Current Mortgage Refinance Rates in Hawaii (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in Hawaii for a 30-year fixed mortgage are 6.75%, while the 15-year fixed mortgage is 6.15%. Comparatively, the national average for a 30-year fixed refinance rate is lower at 6.45%, and the 15-year fixed rate is below Hawaii's at 5.38%.

Our comprehensive guide on refinancing mortgages in Hawaii empowers you with the knowledge to make informed choices. Explore sections detailing today's rates, trends, and tips on refinancing, crafted to support your financial journey.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Hawaii

The current 30-year refinance rate in Hawaii is 6.75%. According to Experian, the average mortgage debt in Hawaii is $398,670 as of September 2023. Refinancing your mortgage can help manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of your loan.

For instance, if your current mortgage rate is higher than 5.70%, refinancing could be beneficial. This could lead to significant savings over time. Below are the current refinance rates in Hawaii to explore your options.

15-Year Fixed6.00%6.15%
30-Year Fixed6.65%6.75%

Mortgage Refinance Rate Trends in Hawaii

In November, refinance rate trends in Hawaii indicated an upward movement for both 15-year refinance rates and 30-year refinance rates. The 15-year fixed rates rose from October to November.

Similarly, the 30-year fixed rates increased over the same period. This upward trend suggests higher costs for those considering refinancing their mortgage in Hawaii.

Hawaii Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise due to factors like the US Federal Reserve's monetary policy, inflation, and global economic conditions. These factors also affect refinance rate trends in Hawaii, making it important to stay informed about the financial landscape.

How to Refinance a Mortgage in Hawaii

Refinancing your mortgage in Hawaii offers a chance to lower your payments and interest rates. This guide outlines the steps to help you navigate the process smoothly, ensuring you understand local nuances and gather the necessary documents.

  1. 1

    Check Your Credit Score

    Credit scores impact the rates you qualify for. A score below 732, the Hawaii average, may lead to higher rates. Improve by paying down debt or disputing errors. Your score influences your refinancing options significantly.

  2. 2

    Determine When to Refinance a Mortgage

    Evaluate your current mortgage terms against current rates: 5.38% for 15-year and 5.70% for 30-year loans in Hawaii. If lower, it might be time to refinance. Consider how long you'll stay in your home for cost-effectiveness.

  3. 3

    Gather Necessary Documents

    Organize documents like tax returns, pay stubs, and bank statements to simplify the refinancing process. These are crucial for verifying your financial situation against your original mortgage. Being prepared can expedite approval.

  4. 4

    Shop Around for Lenders

    Compare lenders for the best rates, terms, and customer service. Look for transparency in fees, a solid reputation, and flexibility in loan options. This ensures you get the most favorable refinancing deal.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs and fees like appraisal and origination. In Hawaii, average closing costs are $5,362, per the National Association of Realtors. Knowing these helps you budget effectively.

  6. 6

    Apply for the Loan

    Submit your application with all required documents. Streamline the process by ensuring accuracy and completeness. Promptly respond to lender inquiries to avoid delays and increase your chances of approval.

  7. 7

    Lock in Your Interest Rate

    Secure your rate with a mortgage rate lock to protect against market fluctuations. Locking in early can prevent unexpected increases, offering peace of mind during the refinancing process.

  8. 8

    Close on Your New Loan

    Finalize your loan by signing the necessary documents. Review all terms carefully to ensure they match your expectations. Scheduling your closing at a convenient time can reduce stress and ensure a smooth transition.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments according to your new loan terms. Setting up automatic payments can help you stay on track and avoid late fees, ensuring your refinancing benefits are fully realized.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Monitor market rates and your financial situation to identify future refinancing opportunities. Regular evaluations can help you capitalize on favorable conditions, keeping your mortgage strategy aligned with your goals.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Hawaii, how soon you can refinance a mortgage depends on the type of loan you have. Conventional loans allow for immediate refinancing, though a cash-out refinance typically requires a six-month waiting period. For USDA loans, a 12-month seasoning period is generally necessary before refinancing. This ensures the property still meets USDA guidelines.

Despite how soon you can refinance a mortgage, remember that refinancing comes with additional closing costs, which can take years to recoup. Therefore, it's usually only worth it if there's a drastic reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Hawaii can lead to lower monthly payments through reduced interest rates. Yet, be mindful of closing costs that might offset these savings. Recognizing when to refinance a mortgage in Hawaii ensures you make a financially sound decision. Let's explore situations where refinancing could be advantageous.

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    Lower Interest Rates

    Refinancing when interest rates drop can lower monthly payments and save money over time. Visiting local banks and credit unions to discuss rate options can help secure the best deal.

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    Increased Home Value

    Higher home value boosts home equity, making refinancing attractive. Renovating kitchens or bathrooms can enhance value. With Hawaii's average home value at $858,569, tapping into increased equity can be advantageous.

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    Improved Credit Score

    A better credit score can qualify you for lower rates, reducing costs. Paying bills on time and reducing debt can improve your score, making refinancing a smart move.

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    Shorter Loan Term

    Refinancing to a shorter term can reduce interest paid over the loan's life and build equity faster. This strategy can lead to financial freedom sooner.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage offers stability in payments, protecting against future rate hikes and aiding in long-term budgeting.

Mortgage Refinancing in Hawaii: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Hawaii by Credit Score

Your credit score can impact the rates you qualify for in Hawaii. For example, the current average refinances rates in Hawaii for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equate to 7.01% for credit scores between 680 and 740, compared to 6.75% for scores above 740. Explore the table below to see different rates.

Data filtered by:Results filtered by:
Select
Loan Type:15-year Fixed
Select
Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
5.59%5.87%

Mortgage Refinance Rates in Hawaii by Loan Type

Loan type is another factor that can affect the rates you qualify for in Hawaii. For example, the current average refinance rates in Hawaii for a 30-year fixed-rate loan is 6.75%. The table below shows average APRs for different loan types in Hawaii, helping you see how they compare.

Data filtered by:Results filtered by:
Select
Loan Type:10-Year Fixed
5.22%5.45%

FAQ: Today's Mortgage Refinance Rates in Hawaii

We've addressed the most common inquiries about refinance rates in Hawaii, providing clear, straightforward answers. Understanding the current rates is a smart first step whether you're considering refinancing to lower your mortgage payment or exploring other financial options.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Honolulu?

About Zachary Romeo, CBCA

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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.

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