Updated: December 13, 2024
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The current 30-year mortgage rate in Rhode Island is 6.42%, lower than the national average of 6.83%. Homebuyers can explore programs to lessen mortgage expenses, such as the First-Time Homebuyer Loan and the Homebuyer Renovation Loan/203(k).
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).
This data was last updated in December 2024.
In December 2024, the average APR for a 30-year fixed-rate mortgage in Rhode Island is 6.42%, a decrease from last month's 6.69%. For a $250,000 loan with a 20% down payment, this rate dip could save around $9,981 in total interest over the life of the loan, excluding property taxes or HOA fees.
Mortgage rates fluctuate daily based on economic events and bond market activity. The line chart below shows recent rate trends in Rhode Island, helping you monitor changes and plan your finances.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current rates in Rhode Island can help you budget as you're considering a mortgage.
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 housing market:
First-time homebuyers can learn about typical lender rates and gauge if they're getting a competitive offer.
Homeowners can assess if mortgage refinance makes sense by comparing current rates to their own.
The current rates for a 30-year fixed mortgage in Rhode Island are 6.42% for purchases and 6.73% for refinancing.
In Rhode Island, 30-year fixed-rate mortgages usually have higher rates than 15-year ones due to the longer repayment period, which poses more risk to lenders.
To make an informed decision, explore the range of mortgage types in Rhode Island. A mortgage calculator can help you see how different rates affect your monthly payments, giving you a clearer financial picture as you plan your homeownership journey.
| 4.94% | 5.15% |
The interest rate on a mortgage is the percentage you pay annually to borrow money from a lender. Rhode Island's average interest rate for a 30-year fixed mortgage is 6.35%.
The APR (annual percentage rate) includes the interest rate and other fees like mortgage points. In Rhode Island, the average APR for a 30-year fixed-rate mortgage is 6.42%, providing you with a complete picture of your loan's annual costs.
In Rhode Island, with a credit score of 740 or above and a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.14%. If your score drops below 680, the average APR rises to 7.38%.
Your credit score directly affects the mortgage rates you can get. See the table below to explore rates based on your score and down payment:
| 10-year Fixed | 5.98% |
| 15-year Fixed | 6.23% |
| 20-year Fixed | 6.52% |
| 30-year Fixed | 7.14% |
| 5-year ARM | 8.04% |
| 7-year ARM | 8.45% |
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Rhode Island at 5.94%. Understanding your mortgage options can help you plan a home purchase.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Rhode Island | |
|---|---|---|---|---|
Conventional loans | A conventional loan isn't insured by government agencies but follows guidelines set by Fannie Mae and Freddie Mac. | Rates vary based on credit score and down payment. | 6.42% | |
FHA loans | An FHA loan is backed by the Federal Housing Administration and helps first-time and low-income buyers. | Rate are typically lower for borrowers with less credit history or lower scores. | 7.82% | |
VA loans | A VA loan is guaranteed by the Department of Veterans Affairs for eligible service members and veterans. | Rates are competitive due to government backing and less risk for lenders. | 5.94% | |
USDA loans | USDA loans support rural development by offering 100% financing to homebuyers in eligible rural areas. | Rates are typically lower for eligible rural and suburban homebuyers. | currently unavailable | |
Jumbo loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac, used to buy high-value properties. | Rates may be higher due to the greater risk associated with larger loan amounts. | 6.72% |
Mortgage rates come in two types: fixed and adjustable.
As of December 2024, the average APR for a 30-year fixed mortgage in Rhode Island is 6.42%. For a seven-year adjustable-rate mortgage, it's 7.16%.
Truist, New American and Bank of America are solid choices for securing a mortgage in Rhode Island. They're selected based on state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. However, consider additional lenders, as these are not the only options.
Mortgage rates vary by lender, as each offers different options and terms. Compare rates from multiple lenders to ensure you get the best deal.
Truist offers various mortgage products, including conventional and VA loans. Down payments can be as low as 3%, though this may vary by loan type.
Customer service is available Monday to Friday, 8 a.m. to 8 p.m. ET, and Saturday, 8 a.m. to 5 p.m. ET, via phone, social media or in-person meetings. Truist also offers doctor loan programs, construction-to-permanent loans and affordable lending options.
Pros
Cons
New American offers a wide range of loan products, including conventional, FHA and VA loans. The minimum credit score for FHA loans is 580, while jumbo loans require a score of at least 680. Down payments start at 3% for conventional loans and range from 3.5% to 10% for FHA loans, depending on your credit score.
Customer service is available via phone or email on weekdays, including evenings, and Saturdays. New American also offers loan assistance programs for homeowners in need.
Pros
Cons
Bank of America offers various mortgage options, including fixed-rate and adjustable-rate mortgages, both online and in-person. It provides special options like 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 to Friday, 8 a.m. to 10 p.m. ET, and Saturday, 8 a.m. to 6:30 p.m. ET, via phone, virtual assistance or in-person visits. Bank of America also supports homeowners with programs like America’s Home Grant® and the Down Payment Grant to help ease the financial burden of homebuying.
Pros
Cons
Homeownership includes hidden costs that can affect your budget. You can turn to Rhode Island Housing for homebuying aid, including different mortgage programs.
Program | Description |
|---|---|
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. | |
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. | |
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. | |
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. | |
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. |
Understanding today's mortgage rates in Rhode Island is a common concern for homebuyers. We addressed common questions to help you take the next steps in securing a mortgage.
Current average APRs in Rhode Island vary by loan type. As of December 2024, a 30-year fixed conforming loan has an average APR of 6.42%, while a seven-year adjustable-rate mortgage (ARM) jumbo's average APR is 7.23%.
Rhode Island's current average APR for a 30-year fixed-rate mortgage is 6.42%, below the national average of 6.83%. For a five-year ARM, the state average is 7.21%, also lower than 7.79% nationally.
Your credit score impacts the rates you can qualify for. Generally, a higher credit score can help you access lower mortgage rates since it indicates lower risk to lenders.
Rhode Island offers several mortgage programs to assist homebuyers, such as the First-Time Homebuyer Loan, Homebuyer Renovation Loan / 203(k) and the RI Statewide DPA Grant.
To secure the best mortgage rate in Rhode Island, consider putting in a larger down payment, maintaining a strong credit score and comparing offers from different lenders.
Today's refinance rates in Rhode Island for a 30-year fixed-rate loan average 6.73%. For a 15-year fixed-rate loan, the average APR is 6.25%.
To calculate your mortgage payments, use a mortgage calculator for Rhode Island, which considers your loan amount, interest rate and loan term.
About Zachary Romeo, CBCA
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.
