Today's Mortgage Rates in Rhode Island

Today's 30-year mortgage rate in Rhode Island is 6.69%, which is lower than the national average of 6.90% for the same type of mortgage. To lessen their mortgage expenses, homebuyers can explore beneficial programs such as the First-Time Homebuyer Loan and the RI Statewide DPA Grant.

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.

The current mortgage rate in Rhode Island for a 30-year fixed mortgage is 6.69% this July 2024, up from 6.49% the last month — an increase of 20 basis points. What this means for you — if you're taking out a $250,000 loan with a 20% down payment—is an uptick in the total interest you'll pay by about $9,506, even though it doesn't include other costs like property taxes and HOA fees. A small 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.

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.

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:

Purchase rates and refinance rates for a mortgage can differ. 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 6.69% — for refinance, it's slightly higher at 6.81%.

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

To make an informed decision, delve into 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.

In Rhode Island, if your credit score sits comfortably at 740 or above and you're looking to put down between 5% and 20%, expect an average APR of 7.01% for a 30-year fixed mortgage. Should your score dip below 680 with the same down payment, the average APR climbs to 8.06%.

Your credit score directly impacts the mortgage rates you can get in Rhode Island. Explore the interactive table to pin down the rates you could snag based on your credit score and how much you plan to put down:

In July 2024, 30-year fixed rate VA loans offer the lowest average APR at 6.31% for a 30-year fixed mortgage in Rhode Island. Knowing your mortgage options can influence your financial well-being as you plan a home purchase. See the table below for a snapshot of mortgage loan types available in Rhode Island:

Truist, Bank of America and New American stand out as solid choices for securing a mortgage in Rhode Island, 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. To make sure you land the best deal, it's wise to compare rates across several mortgage lenders in Rhode Island.

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

Understanding today's mortgage rates in Rhode Island can raise a lot of questions for homebuyers. We've addressed commonly asked questions borrowers have about current mortgage rates in the state.