Rhode Island Mortgage Rates Today — Compare RI Lenders
The average 30-year fixed mortgage rate in Rhode Island is currently 6.65% APR. Providence has emerged as a more affordable alternative to Boston. RIHousing offers competitive programs for first-time buyers. Compare today’s rates from top Rhode Island lenders across all major loan types below.
Rhode Island Mortgage Rate Comparison Table
Rates below assume a 740+ credit score, 20% down payment, and a $440,000 loan on a single-family primary residence in Rhode Island.
| Loan Type | Interest Rate | APR | Best For |
|---|---|---|---|
| 30-Year Fixed | 6.65% | 6.65% | Most Popular |
| 15-Year Fixed | 6.00% | 6.00% | Pay off faster, save interest |
| 5/1 ARM | 6.77% | 6.77% | Short-term owners |
| FHA 30-Year | 6.30% | 6.30% | Low down payment |
| VA 30-Year | 6.12% | 6.12% | Veterans & military |
| 30-Year Refinance | 6.77% | 6.77% | Existing homeowners |
Rates sourced from lender survey data and updated regularly. Actual rates vary by lender and borrower profile. See disclaimer.
Understanding Mortgage Rates in Rhode Island
Rhode Island provides access to New England coastal living at a relative discount to Massachusetts. Providence has become an increasingly attractive alternative to Boston for buyers priced out of that market. Newport’s luxury market attracts high-end buyers from across the Northeast.
RIHousing offers competitive first-time buyer programs for qualifying borrowers. The state’s small size means buyers have easy access to both Providence’s urban amenities and coastal beaches.
What Affects Your Rhode Island Mortgage Rate?
Several key factors influence the rate a Rhode Island lender will offer you: your credit score (740+ gets the best rates), your down payment (20%+ eliminates PMI), your loan type (VA and FHA often beat conventional), and broader market conditions driven by the Federal Reserve and Treasury yields. Always compare at least 3–5 lenders — the spread between best and worst rate can be 0.5–1.0%.