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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 March 31, 2020
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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.
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How Do Today's Rhode Island Mortgage Rates Compare?

March 31, 2020

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%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Rhode Island?

Below we offer valuable insights on the housing market and real estate prices in Rhode Island. Understand how much you need to make to buy a house in Rhode Island, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Rhode Island is affordable for you. We provide this helpful information to help you decide if living in Rhode Island is right for you.

The median home value for Rhode Island is $293,962

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Rhode Island is $52,906

With this income, you could qualify for a $264,566 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Rhode Island is $1,225

The median household income for Rhode Island is $64,249

Based on this income, you can afford a home valued at approximately $356,989

The home price you can afford to buy based on household income in Rhode Island is 121% of the median home value which means housing prices are expensive. Rhode Island ranks 36 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