Rhode Island Mortgage and Refinance Rates
As of Friday, October 22, 2021, current rates in Rhode Island are 3.16% for a 30-year fixed, 2.47% for a 15-year fixed, and 2.88% for a 5/1 adjustable-rate mortgage (ARM).
We’ll help you find Rhode Island mortgage and refinance rates well below the national average so you can apply and start saving on your home today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
Rhode Island mortgage overview
By Dhara Singh
As of May 2020, the median single-family home price in Rhode Island is $309,500, according to the Rhode Island Association of Realtors.
First-time homebuyer programs in Rhode Island
Through the agency RIHousing, Rhode Island has first-time homebuyer programs to help consumers who are ready to purchase their first home.
First-Time Homebuyer Loan
By getting their first mortgage through RIHousing, first-time homebuyers in Rhode Island can combine that first mortgage with a 15-year, fixed-rate second mortgage to help pay the down payment and closing costs. The down payment/closing cost assistance loan can only be applied on one- to four-family homes or condos with a maximum purchase price of $453,863, and there are also qualifying income limits.
First Down Program
RIHousing’s First Down Program offers $7,500 in down payment assistance to first-time homebuyers purchasing property in Providence or Woonsocket. The $7,500 down payment assistance comes in the form of a zero-percent second mortgage, forgivable after five years, with no charges, fees or monthly payments required.
To be eligible for the First Down Program, borrowers must complete a homebuyer education course, have a credit score of 660 or higher and live in the home as their primary residence, as well as meet qualifying income limits.
Note: All First Down down payment assistance must be closed by Nov. 25, 2020.
Like the First Down Program, RIHousing’s Spring7500 Program offers $7,500 in down payment assistance to first-time homebuyers, but is available on homes purchased throughout the state. The $7,500 in down payment assistance is a zero-percent loan with no charges, fees or monthly payments. The amount becomes due if the borrower no longer lives in the home as a primary residence, or the home is refinanced, sold or transferred.
As with the First Down Program, eligibility for the Spring7500 Program includes completion of a homebuyer education course, a credit score of 660 or higher and adherence to income and purchase limits.
FirstHomes Tax Credit
Available to first-time homebuyers in Rhode Island (as well as repeat buyers in areas of Central Falls, Pawtucket, Providence and Woonsocket), the FirstHomes Tax Credit is a mortgage credit certificate (MCC) that allows borrowers to claim up to a $2,000 federal tax credit per year. The program provides tax savings for eligible homebuyers and reduces a borrower's federal tax liability, which can be claimed for the life of the mortgage.
Rhode Island mortgage refinancing
Homeowners looking to refinance in Rhode Island can save through RIHousing, which offers up to 97 percent financing with no mortgage insurance on a refinance. The parameters include a maximum loan amount of $454,250, and the refinance must be for a one- to four-family home or condo.
With interest rates at historic lows, you may be able to lower your monthly payment and save thousands by refinancing your loan to a lower rate. You can use Bankrate’s mortgage refinance calculator to see how much you can save.