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Hawaii Mortgage Rates

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Hawaii Mortgage Rates

Comparing Hawaii Mortgage Rates with National Rates

In order to help you see how Hawaii mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Hawaii

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Hawaii

In order to qualify for the best mortgage rates in Hawaii it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Hawaii

Hawaii is the fortieth most populous US state. According to the US census, as of 2016, there is an estimated population of over 1.4 million residents, which represents 0.4% of the US population.

According to Wikipediatourism is the largest industry in Hawaii. Other important components of the economy are agriculture, and the military.

According to the Glassman-ACS report for 2015, Hawaii had the seventh lowest poverty level, with 10.6% percent of people below the poverty level in 2015. The median household economy in 2015 was approximately $73,486 considerably higher than the national average of $55,775.

Based on 2015 HMDA data, Hawaii compared to National loan program distribution, had a much lower percentage of purchase loans (43% vs 51% national) and higher share of refinance loans (52% vs 46% nationally). Conventional loans were a similar to national averages (70% vs 69% nationally). FHA loan share was much smaller (6% vs 20% nationally), whereas VA loans were much larger (22% vs 10% nationally).

Here are some outside resources that can help you understand the Hawaii mortgage environment:

  1. FHA loan amounts in Hawaii: (note:set the table to Hawaii). There are 5 counties in the state of Hawaii. Hawaii has higher limits than other states. (except for Alaska). None of the counties have the lower limit currently at $275,665. One county has a mid-level limit ($368,000) and the other 4 counties have a super high limit over the regular high limit at $636,150. (One county at $713,000, one at $721,050 and two at $657,800).
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Hawaii and your county or check out the FHFA conforming limit map. Note: Special statutory provisions establish different loan limit calculations for Alaska, Hawaii, Guam and the U.S. Virgin Islands. In these areas, the baseline loan limit will be $636,150 for one-unit properties, but actual loan limits may be higher in some specific locations” The FHFA loan limits for Hawaii are similar to the FHA limits, except that one county has the higher baseline limit of $636,150. The other four counties have higher limits, similar to those set by the FHA.
  3. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Hawaii

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Hawaii and the US:

  • Mortgage Rates for Conventional Loans in Hawaii
  • Mortgage Fees for Conventional Loans in Hawaii
  • Loan Amount for Conventional Loans in Hawaii

 

Mortgage Rates for Conventional Loans in Hawaii vs USA

 

Mortgage Fees for Conventional Loans in Hawaii

 

Purchase Price for Conventional Loans in Hawaii vs USA

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