Current Hawaii Mortgage and Refinance Rates
Mortgage interest rates currently average 6.11% for 30-year fixed loans and 5.23% for 15-year fixed loans.
Refinance rates in Hawaii
30-year FIXED
Current refinance rates are averaging:
6.52%
15-year FIXED
Current refinance rates are averaging:
6.06%
- Rate-and-term refinances are often used when homeowners want to change their interest rate or repayment term (or sometimes both). But while they allow you to change the terms of your loan, refinance rates in Hawaii can be slightly higher on average than purchase mortgage rates.
- Cash-out refinances allow homeowners to replace their current mortgage with a new one and borrow money through their home’s equity in the process. Cash-out refinance rates are typically higher than rate-and-term refinance rates.
- Conventional refinances aren’t part of a government-backed refinance loan program, so rates are typically higher than those that accompany government-backed refinances.
- FHA refinances, which are insured by the Federal Housing Administration (FHA), are often worth considering if you can’t qualify for a conventional loan. FHA loans typically have much lower FHA rates than conventional loans.
- VA refinances — which are backed by the U.S. Department of Veterans Affairs (VA) — typically have low VA rates and flexible requirements, but you must be a qualified military borrower to be eligible for one. Hawaii has more active-duty military members than most U.S. states, so VA loan refinances could be worth considering.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
The mortgage rates forecast predicts rates will remain around 6.0% in early 2026. The Federal Reserve cut rates three times in 2025, but 30-year mortgage rates did not always fall in response, instead remaining relatively steady in the mid-6% range until December.
The home affordability crisis also continues, with home prices remaining high, making it harder for potential homebuyers to invest in the market. The best move in any market situation is to continue working on improving your eligibility to get the lowest mortgage rates. Learn more about how to get the best mortgage rates below.
How do I get the best mortgage rate for my Hawaii home loan?
Looking to secure the best interest rate on your mortgage? Consider taking these five steps:
-
Improve your credit score
Having a good credit score is one of the best ways to secure a good mortgage rate. Pay your bills on time, pay down your existing debt and take care of any collections accounts to improve your score. -
Decrease your debt-to-income (DTI) ratio
A DTI ratio is a figure that helps prospective lenders figure out how much debt you already have. You can lower your DTI ratio by paying off existing debt, taking on a side gig to earn more income, or by having a cosigner on your mortgage. -
Focus on buying a single-family home
Manufactured homes, those with more than one unit, vacation homes and investment properties typically come with higher interest rates than single-family homes. -
Buy mortgage points
When you buy mortgage points, you’re essentially paying upfront to lower your mortgage rate (often by up to 0.25 percentage points). Mortgage points are typically more beneficial the longer you plan on living in your home. You’ll need to figure out whether the upfront cost will actually save you money in the long run. -
Compare loans from different lenders
Get loan estimates from three to five lenders to see which option is ideal for you. It’s often best to get estimates on the same day since mortgage rates fluctuate daily. Although it might feel tedious or time-consuming, getting multiple offers can save you money in the long run.
Read more about our picks for the best mortgage lenders.
Once you’ve compared multiple mortgage offers and determined which is the best fit for you, you’ll want to get a mortgage rate lock from your lender. This ensures the interest rate you’ve selected will remain the same until your closing day, even if interest rates go up.
Hawaii home loan programs
The state of Hawaii offers several loan programs to help residents on the path to homeownership. Some of these are geared specifically toward first-time homebuyers, while others are designed for low- to moderate-income residents.
City and County of Honolulu Down Payment Loan Program
The City and County of Honolulu offers a down payment loan program to support homeownership in the county. These loans are considered second mortgages — homebuyers must be able to secure a first mortgage from a mortgage lender before acquiring this loan.
The program provides a 0% interest rate loan (maximum $40,000 loan amount) to qualified individuals to help Hawaiians meet their down payment requirement. Buyers must put down 5% toward the purchase price of their home. In addition, the property must be located on the island of Oahu and have a maximum purchase price of $632,000.
Who qualifies
Borrowers must:
- Have a maximum annual income that’s between $73,400 and $146,720, depending on the number of people in their household
- Be first-time homebuyers
- Use the home as their primary residence
HHOC Mortgage Down Payment Assistance Loan Program
HHOC Mortgage — an affiliate of the Hawaii HomeOwnership Center (HHOC) — is a nonprofit mortgage broker that has a down payment assistance loan (DPAL) for first-time homebuyers. This program is designed to help low- to moderate-income residents purchase their first home. Borrowers must put down a 3% minimum on their home, and the maximum loan amount for the DPAL is $125,000.
Who qualifies
Borrowers must:
- Be a first-time homebuyer, or haven’t owned residential property in the last three years
- Complete 9 hours of homebuyer education through a HUD-approved counseling agency and complete a counseling session with HHOC
- Meet income limits per household size for their county of residence
HHOC Mortgage Deferred Closing Costs Assistance Loan
HHOC Mortgage also offers a deferred closing costs assistance loan, which is a 15-year deferred loan of up to $15,000 (matched on a 6:1 basis) with no interest or monthly payments. The borrower’s primary mortgage must also be with HHOC Mortgage.
Who qualifies
Borrowers must:
- Be first-time homebuyers
- Use the home as their primary residence
- Have a low to moderate income that doesn’t exceed 120% of their area median income (AMI)
HHFDC Mortgage Credit Certificate
The Hawaii Housing Finance and Development Corporation (HHFDC) offers a mortgage credit certificate (MCC) program to help families with low-to-moderate incomes purchase a home. MCCs are tax credits that can help reduce a buyer’s federal income tax bill, which gives them more available income to put toward their monthly mortgage payment.
Who qualifies
Borrowers must:
- Earn a maximum income that ranges between $113,200 (1-2 person families), and $168,980 (families of three or more), depending on your county
- Use the home as their principal residence
- Buy a home with a maximum purchase price ranging from $527,526 to $996,440 depending on your county
Learn about different types of HI mortgage loans
-
Hawaii conventional loans
Are the most common choice for borrowers with a decent credit score and down payment funds, as they typically come with competitive interest rates and good loan terms. Often considered the industry standard, conventional loans have a set of minimum requirements determined by Fannie Mae and Freddie Mac. -
Hawaii FHA loans
Allow borrowers to put as little as 3.5% of the purchase price down upfront, so long as their credit score is at least 580. (If you have enough to put down 10% upfront, your credit score can be as low as 500 for an FHA loan.) -
Hawaii VA loans
Qualified military borrowers will likely want to consider a VA loan, since they offer flexibility and good perks. For example, borrowers using a VA loan can purchase or refinance a home without putting anything down upfront or paying for mortgage insurance. -
Hawaii USDA loans
Loans from the U.S. Department of Agriculture (USDA) are available in certain rural areas of Hawaii (this map provides more detail). USDA loans are for low- or very-low-income borrowers, and they don’t typically require a down payment. -
Hawaii streamline refinances
can be done with an FHA streamline refinance loan or a VA interest rate reduction refinance loan (IRRRL). As the names suggest, these refinances are designed to be simple and hassle-free. Just know that the refinance loan has to be the same as your original loan — for example, you’ll need to refinance from an FHA loan into another FHA loan, or from a VA loan into another VA loan.