Rate Alert: CPB Cuts Hawaii Mortgage Rates, BOH HELOC Drops
Central Pacific Bank lowered both its 30-year and 15-year fixed mortgage rates by 12.5 basis points today, while Bank of Hawaii trimmed HELOC intro rates by 15 basis points. A mixed day overall — 15-year fixed rates rose at BOH and ASB.
CPB 30-Year Rate Drop — Savings on $800K Loan
Yesterday
$4732/mo
5.875% rate
Today
$4926/mo
6.250% rate
Monthly savings
-$-193
Today's Mortgage Rate Changes
| Lender | Product | Old Rate | New Rate | Change | New APR |
|---|---|---|---|---|---|
| Central Pacific Bank | 30-Year Fixed | 5.875% | 6.250% | ↓ 13 bps | 6.582% |
| Central Pacific Bank | 15-Year Fixed | 5.125% | 5.250% | ↓ 13 bps | 5.922% |
| Bank of Hawaii | 15-Year Fixed | 5.250% | 5.375% | ↑ 13 bps | 5.491% |
| American Savings Bank | 15-Year Fixed | 5.000% | 5.125% | ↑ 13 bps | 5.518% |
BOH HELOC Rates Drop 15 Basis Points
Bank of Hawaii quietly cut its HELOC introductory rates today. The 2-year intro rate fell from 5.55% to 5.40% APR, and the 5-year intro rate dropped from 5.80% to 5.65% APR. The fully indexed variable rate (prime + 0.50%) remains unchanged at 7.25%.
| Product | Old Intro APR | New Intro APR | Change | Variable APR |
|---|---|---|---|---|
| Bank of Hawaii 2-Year Intro HELOC | 5.55% | 5.30% | ↓ 15 bps | 7.25% |
| Bank of Hawaii 5-Year Intro HELOC | 5.80% | 5.65% | ↓ 15 bps | 7.25% |
Context: A Split Day for Hawaii Rates
Today's moves were mixed. CPB's 12.5 basis point cuts on 30-year and 15-year fixed rates are a positive signal — the bank had been one of the higher-priced options for 30-year conforming loans and is now more competitive with First Hawaiian Bank. However, both BOH and ASB raised their 15-year fixed rates by 12.5 basis points, partially reversing yesterday's gains.
The HELOC moves at BOH are meaningful for homeowners considering a home equity line. At 5.40% for a 2-year intro, BOH is now more competitive against FHB (5.65% for 2-year intro) and ASB (5.55% for 24-month intro). Pearl Hawaii FCU still leads HELOC pricing with a 3-year intro at just 4.50%.
Credit unions (APFCU, PHFCU, HawaiiUSA FCU) did not adjust rates today.
Current Best Mortgage Rates in Hawaii (March 18)
30-Year Fixed — sorted by APR
| Lender | Rate | APR | Points | Mo. Payment |
|---|---|---|---|---|
| Bank of Hawaii | 5.750% | 6.250% | 1.625 | $4669 |
| American Savings | 6.000% | 6.252% | 0.000 | $4796 |
| Bank of Hawaii | 6.125% | 6.280% | 1.625 | $4861 |
| Hawaii State FCU | 6.125% | 6.304% | 1.875 | $4861 |
| Hawaii State FCU | 6.375% | 6.447% | 0.750 | $4991 |
| American Savings | 6.250% | 6.487% | 1.875 | $4926 |
15-Year Fixed — sorted by APR
| Lender | Rate | APR | Points | Mo. Payment |
|---|---|---|---|---|
| Bank of Hawaii | 5.500% | 5.655% | 1.000 | $6537 |
| American Savings | 5.250% | 5.684% | 2.250 | $6431 |
| Hawaii State FCU | 5.500% | 5.812% | 2.000 | $6537 |
| First Hawaiian | 5.375% | 5.920% | 2.500 | $6484 |
| Central Pacific | 5.250% | 5.922% | 2.125 | $6431 |
Current Best HELOC Rates in Hawaii (March 18)
| Lender | Product | Intro APR | Intro Term | Variable APR |
|---|---|---|---|---|
| Hawaii State FCU | Home Equity LOC (2-yr promo) | 5.25% | 24 mo. | 6.50% |
| American Savings | Equity Express HELOC (2-yr promo) | 5.55% | 24 mo. | 6.75% |
| Bank of Hawaii | Bankoh Home EquityLine (2-yr promo) | 5.30% | 24 mo. | 7.25% |
| Bank of Hawaii | Bankoh Home EquityLine (5-yr promo) | 5.65% | 60 mo. | 7.25% |
| Pearl Hawaii FCU | Home Equity Line (3-yr promo) | 4.50% | 36 mo. | 7.25% |
| Central Pacific | Home Equity Line of Credit (2-yr promo) | 5.40% | 24 mo. | 7.75% |
| First Hawaiian | Home Equity Line (2-yr promo) | 5.30% | 24 mo. | 8.36% |
| First Hawaiian | Home Equity Line (5-yr promo) | 5.70% | 60 mo. | 8.36% |
HELOC rates sorted by variable APR. Intro rates require auto-pay from a deposit account at the same institution.
What To Do With This Information
If you're evaluating CPB for a home purchase or refinance, today's cuts make it meaningfully more competitive. CPB's 30-year fixed at 5.750% (6.093% APR) is now on par with First Hawaiian Bank's 5.750%/6.08% APR — and lower than ASB at 5.875%/6.141% APR.
For HELOC shoppers: BOH's 2-year intro at 5.40% and HSFCU's 2-year intro at 5.25% are the most competitive bank and credit union options for shorter draw periods. Pearl Hawaii FCU's 3-year intro at 4.50% remains the best overall if you qualify for membership.
The credit unions continue to offer the lowest 30-year fixed APRs in Hawaii — Pearl Hawaii FCU at 5.213% and Aloha Pacific FCU at 5.279% — though both require discount points. Run the break-even analysis before paying points.
See the full rate comparison table
All 8 Hawaii lenders, sorted by APR, updated daily.