Today's Mortgage Rates in Rhode Island (August 2024)

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Updated: September 4, 2024

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Today's 30-year mortgage rate in Rhode Island is 5.89%, which is lower than the national average of 6.42% for the same type of mortgage. Homebuyers can explore beneficial programs to lessen mortgage expenses, such as the First-Time Homebuyer Loan and the Homebuyer Renovation Loan/203(k).

We'll guide you through understanding today's 30-year mortgage rate in Rhode Island and show you how different loan types may have varying rates. With insights on how mortgage rates are affected by your credit score and an overview of available mortgage types, rate structures, lenders and programs specific to Rhode Island, you'll be able to navigate your home financing confidently.

MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Rhode Island. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).

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This data was last updated on August 2024.

Current Mortgage Rates in Rhode Island

The current mortgage rate in Rhode Island for a 30-year fixed mortgage is 5.89% this August 2024, down from 6.7% the last month. If you're taking out a $250,000 loan with a 20% down payment, the total interest you'll pay will be lower by about $41,296, not including other costs like property taxes and HOA fees. A slight movement in rates can influence your finances substantially over time.

Our line chart demonstrates the trend of mortgage rates in Rhode Island, allowing you to see the pattern of rate changes over recent months and plan accordingly.

Current Mortgage Rates in Rhode Island (Jan to May

Understanding the current mortgage rate in Rhode Island can help you budget as you're considering a mortgage. Rates may adjust daily due to economic events and changes in the bond market.

Who Needs to Know Current Mortgage Rates in Rhode Island?

Whether you're a first-time homebuyer or a seasoned investor, staying informed about today's mortgage interest rates in Rhode Island can shape your decisions in the state's housing market:

    coupleG icon

    First-time homebuyers

    First-time homebuyers in Rhode Island can learn about typical lender rates and gauge if they're getting a competitive offer.

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    Homeowners with mortgages

    Homeowners in Rhode Island can assess if mortgage refinance is a smart choice by comparing current rates to their own.

If you're looking at the current mortgage rate for a 30-year fixed mortgage in Rhode Island, you'll see a purchase APR of 5.89%. For refinance, the rate is slightly lower at 5.82%.

Current Mortgage Rates in Rhode Island by Loan Type

When weighing your options between a 30-year fixed-rate mortgage and a 15-year fixed-rate mortgage in Rhode Island, expect that rates for the 30-year are typically higher. The extended repayment time frame introduces more risk for the lender, leading to higher rates.

To make an informed decision, review the range of mortgage loan types in Rhode Island. A mortgage calculator is a handy tool that can show you the impact of different rates on your monthly payments, providing a clearer financial picture as you plan your homeownership journey.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.76%APR5.91%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate on a mortgage is the percentage you pay annually to borrow money from a lender. In Rhode Island, the average mortgage interest rate for a 30-year fixed mortgage is currently 5.82%.

The APR, or annual percentage rate, represents the broader cost of borrowing money for a mortgage, including the interest rate and other fees like mortgage points. In Rhode Island, the average APR for a 30-year fixed-rate mortgage is 5.89%, providing you with a complete picture of the annual costs associated with your loan.

Current Mortgage Rates in Rhode Island by Credit Score

In Rhode Island, if your credit score is 740 or above and you're looking to make a down payment between 5% and 20%, expect an average APR of 6.29% for a 30-year fixed mortgage. Should your score dip below 680 with the same down payment, the average APR climbs to 7.78%.

Your credit score directly impacts the mortgage rates you can get in Rhode Island. Explore the interactive table to see the rates you could get based on your credit score and down payment:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.94%
15-year FixedAPR5.36%
20-year FixedAPR6.00%
30-year FixedAPR6.33%
5-year ARMAPR7.42%
7-year ARMAPR7.11%

Mortgage Types in Rhode Island

In August 2024, 30-year fixed loans have the lowest average APR for a 30-year fixed-rate mortgage in Rhode Island at 5.89%. Knowing your mortgage options can influence your financial well-being as you plan a home purchase. The table below provides a snapshot of mortgage loan types available in Rhode Island:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Rhode Island

Conventional Loans

A conventional loan in Rhode Island is not backed by the government and follows Fannie Mae and Freddie Mac guidelines.

