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South Kingstown

Current Mortgage Rates in South Kingstown, Rhode Island

Compare mortgage rates and fees for leading lenders in South Kingstown, 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 South Kingstown.

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

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Mortgage Rates in South Kingstown, RI as of March 31, 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 South Kingstown, RI Mortgage Rates Compare?

March 31, 2020

The current average rate for a 30 year fixed rate mortgage in South Kingstown 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
South Kingstown, 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 South Kingstown, Rhode Island?

Below we provide helpful information on the real estate market, home prices and housing affordability in South Kingstown. Understand how much you need to earn to afford a home in South Kingstown, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in South Kingstown 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 South Kingstown is right for you.

The median home value for South Kingstown, RI (Washington County) is $375,517

Based on current mortgage rates and a 10% down payment, you need to make $67,583 per year to buy the median priced home in South Kingstown

With this income, you could qualify for a $337,966 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 South Kingstown is $1,565

The median household income for South Kingstown, RI (Washington County) is $82,116

Based on this income, you can afford a home valued at approximately $456,268

The home price you can afford to buy based on household income in South Kingstown is 122% of the median home value which means housing prices are average. South Kingstown (Washington County) ranks 2 out of 5 counties in Rhode Island and 2,845 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for South Kingstown, Rhode Island

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for South Kingstown (Washington County) below.

Conforming loan limits for South Kingstown, RI

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

FHA loan limits for South Kingstown, RI

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

VA loan limits for South Kingstown, RI

1 unit: $510,400

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