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Newport

Current Mortgage Rates in Newport, Rhode Island

Compare mortgage rates and fees for leading lenders in Newport, RI. 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 lender offering the best mortgage rates in Newport.

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

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Mortgage Rates in Newport, RI as of August 22, 2019
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

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 Newport, RI Mortgage Rates Compare?

August 22, 2019

The current average rate for a 30 year fixed rate mortgage in Newport 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
Newport, RI Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Newport, Rhode Island?

The median home value for Newport, RI is $403,236

The median household income for Newport, RI is $77,770

Based on current mortgage rates and a 10% down payment, you need to make $74,813 per year to buy the median priced home in Newport

The home price you can afford to by based on household income in Newport is 104% of the median home value which means housing prices are average

Newport ranks 5 out of 5 counties in Rhode Island and 2,978 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Newport, RI is average

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Loan Limits for Newport, Rhode Island

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Newport below.

Conforming loan limits for Newport, RI

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Newport, RI

1 unit: $454,250
2 units: $581,500
3 units: $702,900
4 units: $873,550

VA loan limits for Newport, RI

1 unit: $484,350

Additional Mortgage Resources for Newport, RI 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/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index