Hawaii mortgage and refinance rates for May 2026

Current mortgage rates in Hawaii

As of Tuesday, May 5, 2026, current interest rates in Hawaii are 0.00% for a 30-year fixed mortgage and 0.00% for a 15-year fixed mortgage.

After a brief downward trend in early 2026, mortgage rates have rebounded slightly and now hover around 6.50%. A majority of experts expect rates to continue climbing slowly as the Federal Funds rate holds steady for the third time in 2026 and conflict continues in the Middle East.

Refinance rates in Hawaii

Refinance rates in Hawaii tend to closely mirror rates for purchasing a new home. That means that if you bought your Hawaii home in 2023 or 2024 and locked in a rate of 8% or higher, you might be able to refinance to help lower your monthly payments. 

Alternatively, if you’ve owned your property in the state for a long time and have bigger financial goals, you might be in a position to leverage your equity with a cash-out refinance. According to ATTOM's most recent data, just over half (54%) of Hawaii properties are equity-rich, meaning homeowners owe no more than half of the property's market value. Use Bankrate’s mortgage refinance calculator to run the numbers.

National mortgage rates by loan type

Hawaii mortgage rate housing market statistics and trends

The housing market in Hawaii is beginning to look better for buyers, with a high percentage of homes selling for below the listing price. However, Hawaii is still one of the most expensive states in the country. As you begin your search, use these statistics to be an informed Hawaii house hunter:

• Median sales price (March 2026): $772,300
• Median days on market (April 2026): 84
• Number of homes for sale (April 2026): Down by about 2% year-over-year
• Percentage of sales under list price: 65.9%

Sources: Redfin, Zillow, FRED

Mortgage options in Hawaii

First-time homebuyer programs in Hawaii

If you’re an eligible first-time homebuyer in Hawaii, you might want to consider one or more of these special financing programs:

• HHOC Mortgage Down Payment Assistance Loan: This program requires just 3% down and comes with a maximum interest rate of 4.5%.
• HHOC Mortgage Deferred Closing Costs Assistance Loan: This program includes a 15-year deferred loan of up to $10,000 on a 2:1 matching basis to help you cover your down payment and closing costs, including points.
• HHOC Mortgage Booster: This program requires a minimum down payment of 3%. It offers up to $50,000 at a 3% interest rate on a 30-year loan to help boost your borrowing amount.
• Max HLPR (Home Loan Payment Relief) Loan: This is a deferred 0% loan to help cover a down payment, with payments beginning 20 years after your purchase (earlier if you sell). The program also has a shared equity agreement, which means you'll pay HHOC Mortgage a portion of the net proceeds when you sell the home for a profit.
• HawaiiUSA Federal Credit Union first-time homebuyer mortgage program: If you’re a member of this credit union, you might qualify for its first-time homebuyer mortgage, which requires only 3% down and waives some loan origination costs.
• Honolulu Down Payment Loan Program: Available to homebuyers on Oahu who meet fairly stringent income restrictions, this program provides a zero-fee, zero-interest, 20-year loan of up to $40,000 to help with the down payment.
• Mortgage credit certificate (MCC): Hawaii’s mortgage credit certificate (MCC) allows you to convert a portion of your mortgage interest into a federal tax credit, up to 20% each year. You’ll need to be within income and purchase price limits to qualify for the credit, and there’s a fee to obtain it.

How to find the best mortgage rate in Hawaii for you

Additional Hawaii mortgage resources