Interest Rate
Average home price

If you want to purchase a home in Rhode Island, you’ll want to make certain you land the best mortgage rate possible.Your rate will vary, depending on a range of criteria, such as your annual income, your debt-to-income ratio, the amount of money you plan to use as a down payment, and your credit score.

To ensure the best Rhode Island mortgage rate, you need to be prepared. Several things you can do to get ready are to check your credit score before you apply for the loan, gather the necessary documents before you speak to a loan officer, and obtain preapproval from a professional mortgage lender for your loan.

Here’s a quick look at current Rhode Island mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.928% 7.007% +0.32%
Conventional 15 year fixed 6.211% 6.326% +0.23%
Conventional 5 year ARM 7.152% 7.868% +0.03%
FHA 15 year fixed 6.125% 6.822% Unchanged
FHA 30 year fixed 5.938% 6.715% Unchanged
VA 30 year fixed 6.045% 6.269% +0.1%
VA 15 year fixed 5.375% 5.937% +0.13%
VA 5 year ARM 6.075% 6.989% -0.02%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Rhode Island

Are you looking to purchase a home in Rhode Island? The Ocean State just might have the home you’ve been dreaming of for years! Here’s everything that you need to know about the state.

The tiny state of Rhode Island still boasts a total population of more than 1 million individuals, and nearly half of them live in the state’s largest five cities:

  • Providence (state capital)
  • Warwick
  • Cranston
  • Pawtucket
  • Est Providence

Do you have a sense of how much home you can afford? Rhode Island ranks 16th in US homes for sale at average price, and 33rd for homes over $1,000,000. If you’re serious about looking, you want to make sure you obtain loan preapproval so you can plan your budget.

First-time Homebuyers

First-time homebuyers may qualify for a program administered by Rhode Island Housing (RIHousing), which can provide up to 100 percent financing by combining a First-Time Homebuyer Loan program and down payment assistance. A First-Time Homebuyer Loan Has income and purchase price limits, and is a conventional 30 year loan.

Rhode Island down payment assistance is supplied as a RIHousing 10kDPA loan, a $10,000 deferred down payment assistance loan that has no-interest and won’t require any payments until you sell the home or move out of it.

Alternatively, a RIHousing Extra Assistance loan can deliver up to $15,000 or 6% of a home’s purchase price, whichever is less, with interest that matches the main mortgage and no extra fees.

To qualify, you must:

  • Be taking out an RIHousing first mortgage as a first-time buyer
  • Occupy the home as your primary residence
  • Hold a minimum 620 credit score
  • Submit completion of a homebuyer education course

Refinancing in Rhode Island

If it’s time to refinance a home in Rhode Island so that you can take advantage of favorable Rhode Island mortgage rates, here are some strategies to consider:

  • Refinance so that you can access some of the equity you’ve earned
  • Refinance your loan to have a longer term, i.e. pay off over more years
  • Refinance so that you don’t have to pay private mortgage insurance
  • Refinance so you can take advantage of a better interest rate

You may want to look into the option to qualify for a streamlined refinance for certain types of loan. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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