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Updated
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Conventional 30-year mortgages in the Aloha State average 4.474%. And interest rates are expected to fall in the upper 3% in the upcoming year.
Hawaii mortgage rates averaged between 4.000% and 4.537% in 2018. Rates depend on many factors including your credit, loan terms and amount. However, Hawaiian mortgage rates don’t vary significantly between loan types.
Loan type | 15-year average rate | 30-year average rate |
---|---|---|
Conventional | 4.098% | 4.537% |
FHA | Not available | 4.487% |
VA | 4.000% | 4.386% |
USDA | Not available | 4.486% |
Rates based on data from ffiec.cfpb.gov.
Even a fraction of a percentage difference in interest rate can translate to substantial savings. And a shorter loan term can also mean thousands of dollars in your pocket.
For example, suppose you borrow $475,000 for 30-years. Conventional mortgages at the 2018 average interest rate come in at 4.537%, so you could pay $2,420 a month, excluding taxes and fees. If you chose a 15-year loan term instead, your interest rate might be lower, and your monthly payment might jump to $3,540.
Although you might be footing a higher monthly bill, you could save $233,550 in interest payments over the course of the loan.
Average Hawaii mortgage rates shouldn’t stray too far from the upper 3% threshold.
Hawaii mortgage rates historically come in under the national average. Between 2003 and 2009, Hawaii had a particularly volatile performance, averaging 0.29% below the rest of the country. But since 2010, average mortgage rates have leveled out and hopscotched right around the national average.
Freddie Mac is predicting 30-year US rates to average 3.70%, while Fannie Mae is calling for average rates of 3.60%. We can expect Hawaii mortgage rates to average around the upper 3% level too.
The Aloha State has two primary metropolitan areas across the islands. Using data from the Home Mortgage Disclosure Act, we estimated what a 30-year fixed-rate mortgage might look like in Hawaii. These costs don’t account for taxes and fees unique to your home loan.
Urban Honolulu has a slightly higher median loan amount than the Kahului-Wailuku-Lahaina area. But since it also has a slightly lower average mortgage rate, the monthly cost between the two regions are very similar.
Metropolitan statistical area | Average mortgage rate | Median loan amount | Estimated monthly cost |
---|---|---|---|
Kahului-Wailuku-Lahaina | 4.556% | $475,000 | $2,420 |
Urban Honolulu | 4.452% | $485,000 | $2,440 |
Rates and costs based on data from ffiec.cfpb.gov.
Lenders have a lot of control over your loan’s interest rate. Here are a few tips to help you get the most competitive rate possible.
Hawaii mortgage rates generally follow or come in slightly under the national average. But lenders ultimately dictate your interest rate. Compare loan programs and lenders to find the most competitive rate for your homeownership goals.
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