Current Mortgage Refinance Rates in Rhode Island (December 2024)

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Updated: January 9, 2025

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The current mortgage refinance rates in Rhode Island are 6.25% for a 15-year fixed loan and 6.73% for a 30-year fixed loan. Comparatively, the national average rates are 7.08% for a 30-year fixed refinance and 6.12% for a 15-year fixed refinance.

Whether you're curious about how soon you can refinance or want to know rates by credit score and loan type, MoneyGeek offers up-to-date information on refinance mortgage rates today in Rhode Island, trends over time and practical tips on refinancing your mortgage.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Rhode Island

The current 30-year refinance rate in Rhode Island is 6.73%. According to Experian, the average mortgage debt in Rhode Island is $220,470 as of September 2023. Refinancing your mortgage can be a smart way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

If your current mortgage rate is higher, refinancing could save you thousands of dollars. Below are the current refinance rates in Rhode Island to explore your options.

15-Year Fixed6.15%6.25%
30-Year Fixed6.65%6.73%

Mortgage Refinance Rate Trends in Rhode Island

In October, refinance rate trends in Rhode Island show an upward movement for both 15-year refinance rates and 30-year refinance rates. The 15-year refinance rates increased from 5.78% to 6.08%. Similarly, the 30-year refinance rates rose from 6.50% to 6.97%.

Rhode Island Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise for various reasons, such as the U.S. Federal Reserve's monetary policy, economic growth and inflation. These factors also impact refinance rate trends in Rhode Island. Understanding these elements can help you stay informed about changes in interest rates.

How to Refinance a Mortgage in Rhode Island

Refinancing your mortgage in Rhode Island can lead to lower monthly payments or a shorter loan term. It's a straightforward process with the following steps:

  1. 1

    Check Your Credit Score

    Credit scores affect the rates you qualify for, with a higher score getting you better rates. Consider paying down debt or disputing errors if your credit rating is less than ideal. The average credit score in Rhode Island is 722.

  2. 2

    Determine When to Refinance

    Compare your mortgage with current rates: 6.25% for 15-year and 6.73% for 30-year loans in Rhode Island. If these are lower, consider refinancing. Also, evaluate how long you plan to stay in your home.

  3. 3

    Gather Necessary Documents

    Organize documents like pay stubs, tax returns and bank statements to streamline the refinancing of your current mortgage. This preparation can expedite the approval process.

  4. 4

    Shop Around for Lenders

    Explore various lenders to find the best terms. Consider interest rates, fees and customer service. Comparing options ensures you get the most favorable refinancing deal.

  5. 5

    Understand the Costs

    Be aware of closing costs, appraisal fees and other expenses. Rhode Island's average closing costs are $4,703, according to the National Association of Realtors.

  6. 6

    Apply for the Loan

    Complete the application with your chosen lender. Ensure all information is accurate to avoid delays. Having all documents ready can make this step smoother and faster.

  7. 7

    Lock in Your Interest Rate

    Secure your rate to protect against market changes. A mortgage rate lock ensures stability. Timing can be crucial, so act promptly once rates are favorable.

  8. 8

    Close on Your New Loan

    Finalize your refinancing by signing the necessary paperwork. Review all terms carefully. Scheduling your closing at a convenient time can reduce stress and ensure thoroughness.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments as per the new schedule. Set up automatic payments to avoid missing due dates, ensuring a smooth transition to your new mortgage terms.

  10. 10

    Reevaluate When to Refinance Again

    Monitor market trends and your financial situation to decide if future refinancing is beneficial. Regular reviews can keep you informed and ready to act when opportunities arise.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

How soon you can refinance a mortgage in Rhode Island depends on the type of loan. For conventional loans, refinancing can happen immediately, while a cash-out refinance requires a six-month wait. USDA loans, however, mandate a 12-month waiting period before you can refinance. 

The October refinance rate in Rhode Island stands at 5.84%, which is lower than previous months, making it a good example of when to refinance, especially when rates are favorable. While you can refinance a mortgage within a year, it's generally not advisable unless there's a significant reduction in interest rates, as the additional closing costs can take years to recover.

When to Refinance a Mortgage

You should consider refinancing your mortgage whenever current market conditions could lead to better rates or lower payments overall. Beware of potential closing costs that might offset these savings. Knowing when to refinance a mortgage in Rhode Island ensures you benefit financially. Explore the following scenarios where refinancing could be a smart move:

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    Lower Interest Rates

    Refinancing when interest rates drop can lower monthly payments and save money over time. To find the best rates, consult local banks and credit unions, as they may offer competitive rates.

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    Increased Home Value

    Refinancing when your home's value increases can boost home equity, allowing for better loan terms. Enhancing curb appeal or renovating can raise your home's value, which averages $473,534 in Rhode Island.

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    Improved Credit Score

    An improved credit score can qualify you for better refinancing rates. Paying bills on time and reducing debt can enhance your score.

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    Shorter Loan Term

    Refinancing can give you a shorter repayment term, which reduces total interest paid and builds equity faster. In Rhode Island, the average refinance rate for a 15-year fixed loan is 6.25%, compared to 6.73% for a 30-year fixed loan.

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    Switch Loan Type

    Refinancing to change your loan type — such as moving from an adjustable-rate mortgage (ARM) to a fixed-rate one — can be advantageous. A fixed-rate mortgage provides predictable payments, making budgeting easier.

Mortgage Refinancing in Rhode Island: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Rhode Island by Credit Score

Your credit score can influence the rates you qualify for in Rhode Island. For example, the current average refinance rates in Rhode Island for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower are 7% for scores between 680 and 740, compared to 6.73% for scores above 740. Explore the table below for more details.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
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Loan-to-Value Ratio:80% - 95%
5.81%6.34%

Mortgage Refinance Rates in Rhode Island by Loan Type

Loan type is another factor that can affect the rates you qualify for in Rhode Island. For example, the current average refinance rates in Rhode Island are 6.73% for a 30-year fixed rate loan and 6.25% for a 15-year fixed. The table below shows average APRs for various loan types in Rhode Island.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.57%5.75%

FAQ: Today's Mortgage Refinance Rates in Rhode Island

With market conditions constantly changing, it's natural for Rhode Island homeowners to question how these rates can impact their mortgages and refinance options. We've gathered and addressed the most commonly asked questions about refinance rates in Florida, providing you with clear and factual information.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Providence?

About Zachary Romeo, CBCA

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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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