable |
Jumbo loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans typically have higher rates due to the greater risk involved. | 6.62% |
MORTGAGE RATE STRUCTURES IN HAWAII
Mortgage rates include two options: fixed and adjustable.
- Fixed mortgage rates lock you into a rate so your monthly mortgage payments stay the same. This allows you to budget easily without surprises.
- Adjustable mortgage rates often begin with a lower rate that can change over time, possibly reducing your payments when interest rates fall.
As of October 2024, the average rate in Hawaii for a 30-year fixed is 5.86%, and for a five-year adjustable-rate mortgage (ARM), it's 7.22%.
Mortgage Lenders in Hawaii
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
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
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
- Variety of mortgage options
- Client payment assistance
- Online financial calculators
Cons
- No prequalification without an online profile
- Minimum credit requirement undisclosed
- Limited product information without contact
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
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
- Wide range of mortgage choices
- Convenient mobile app for loans
- 14-day purchase loan closing guarantee
Cons
- FAQ not comprehensive
- Cannot prequalify or check rates online
- No branches in 11 states
- Better
- 4Number of Mortgage Options
- YesOnline Application
- B+BBB Rating
- Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours
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
- Quick Commitment Letter issuance for qualified borrowers
- Non-commission-based loan officers
- Offers Sunday customer support
Cons
- No physical branches
- No VA or USDA mortgages
- BBB rating at only B+
Mortgage Programs in Hawaii
Owning a home brings hidden costs apart from monthly amortizations. The Hawai'i HomeOwnership Center Affiliate (HHOC) provides support to homebuyers in Hawaii. Look into its mortgage programs for assistance.
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. |
FAQ: Mortgage Rates in Hawaii
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.
What are the current mortgage rates in Hawaii?
Current average APRs in Hawaii vary based on the loan type, borrower's credit score and down payment size. As of October 2024, the rate for a 30-year fixed conforming loan is 5.86%, whereas a 30-year fixed-rate jumbo loan averages 6.62%.
How do mortgage rates in Hawaii compare to national rates?
As of October 2024, Hawaii's current average APRs for a five-year ARM and a 30-year fixed-rate mortgage are 7.22% and 5.86%, respectively. Compared to national rates, Hawaii's five-year ARM is 0.70% lower, and the 30-year fixed rate is 0.54% lower than the national average of 7.92% and 6.4% respectively.
How does my credit score impact the mortgage rates I get in Hawaii?
Your credit score significantly affects the mortgage rates you can qualify for. Higher credit scores typically help you secure low mortgage rates, indicating lower risk to lenders.
Are there any special mortgage programs in Hawaii to help homebuyers?
Hawaii offers several mortgage programs to aid homebuyers, such as the Down Payment Assistance Loan Program, the Mortgage Booster and the Deferred Closing Costs Assistance Loan.
How can I get the best possible mortgage rate in Hawaii?
Consider improving your credit score, comparing rates from multiple lenders and making a larger down payment, which can reduce the loan-to-value ratio and lower your rate in Hawaii.
What are today's mortgage refinance rates in Hawaii?
The average refinance rates in Hawaii in October 2024 are 5.38% for a 15-year fixed and 5.7% for a 30-year fixed-rate mortgage. These rates can vary based on the lender and your financial situation.
How do I calculate my mortgage payments?
To calculate your mortgage payments in Hawaii, use a mortgage calculator for Hawaii, which will help you estimate monthly payments, interest and other costs.
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.
sources
- Hawai'i HomeOwnership Center Affiliate. "Loan Products." Accessed October 8, 2024.