The average mortgage rate in Hawaii is currently 5.75% for the 30-year fixed loan term.
Here are the interest rates offered to Hawaii residents looking to buy or refinance a home as of 01/09/2023:
- 30-year fixed purchase: 5.75%
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The average fixed rate on a 30-year mortgage fell slightly for the second consecutive week on the heels of high-profile bank failures that resulted in a more moderate rate hike by the Federal Reserve. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall throughout the course of 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 23:
- 30-year fixed: 7% (down from 7.04% a week ago).
- 20-year fixed: 6.78% (down from 6.85% a week ago).
- 15-year fixed: 6.2% (down from 6.27% a week ago).
- 10-year fixed: 6.25% (up from 6.2% a week ago).
- 5/1 ARM: 5.71% (down from 5.78% a week ago).
- 7/1 ARM: 5.86% (down from 5.91% a week ago).
- 10/1 ARM: 6.14% (down from 6.16% a week ago).
- 30-year jumbo loans: 7.06% (down from 7.09% a week ago).
- 30-year FHA loans: 6% with 0.06 point (down from 6.15% a week ago).
- VA purchase loans: 6.21% with 0.05 point (down from 6.37% a week ago).
The Hawaii Housing Finance & Development Corp. has a couple of programs to help potential Hawaii homebuyers purchase a home.
- Available to: Eligible Hawaii homebuyers.
- Income limits: Vary by county (see income limits).
- First-time homebuyers only? No, but must not have had an ownership interest in a principal residence at any time in the last three years.
- Benefits: A federal income tax credit of up to 20% of your annual mortgage interest, resulting in a dollar-for-dollar reduction of your annual federal income tax liability.
- Available to: Eligible Hawaii homebuyers.
- Income limits: Vary by county and household size (see income limits).
- First-time homebuyers only? No.
- Benefits: The opportunity to purchase affordably priced housing in government-sponsored developments. Purchase prices range from $250,000 to $500,000 but are subject to change without notice.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
