Compare mortgage rates and fees for leading lenders in Providence, 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 Providence.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Providence. Plus, shopping lenders is free and there is no obligation.
December 14, 2019
The current average rate for a 30 year fixed rate mortgage in Providence 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%
The median home value for Providence, RI is $249,848
The median household income for Providence, RI is $54,136
Based on current mortgage rates and a 10% down payment, you need to make $46,355 per year to buy the median priced home in Providence
The home price you can afford to buy based on household income in Providence is 117% of the median home value which means housing prices are average
Providence ranks 4 out of 5 counties in Rhode Island and 2,887 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Providence, RI is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Providence below.
Conforming loan limits for Providence, RI
FHA loan limits for Providence, RI
VA loan limits for Providence, RI
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