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.
