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Providence

Current Mortgage Rates in Providence, Rhode Island

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.

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Mortgage Rates in Providence, RI as of January 23, 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 Providence, RI Mortgage Rates Compare?

January 23, 2020

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%

Mortgage Program
Today's
Providence, RI 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 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 $263,340

Based on current mortgage rates and a 10% down payment, you need to make $47,394 per year to buy the median priced home in Providence

With this income, you could qualify for a $237,006 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 $1,098

The median household income for Providence, RI is $55,400

Based on this income, you can afford a home valued at approximately $307,824

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 3 out of 5 counties in Rhode Island and 2,877 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

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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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Providence, RI

1 unit: $460,000
2 units: $588,850
3 units: $711,800
4 units: $884,600

VA loan limits for Providence, RI

1 unit: $510,400

Additional Mortgage Resources for Providence, RI Residents

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