See the latest Rhode Island mortgage rates for fixed rates: 30 year, 20, 15, 10 FHA, VA, Jumbo, plus variable rates: 10, 7, 5, 3 years. Also see how local rates compare nationally and main lending options available across the state.
Buying a home in Rhode Island could be easier with today’s mortgage rates.
Rhode Island Mortgage Rates –
The table below shows today’s home purchase mortgage rates for Rhode Island, organized by credit score and lender type:
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 7.42% | 7.47% | 7.52% | |
| Rhode Island | 7.59% | 7.64% | 7.69% | |
| Credit Unions | 7.19% | 7.24% | 7.39% | 9.0/10 |
| Online lenders | 7.29% | 7.34% | 7.49% | 8.1/10 |
| Banks | 7.59% | 7.64% | 7.69% | 8.4/10 |
| 30 year fixed | 7.59% | 7.64% | 7.69% | |
| 30 year fixed FHA | 6.74% | 6.79% | 6.84% | |
| 30 year fixed VA | 6.24% | 6.29% | 6.34% | |
| 30 year fixed Jumbo | 7.82% | 8.20% | 8.39% | |
| 20 year fixed | 5.99% | 6.04% | 6.09% | |
| 15 year fixed | 6.93% | 6.98% | 7.03% | |
| 10 year fixed | 5.93% | 5.98% | 6.03% | |
| 3 year ARM | 4.23% | 4.28% | 4.33% | |
| 5 year ARM | 6.90% | 6.95% | 7.00% | |
| 7 year ARM | 6.16% | 6.21% | 6.26% | |
| 10 year ARM | 7.57% | 7.62% | 7.67% | |
| Satisfaction | 9.2/10 | 7.7/10 | 7.9/10 |
Source: MFP’s Community Home Purchase Rates Survey from Rhode Island members in the last 30 days.
How Rhode Island Compares to National Averages
- Rhode Island mortgage rates (7.59% for best credit scores) are slightly above national averages (national average: 7.42%).
- Credit unions are more competitive: In Rhode Island, credit unions offer 7.19%, banks 7.59%, online lenders 7.29%.
Mortgage Options in Rhode Island
- 30 year fixed: 7.59% - most popular long-term option for predictable payments
- 20 year fixed: 5.99% - balance between payment size and interest savings
- 15 year fixed: 6.93% - lower total interest cost for borrowers building equity faster
- 10 year fixed: 5.95% - shortest fixed-term option with competitive rates
- 10 year variable: 4.23% - Offers a longer initial period with a variable rate...
- 7 year variable: 6.90% - A mid-term variable option...
- 5 year variable: 6.16% - Shorter-term variable mortgage...
- 3 year variable: 7.59% - Quick-adjusting mortgage...
- FHA mortgage: government-backed with flexible credit requirements
- VA mortgage: exclusive to veterans and military members with competitive rates
Rhode Island Metro Mortgage Rates*
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Providence | 6.16% | 5.87% |
| Warwick | 6.12% | 5.83% |
| Cranston | 6.14% | 5.85% |
| Pawtucket | 6.18% | 5.89% |
| Newport | 6.10% | 5.81% |
* APR rates shown are for borrowers with excellent credit. Click city names to view recommended lenders and ratings.
Rhode Island Best Mortgage Lenders
See which Rhode Island lenders are most recommended for a home mortgage by community members surveys in the State and in its main metro areas.
Providence, Warwick, Cranston, Pawtucket, East Providence, Woonsocket, Cumberland, Newport, Online lenders.
FAQs – Rhode Island Mortgage Rates
Are home purchase rates higher in Rhode Island than the U.S. average?
Rhode Island mortgage rates typically run slightly below the national average, providing cost savings for local homebuyers.
What credit score is best for buying a home in Rhode Island?
A credit score of 720 or higher typically secures the most competitive mortgage rates available in Rhode Island.
Is it better to choose a fixed-rate or ARM in Rhode Island?
Fixed-rate mortgages offer payment stability for long-term residents, while ARMs may suit those planning to move or refinance within a few years.
More Info for Rhode Island Home Buyers:
Mortgage Rates & Tools
Home Purchase Calculator: Estimate your monthly payment.
First-Time Home Buyer: Guide for Rhode Island first home buyers.
Home Affordability Calculator: See what price range fits your budget.
FHA Mortgage Rates: Current rates for FHA buyers.
30 Year Fixed Home Mortgage: Today’s rate for the most common term.
15 Year Fixed Home Mortgage: Today’s rate for faster payoff.
Loan Programs & Assistance
FHA Loans: How FHA mortgages work and who qualifies.
Down Payment Assistance: Programs that help cover your down payment.
Lenders & Homeowner Resources
Best Mortgage Lenders in Rhode Island: Community rated lenders by city.
Rhode Island Home Insurance Cost: Average premiums and top rated local insurers.
Homeowner Resources & Grants: Grants and assistance programs nationwide.