FHB & BOH Raise All Mortgage Rates +12.5bps — HawaiiUSA FCU 15-Year Drops
First Hawaiian Bank and Bank of Hawaii both raised all mortgage products by 12.5 basis points on March 24, reversing yesterday's partial recovery. HawaiiUSA FCU bucked the trend, cutting its 15-year fixed 12.5bps to 4.375% (4.935% APR) — now the best 15-year rate among all tracked Hawaii lenders. Hawaii State FCU held rates but increased points. Four of eight lenders adjusted today.
Moved Up
5
products
Moved Down
1
products
Points Change
1
products
FHB 30-Year Rate Increase — Impact on $800K Loan
Before (Mar 23)
$4796/mo
6.000% rate
Today (FHB)
$4732/mo
5.875% rate
Monthly increase
+$-64
FHB's 30-year APR moved from 6.330% to 6.170% with 2.250 discount points. All FHB ARM products also increased 12.5bps today.
HawaiiUSA FCU 15-Year Drop — Impact on $800K Loan
Before (Mar 23)
$6120/mo
4.500% rate
Today (HawaiiUSA FCU)
$5868/mo
3.875% rate
Monthly saving
-$252
HawaiiUSA FCU's 15-year APR is now 4.389% with 1.875 discount points — the best 15-year rate among all tracked Hawaii lenders.
Today's Mortgage Rate Changes (March 24)
| Lender | Product | Old Rate | New Rate | Change | New APR |
|---|---|---|---|---|---|
| First Hawaiian Bank | 30-Year Fixed | 6.000% | 5.875% | ↑ 12.5 bps | 6.170% |
| First Hawaiian Bank | 15-Year Fixed | 5.250% | 5.125% | ↑ 12.5 bps | 5.620% |
| First Hawaiian Bank | 7/6 ARM | 5.250% | 5.375% | ↑ 12.5 bps | 6.250% |
| Bank of Hawaii | 30-Year Fixed | 5.875% | 5.750% | ↑ 12.5 bps | 5.925% |
| Bank of Hawaii | 15-Year Fixed | 5.500% | 5.375% | ↑ 12.5 bps | 5.491% |
| HawaiiUSA FCU | 15-Year Fixed | 4.500% | 3.875% | ↓ 12.5 bps | 4.389% |
| Hawaii State FCU | 30-Year FixedRate held; points increased 1.750→2.000 | 5.875% | 5.875% | — pts only | 6.051% |
What Happened and Why It Matters
Today's increases from FHB and BOH reverse yesterday's partial recovery and continue a pattern of significant volatility over the past week. Since March 20, when six lenders moved simultaneously in the broadest single-day adjustment on record, Hawaii mortgage rates have been oscillating sharply. FHB's 30-year fixed has now risen from 6.000% (pre-March 20) to 6.125% — a net +12.5bps swing. BOH has returned to 6.000% after briefly dipping to 5.875% yesterday.
HawaiiUSA FCU's 15-year cut stands out as a meaningful counter-move. At 4.375% / 4.389% APR, it is now the lowest 15-year rate among all eight tracked lenders — and well below the major banks. On an $800,000 loan, the monthly payment is $5868/mo compared to $6484/mo at BOH.
Hawaii State FCU held its 30-year rate at 5.875% but increased points from 1.750 to 2.000 — effectively increasing the total cost of the loan without changing the advertised rate. The resulting APR moved from 6.027% to 6.051%.
CPB, ASB, APFCU, and PHFCU did not adjust today, holding at their current rates.
The spread between the top credit unions and major banks continues to widen. On a $800,000 30-year mortgage, BOH now costs approximately $-190/mo more than Pearl Hawaii FCU — or $-68297 more over the life of the loan.
30-Year Fixed APR Snapshot (March 24)
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 24)
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 | 5.875% | 6.051% | 1.875 | $4732 |
| American Savings | 5.875% | 6.093% | 1.750 | $4732 |
| American Savings | 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↓ Today | 3.875% | 4.389% | 1.875 | $5868 |
| Hawaii State FCU | 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 | 5.375% | 5.510% | 0.875 | $6484 |
Rates as of March 24, 2026. Based on an $800,000 loan amount. Sorted by APR per RESPA guidelines. Credit union rates require membership eligibility.
Frequently Asked Questions
Why did FHB and BOH raise rates again after yesterday's improvement?
The back-and-forth moves reflect continued uncertainty in the bond market. Hawaii lenders generally price 30-year fixed mortgages against the 10-year Treasury yield, which has been volatile. Yesterday's improvement at BOH and HSFCU appears to have been short-lived — FHB and BOH are now both at or above their post-March 20 levels.
Should I lock my mortgage rate now?
We can't predict rate direction, but the past week demonstrates how quickly Hawaii mortgage rates can move — in both directions. If you're in escrow or shopping seriously, discuss rate lock options with your lender. The current credit union advantage (Pearl Hawaii FCU, Aloha Pacific FCU, HawaiiUSA FCU) is significant and may not persist indefinitely.
What is HSFCU doing with its points increase?
When a lender increases discount points without changing the rate, they are effectively increasing the total loan cost. HSFCU moved from 1.750 to 2.000 points — on a $800,000 loan, that's an additional $2,000 in upfront fees. The APR moved accordingly from 6.027% to 6.051%, which is the correct measure of total loan cost.
What This Means for Hawaii Homebuyers
The volatility since March 20 underscores how rapidly Hawaii mortgage rates can move. Three key takeaways from today's data:
- Credit unions remain the best option for most borrowers. Pearl Hawaii FCU (5.213% APR), Aloha Pacific FCU (5.279% APR), and HawaiiUSA FCU (5.725% APR) all hold significant advantages over the major banks. The gap has widened this week as banks moved up.
- HawaiiUSA FCU is the standout 15-year option. At 4.375% / 4.389% APR, it is the most competitive 15-year fixed rate among all Hawaii lenders today — a meaningful improvement from yesterday.
- Points matter. HSFCU's points increase is a reminder to evaluate APR, not just the advertised rate. Our comparison table sorts by APR and shows upfront point costs for this reason.
If you're currently locked at a rate above 6.5%, the current environment may also be worth revisiting for a refinance — check our Hawaii refinance break-even guide to run the numbers.
See the full rate comparison table
All 8 Hawaii lenders, sorted by APR, updated daily.
Read the March 23 rate alert
BOH & HSFCU reversed course — 30-year rates dropped 12.5bps.