Conventional loan rates in Rhode Island vary based on down payment, credit score and loan amount.

5.89%

FHA Loans

FHA loans in Rhode Island are insured by the Federal Housing Administration and are designed to help borrowers with lower incomes.

FHA loans often offer lower rates for borrowers with lower credit scores but may include additional fees.

6.93%

VA Loans

VA loans in Rhode Island are backed by the Department of Veterans Affairs and are available to military service members and veterans.

VA loan rates are influenced by factors specific to the military community, often providing favorable terms.

6.03%

USDA Loans

USDA loans in Rhode Island are backed by the United States Department of Agriculture and aim to aid rural homebuyers.

USDA loans can offer below-market rates for eligible rural and suburban homebuyers meeting certain criteria.

currently unavailable

Jumbo Loans

Jumbo loans in Rhode Island exceed conforming loan limits and are typically used for more expensive properties.

Jumbo loans may carry higher rates due to the larger loan amounts and increased lender risk.

6.28%

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MORTGAGE RATE STRUCTURES IN RHODE ISLAND

Mortgage rates in Rhode Island come in two types: fixed and adjustable.

  • Fixed mortgage rates lock in your rate so your monthly mortgage payments stay the same. Steady payments simplify your budgeting.
  • Adjustable mortgage rates may start lower, possibly allowing you to pay less at the outset. Your payments could vary based on market trends.

As of August 2024, the average APR for a 30-year fixed-rate mortgage in Rhode Island is 5.89%, and for a 5-year ARM, it is 7.31%.

Mortgage Lenders in Rhode Island

Truist, Bank of America and New American are solid choices for securing a mortgage in Rhode Island. They were selected for their state availability, endorsement from the Better Business Bureau and homeowner assistance programs. Remember to consider additional lenders, as these are not the only options in Rhode Island.

The mortgage rate you get in Rhode Island can vary depending on the lender you choose, as each one offers different mortgage options and terms, including the rates. It's wise to compare rates across several Rhode Island mortgage lenders to ensure you land the best deal.


  • Truist
    • 4Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours

    Truist operates in the loan landscape and offers various mortgage products in Rhode Island. If you're in the market for a home, it provides options like conventional and VA loans. Specific details for credit score requirements are not disclosed, but a healthy credit score gives you a better shot at favorable rates. The down payment can be as low as 3% across its various products, although this may vary by loan type.

    Customer service hours are Monday to Friday from 8 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET through phone, social media or in-person meetings. For those looking to build or buy their practice, it offers doctor loan programs. It also offers construction to permanent loans and various affordable lending options to help you with homeownership.

    Pros

    • Unique mortgage programs, including doctor loan
    • Online mortgage calculator with amortization
    • Affordable loans with payment assistance options

    Cons

    • Limited mortgage info without consultation
    • No mortgage payment relief options
    Truist

  • New American
    • 8Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours

    New American is a mortgage lender in Rhode Island with a comprehensive suite of loan products. It offers conventional and government-backed options like FHA and VA loans, catering to a wide variety of borrowers. If you're looking at FHA loans, the minimum credit score is 580, while jumbo loans require a stronger credit profile with a score of at least 680. Regarding down payments, you're looking at down payments as low as 3% for conventional loans; for FHA loans, it ranges from 3.5% to 10% based on your credit score.

    Customer service hours extend into the evenings on weekdays, with availability on Saturdays. You can reach its support team via phone or email. For those seeking extra help, it offers loan assistance programs to homeowners.

    Pros

    • Flexible loan options
    • Competitive interest rates
    • Exceptional customer service

    Cons

    • Some fees are higher than other lenders
    • No branch locations available for in-person service
    • Closing process can take longer than expected
    New American

  • Bank of America
    • 6Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours

    Bank of America provides Rhode Island borrowers both online and in-person services, offering a wide array of mortgage options, including fixed-rate and adjustable-rate mortgages. It keeps the minimum credit score for these products undisclosed but does offer special options such as the affordable loan solution mortgage with a down payment as low as 3% and no down payment for VA loans.

