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Providence

Compare Current Providence, Rhode Island Mortgage Rates

Compare Providence, RI 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 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.

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Providence, RI Mortgage Rates as of May 25, 2024
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Providence, RI Mortgage Rates

May 25, 2024

Current mortgage rates in Providence, RI 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
Providence, RI Rates
National
Average
Comparison
30 Year Fixed Rate
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6.669%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%

How Affordable is Housing in Providence, Rhode Island?

Below we provide helpful information on the real estate market, home prices and housing affordability in Providence. Understand how much you need to earn to afford a home in Providence, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Providence fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Providence is right for you.

The median home value for Providence, RI is $353,455

Based on current mortgage rates and a 10% down payment, you need to make $73,736 per year to buy the median priced home in Providence

With this income, you could qualify for a $318,110 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 Providence is $1,708

The median household income for Providence, RI is $68,352

Based on this income, you can afford a home valued at approximately $327,643

The home price you can afford to buy based on household income in Providence is 93% of the median home value which means housing prices are expensive. Providence ranks 3 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 expensive

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Loan Limits for Providence, Rhode Island

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

1 unit: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Providence, RI

1 unit: $661,250
2 units: $846,500
3 units: $1,023,250
4 units: $1,271,650

VA loan limits for Providence, RI

1 unit: $726,200

Additional Mortgage Resources for Providence, RI Residents

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