BOH & HSFCU Reverse Course — 30-Year Rates Drop 12.5bps as Market Recalibrates
Five of Hawaii's eight tracked lenders adjusted mortgage rates on March 23, 2026. Bank of Hawaii and Hawaii State FCU each cut their 30-year fixed rate by 12.5 basis points — partially unwinding last week's increases. FHB and ASB kept rates flat but reduced points. Central Pacific Bank's 15-year fixed bucked the trend, rising 12.5bps to 5.375%.
Moved Down
4
products
Points Reduced
3
products
Moved Up
1
products
BOH 30-Year Rate Drop — Impact on $800K Loan
Before (Mar 20–22)
$4796/mo
6.000% rate
Today (BOH)
$4669/mo
5.750% rate
Monthly saving
-$128
BOH's APR improved from 6.153% to 5.925%. Points increased from 1.625 to 2.000 — net cost to the borrower depends on how long you hold the loan.
Today's Mortgage Rate Changes (March 23)
| Lender | Product | Old Rate | New Rate | Change | New APR |
|---|---|---|---|---|---|
| Bank of Hawaii | 30-Year Fixed | 6.000% | 5.750% | ↓ 12.5 bps | 5.925% |
| Hawaii State FCU | 30-Year Fixed | 6.000% | 5.875% | ↓ 12.5 bps | 6.051% |
| Hawaii State FCU | 15-Year Fixed | 5.375% | 5.125% | ↓ 12.5 bps | 5.356% |
| Hawaii State FCU | 30-Year Fixed (Low Points) | 6.250% | 6.125% | ↓ 12.5 bps | 6.208% |
| First Hawaiian Bank | 30-Year FixedRate held; points reduced 2.500→2.250 | 6.000% | 5.875% | — pts only | 6.170% |
| First Hawaiian Bank | 15-Year FixedRate held; points reduced 2.500→2.375 | 5.250% | 5.125% | — pts only | 5.620% |
| American Savings Bank | 30-Year FixedRate held; points reduced 2.500→2.250 | 6.000% | 5.875% | — pts only | 6.093% |
| Central Pacific Bank | 15-Year Fixed | 5.250% | 5.000% | ↑ 12.5 bps | 5.557% |
What Happened and Why It Matters
Today's moves look like a partial retracement after last week's sharp increases. On March 20, six lenders raised rates — the broadest single-day move we've tracked. On March 21, HSFCU added another 12.5bps. Today, BOH and HSFCU each gave back 12.5bps while FHB and ASB reduced their discount points (keeping rates flat but lowering APR slightly). CPB's 15-year move in the opposite direction is notable — it suggests lenders are not in lockstep, and the market remains unsettled.
On a net basis, BOH's 30-year fixed is now at 5.875% / 5.925% APR — still higher than before the March 20 spike (when BOH was at 5.625%), but recovering. HSFCU at 5.875% / 6.051% APR with 1.875 points now edges out BOH on APR, making it the best option among the bank/larger-CU group.
Pearl Hawaii FCU and Aloha Pacific FCU continue to hold at 5.000% and have not changed in over two weeks. On an $800,000 30-year mortgage, BOH's improved rate still costs approximately $-190/mo more than Pearl Hawaii FCU.
30-Year Fixed APR Snapshot (March 23)
Credit union membership required for HSFCU, PHFCU, APFCU, and HawaiiUSA FCU. Most Hawaii residents qualify for at least one.
Current Best Mortgage Rates in Hawaii (March 23)
30-Year Fixed — sorted by APR
| Lender | Rate | APR | Points | Mo. Payment |
|---|---|---|---|---|
| HawaiiUSA FCUBest APR | 5.000% | 5.354% | 2.375 | $4295 |
| Bank of Hawaii↓ Today | 5.375% | 5.901% | 2.000 | $4480 |
| Bank of Hawaii↓ Today | 5.750% | 5.925% | 1.875 | $4669 |
| Hawaii State FCU↓ Today | 5.875% | 6.051% | 1.875 | $4732 |
| American Savings↓ Today | 5.875% | 6.093% | 1.750 | $4732 |
| American Savings↓ Today | 5.875% | 6.124% | 0.000 | $4732 |
| First Hawaiian↓ Today | 5.875% | 6.170% | 2.125 | $4732 |
| Central Pacific | 5.875% | 6.197% | 2.000 | $4732 |
15-Year Fixed — sorted by APR
| Lender | Rate | APR | Points | Mo. Payment |
|---|---|---|---|---|
| HawaiiUSA FCU | 3.875% | 4.389% | 1.875 | $5868 |
| Hawaii State FCU↓ Today | 5.125% | 5.356% | 1.500 | $6379 |
| American Savings | 5.000% | 5.371% | 1.875 | $6326 |
| Bank of Hawaii | 5.375% | 5.491% | 0.750 | $6484 |
| Hawaii State FCU↓ Today | 5.375% | 5.510% | 0.875 | $6484 |
Rates as of March 23, 2026. Based on an $800,000 loan amount. Sorted by APR per RESPA guidelines. Credit union rates require membership eligibility.
What This Means for Hawaii Homebuyers
The volatility of the past week — rates up sharply March 20, more increases March 21, now partial reversals March 23 — underscores how quickly Hawaii mortgage rates can move. Borrowers currently in escrow should confirm their rate lock status with their lender. If your lock is expiring soon, today's slight improvement at BOH and HSFCU may create a window.
The credit union advantage remains intact and significant. Pearl Hawaii FCU and Aloha Pacific FCU have not moved in over two weeks. If you qualify for either, the ~100 basis point APR gap vs. major banks is exceptional on Hawaii's high loan amounts. On a $1,000,000 mortgage, that's roughly $500–$600/month in savings.
CPB's 15-year rate increase to 5.375% is a reminder that not all lenders move together. If you are shopping 15-year fixed options, Pearl Hawaii FCU (if available to you) and HSFCU now offer the best APRs. HawaiiUSA FCU remains competitive as well.
See the full rate comparison table
All 8 Hawaii lenders, sorted by APR, updated daily.
Read the March 21 rate alert
HSFCU raised rates to match all four major Hawaii banks.