    Customer service is available Monday through Friday from 8 a.m. to 10 p.m. ET and Saturday from 8 a.m. to 6:30 p.m. ET. You can contact the team via phone, virtual assistance or by visiting a branch in person. Bank of America supports homeowners with programs like America’s Home Grant® and Down Payment Grant, which can ease the financial burden often associated with purchasing a home.

    Pros

    • Specialized mortgage options available
    • Client Assistance Program for payment relief
    • Online tools for financial calculations

    Cons

    • Online profile required for prequalification
    • Credit requirement details undisclosed
    • Limited transparency on lending criteria
    Bank of America

Mortgage Programs in Rhode Island

Owning your own home includes hidden costs that can affect your budget. In Rhode Island, you can turn to Rhode Island Housing for homebuying aid, including different mortgage programs.

Program
Description

First-Time Homebuyer Loan

The First-Time Homebuyer Loan in Rhode Island supports home purchases at 100% financing. Eligible properties include one to four-family homes and some condominiums, with prices up to $748,958. Income limits apply with detailed requirements available through the Loan Center, offering opportunities for competitive mortgage rates.

Homebuyer Renovation Loan/203(k)

The Homebuyer Renovation Loan/203(k) combines purchase and renovation expenses into one mortgage for fixer-uppers. The program includes essential repairs managed by licensed contractors. Eligibility depends on FHA loan limits and involves a pre-closing class.

RI Statewide DPA Grant

The RI Statewide DPA Grant awards $17,500 to first-time buyers without repayment obligations. Qualified applicants need a 660 credit score and must meet income guidelines. Completion of an online homebuyer class and partnering with a participating lender are prerequisites.

15kDPA

RIHousing’s 15kDPA assists with $15,000 toward down payment or closing costs as a zero-interest loan. Homebuyers must meet credit and income standards, complete an education course and live in the property as a primary residence. The funds are due upon sale or transfer.

FirstGenHomeRI

The FirstGenHomeRI aids those whose parents never owned a home with $25,000 in forgivable loans for down payments or closing costs. Applicants must have a 660 credit score, abide by income limits and settle in specific Rhode Island localities.

FAQ: Mortgage Rates in Rhode Island

Understanding today's mortgage rates in Rhode Island can raise many questions for homebuyers. We've addressed commonly asked questions borrowers have about current mortgage rates in the Ocean State.

What are the current mortgage rates in Rhode Island?

Current average APRs for various mortgage products in Rhode Island can fluctuate based on factors such as loan type and market conditions. As of August 2024, a 30-year fixed conforming loan averages 5.89% APR, while the APR for a government 30-year fixed-rate FHA loan is slightly higher at 6.93%.

How do mortgage rates in Rhode Island compare to national rates?

Mortgage rates in Rhode Island may vary from the national rates. For instance, the current average APR for a 5-year adjustable-rate mortgage in Rhode Island is 7.31%, compared to the national average of 7.77%. The average APR for a 15-year fixed-rate mortgage in Rhode Island is 5.19%, slightly below the national average of 5.60% as of August 2024.

How does my credit score impact the mortgage rates I get in Rhode Island?

Your credit score can significantly impact the low mortgage rates you qualify for in Rhode Island. Generally, a higher credit score results in more favorable mortgage rates, while lower scores might lead to higher interest rates.

Are there any special mortgage programs in Rhode Island to help homebuyers?

Yes, Rhode Island offers various mortgage programs to assist homebuyers, like the First-Time Homebuyer Loan, Homebuyer Renovation Loan/203(k) and RI Statewide DPA Grant.

How can I get the best possible mortgage rate in Rhode Island?

To get the best mortgage rates in Rhode Island, consider making a larger down payment, improving your credit score and shopping around to compare offers from multiple lenders.

What are today's mortgage refinance rates in Rhode Island?

As of August 2024, today's refinance rates in Rhode Island feature an average APR of 5.12% for a 15-year fixed loan and 5.82% for a 30-year fixed refinance loan.

How do I calculate my mortgage payments?

You can calculate your mortgage payments using a mortgage calculator for Rhode Island. It considers your loan amount, interest rate, down payment and other factors when estimating your monthly payment.

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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