Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Mortgage rates in Hawaii
Interest rates that historically come in slightly below the national average.
Mortgage Guides
Compare mortgage rates in your area
How To:
Loan Types
Term Length
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.
What's in this guide?
How much do Hawaii rates vary?
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.
2018 average rates in Hawaii by loan type
| 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.
Which way are rates trending in Hawaii?
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.
Compare mortgage rates throughout Hawaii
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.
How to get the best mortgage rate in Hawaii
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.
- Ask about different loan programs. Lenders have an assortment of loan programs with varying interest rates. Find out what loan products you may qualify for to find the best deal.
- Fine-tune your credit. Eliminate debt and boost your credit score to qualify for a more competitive rate.
- Weigh the closing costs. Average closing costs in Hawaii can run about 0.82% to 0.92% of the final purchase price. Consider these charges when evaluating the true cost of the home loan.
Historical mortgage interest rates in Hawaii
Compare mortgage lenders and brokers
Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.Bottom line
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.
Frequently asked questions
More guides on Finder
-
Does a car loan affect your mortgage application?
Find out how to increase your borrowing power and get approved for a mortgage even if you have a car loan.
-
Rising Bank High Yield Savings Account review
Rising Bank offers competitive interest rates on it’s savings accounts— 7 times higher than the national average. But it’s not compounded.
-
Different types of mortgage loans
A 101 guide covering the types of mortgage loans every homebuyer should know.
-
Black unemployment rates by state
Finder analyzes which states have the highest and lowest rates of employment for Black and African Americans.
-
How President Biden’s administration can affect mortgage rates
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
-
Is the low-rate mortgage window closing?
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
-
How to get rid of Private Mortgage Insurance (PMI)
Smart strategies that homeowners can use to get rid of Private Mortgage Insurance (PMI).
-
US mortgage statistics
We take a look at national home loan data & trends and speculate where the mortgage market is heading.
-
Mortgage insurance vs. life insurance
Term life insurance offers more versatile coverage, and can pay off more debts beyond your mortgage. Compare pros and cons now.
-
Birth rates by state
Are birth and fertility talk the elephant in the womb? Finder research looks at birth rates, fertility rates and the average age of mothers in America.
Ask an Expert
