Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.
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.
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.
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.
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:
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 vs USA
Mortgage Fees for Conventional Loans in Hawaii
Purchase Price for Conventional Loans in Hawaii vs USA