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Rhode Island

Current Rhode Island Mortgage Rates

Compare mortgage rates and closing costs for leading lenders in Rhode Island. Review free, personalized mortgage rates for Rhode Island based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Rhode Island. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates for Rhode Island as of December 11, 2019
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

How Do Today's Rhode Island Mortgage Rates Compare?

December 11, 2019

The current average rate for a 30 year fixed rate mortgage in Rhode Island is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Rhode Island Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Rhode Island?

The median home value for Rhode Island is $277,097

The median household income for Rhode Island is $62,782

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Rhode Island is $51,410

The home price you can afford to buy based on household income in Rhode Island is 122% of the median home value which means housing prices are expensive. Rhode Island ranks 37 out of 50 states for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the real estate market in Rhode Island is expensive

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Additional Mortgage Resources for Rhode Island Residents

Mortgage Rates for Rhode Island Cities

Bristol Mortgage Rates

Newport Mortgage Rates

Providence Mortgage Rates

South Kingstown Mortgage Rates

Warwick Mortgage Rates

Sources

US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs

FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat

Income Growth: https://www.bls.gov

National Average Rates: http://www.freddiemac.com/pmms/

FREEandCLEAR Housing Affordability Index