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Rhode Island

Current Rhode Island Mortgage Rates

Compare Rhode Island mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Rhode Island.

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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Rhode Island Mortgage Rates as of January 22, 2022
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Rhode Island Mortgage Rates Compare?

January 22, 2022

Current mortgage rates in Rhode Island are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Rhode Island Rates
National
Average
Comparison
30 Year Fixed Rate
%
3.450%
15 Year Fixed Rate
%
2.620%
5/1 Adjustable Rate Mortgage
%
2.570%

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 $361,038

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Rhode Island is $59,155

With this income, you could qualify for a $324,934 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 $1,370

The median household income for Rhode Island is $76,048

Based on this income, you can afford a home valued at approximately $464,146

The home price you can afford to buy based on household income in Rhode Island is 129% 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