Hawaii Mortgage Rates Reverse — BOH Raises +12.5bps on April 10
Bank of Hawaii fully reversed its April 9 drops, raising its 30-year fixed by 12.5bps to 5.875%/6.016% APR. FHB, CPB, and ASB held rates steady but pushed points higher. The reversal follows a spike in Treasury yields after the Trump administration announced a 90-day tariff pause. HawaiiUSA FCU holds Hawaii's best at 5.250%/5.574% APR.
April 10 Market Snapshot
- ↑ BOH 30yr: 5.750% → 5.875% (+12.5bps) — reverses Apr 9 drop; APR 5.925% → 6.016%
- ↑ BOH 15yr: 5.250% → 5.375% (+12.5bps)
- ↑ BOH VA 30yr: 5.250% → 5.375% (+12.5bps)
- ↑ BOH ARMs (5/6, 7/6, 10/6): all +12.5bps; Jumbo 30yr/15yr also +12.5bps
- — FHB 30yr: rate unchanged 5.875%; pts 2.250 → 2.375; APR 6.18% → 6.19%
- — CPB 30yr: rate unchanged 5.875%; pts 1.875 → 2.125; APR 6.184% → 6.209%
- — ASB 30yr: rate unchanged 5.875%; pts 1.875 → 2.000; APR 6.105% → 6.117%
- — HawaiiUSA FCU: Unchanged; holds Hawaii's best at 5.250%/5.574% APR
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Analysis: Tariff Pause Reverses Three Days of Drops
The three-day mortgage rate decline from April 7–9 was driven by recession fears and flight-to-safety demand for U.S. Treasuries, which pushed the 10-year yield lower. The Trump administration's announcement of a 90-day tariff pause for most trading partners (excluding China) on April 9 reversed that dynamic: equity markets rallied sharply, Treasury safe-haven demand subsided, and yields spiked — taking mortgage rates with them.
Bank of Hawaii moved the fastest, fully reversing yesterday's 12.5bps cut with an equivalent hike. FHB, CPB, and ASB took a different approach — keeping their nominal rates flat but quietly raising discount points by 0.125–0.250, which increases the effective cost (APR) without changing the headline rate. Borrowers comparing rates should look at APR, not just the rate, to understand the full cost.
HawaiiUSA FCU remains Hawaii's best value at 5.250%/5.574% APR — a 62.5bps rate advantage and 44bps APR advantage over the bank cluster. HIFCU's 15-year fixed at 4.250%/4.789% APR is also the lowest 15-year available in the market.
The back-and-forth movement of the past four days — down 12.5bps, down again, then back up — illustrates why timing the mortgage market is difficult. Buyers with an accepted offer should focus on whether today's rates work for their budget, not whether rates might improve further.
Current Hawaii 30-Year Fixed Rates (April 10, 2026)
| Lender | Rate | APR | Points | Change |
|---|---|---|---|---|
| #1HawaiiUSA FCU | 5.000% | 5.354% | 2.375 | ↓ 25.0bps |
| Bank of Hawaii | 5.750% | 5.925% | 1.875 | — |
| Hawaii State FCU | 5.875% | 6.051% | 1.875 | — |
| American Savings | 5.875% | 6.093% | 1.750 | — |
| First Hawaiian | 5.875% | 6.170% | 2.125 | — |
| Central Pacific | 5.875% | 6.197% | 2.000 | — |
| Hawaii State FCU | 6.125% | 6.208% | 0.875 | ↑ 25.0bps |
Sorted by APR (lowest first). Verified April 10, 2026. Change vs. April 9, 2026.
What This Means for Hawaii Buyers
BOH's 12.5bps rate increase costs approximately $47–$50/month on a $640,000 loan (20% down on a $800,000 home) compared to yesterday. While that's meaningful, it also underscores why credit unions — which have consistently held lower rates through this volatile stretch — deserve serious consideration. HawaiiUSA FCU's 5.250% saves borrowers approximately $380/month versus BOH's 5.875% on the same loan.
For buyers who locked at the lower rates on April 7–9 — congratulations. For those still floating, today's reversal is a reminder that waiting for the absolute bottom is a risky strategy. If your purchase timeline is firm, focus on the rate you can lock today, not the rate you might have gotten yesterday.
This is market data only — not financial advice. Consult a licensed mortgage professional for guidance specific to your situation.
Frequently Asked Questions
What happened to Hawaii mortgage rates on April 10, 2026?
Bank of Hawaii reversed its April 9 drops with a 12.5bps rate hike across all products (30yr, 15yr, VA, ARMs, jumbos). FHB, CPB, and ASB kept nominal rates flat but raised discount points, pushing APRs slightly higher. The moves follow a spike in Treasury yields after the Trump administration announced a 90-day tariff pause for most trading partners.
Why did mortgage rates go back up after dropping for three days?
The April 7–9 drops were driven by recession fears and flight-to-safety Treasury demand, which pushed yields lower. When tariff pause news reduced those fears on April 9–10, equity markets rallied, Treasury demand fell, yields spiked, and mortgage lenders followed by raising rates. This is a classic example of rate volatility driven by macro policy uncertainty.
What's the difference between a rate hike and a points increase?
BOH raised its actual rate (from 5.750% to 5.875%). FHB, CPB, and ASB kept their nominal rates the same but raised discount points — the upfront fee paid to get that rate. More points = higher closing cost = effectively a more expensive loan, which is why APR (which includes points) went up even when the rate didn't. Always compare APR, not just the rate, to understand the true cost.
Should I still consider a credit union for my Hawaii mortgage?
Yes. HawaiiUSA FCU's 5.250%/5.574% APR represents the best rate available in Hawaii today — 62.5bps below the major bank cluster. Membership is required (typically open to Hawaii residents or employees of qualifying organizations). Hawaii State FCU at 5.875%/6.051% APR (1.875 pts) also competes favorably with the banks on APR. Credit unions are worth checking eligibility for before committing to a bank.