Updated: January 18, 2024
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To help you choose the loan that best meets your financial goals, MoneyGeek has compiled mortgage refinance rates in Rhode Island. The table below displays the most recent average rates for different mortgage types and terms in Rhode Island.
Every Rhode Island homeowner will have a different idea of what they consider to be a “good” refinance rate. The rates depend on their specific loan conditions, credit score and other factors.
In Rhode Island, the average rates are 4.51% for a 15-year fixed-rate mortgage (FRM), 5.17% for a 30-year FRM and 3.84% for a 5/1 adjustable-rate mortgage (ARM).
The Federal Reserve Bank of St. Louis estimates that the average mortgage rates nationwide for the previously mentioned loan categories are 4.92%, 5.81% and 4.41%, respectively. Rhode Island's average mortgage interest rates are currently lower than the national average rates.
Mortgage refinance rates in Rhode Island may fluctuate frequently. It's likely that your actual refinance rate in Rhode Island will change from the estimate you received today. You can find the best offer for your needs by comparing rates from various mortgage companies.
Depending on various factors, rates may vary from day to day based on the market and between homeowner profiles. You can calculate the monthly payment you will need to finance your property with MoneyGeek's mortgage calculator. To get started, enter your mortgage information using the rates above.
MoneyGeek answers frequently asked questions to help you fully understand important details regarding refinance rates in Rhode Island.
A good refinance rate in Rhode Island depends on averages and your profile. Average refinance rates in the state are 3.84% to 5.17%.
A bad refinance rate in Rhode Island is one that is higher than your current rate. The goal is to save money, not spend more.
Choosing an interest rate that is around the 30-year FRM average rate in Rhode Island of 5.17% is a wise choice.
If you can get a lower rate than the average 15-year FRM in Rhode Island of 4.51%, you are getting a good deal.
If your rate is comparable to the average rate for a 5/1 ARM in Rhode Island of 3.84%, you're getting a good deal.
