Mortgage rates in Rhode Island
Average 30-year fixed 6.49% · Updated July 9, 2026 · Freddie Mac (FRED)
Rhode Island’s small market is closely tied to Greater Boston pricing. Below is what buying at Rhode Island's median price looks like at today's national average rate, plus the local property tax and assistance that actually change your payment.
What a mortgage costs in Rhode Island
The interest rate on a Rhode Island mortgage is the same 6.49% national average a lender would quote anywhere — rates are set by the bond market, not by your state. On Rhode Island's median $599,900 home with 20% down, the balance comes to $479,920, or about $3,030 a month in principal and interest.
What makes Rhode Island different is the cost around the loan. Its 1.38% effective property-tax rate adds roughly $690 a month, and homeowners insurance about $225 more — bringing the all-in estimate to $3,945. Those local costs, not the interest rate, are what set Rhode Island apart. Your own price and down payment will move the number — work backward from your income with the home affordability tool.
Getting approved in Rhode Island
Federal HMDA lending records show Rhode Island lenders originated 26,004 home loans in 2025 and denied 8,138 applications — an approval rate near 76.2% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our approval-rate research, and how Rhode Island ranks for servicer complaint data (1,504 on record).
Shopping for a loan? See the most active mortgage lenders in Rhode Island, ranked by federal HMDA volume.
Down-payment help in Rhode Island
You rarely need 20% down. RIHousing — Rhode Island's housing finance agency — runs the state's main assistance program: The RI 10kDPA and Extra Assistance programs help with the down payment. Eligibility usually turns on income limits and a homebuyer-education course. Check current terms at RIHousing, see how a smaller down payment changes your number with the down-payment amount calculator, or compare down-payment help across the country.
Rhode Island mortgage FAQ
What is the current mortgage rate in Rhode Island?
As of July 9, 2026, the U.S. average 30-year fixed rate is 6.49%. The note rate itself is set nationally, not by state — a lender prices your Rhode Island loan the same way it would anywhere, based on your credit, down payment and loan type.
What changes locally is everything around the rate: Rhode Island's ~1.38% effective property tax, insurance costs, and which assistance programs apply.
What is the monthly payment on a typical Rhode Island home?
On Rhode Island's median home price of about $599,900 with 20% down at today's 6.49% average 30-year rate, expect roughly $3,945/month — that's $3,030 principal and interest plus about $690 property tax and $225 insurance. Adjust the numbers for your exact price and down payment in our calculators.
How hard is it to get approved for a mortgage in Rhode Island?
In 2025, Rhode Island lenders originated 26,004 home loans and denied 8,138 applications — an approval rate of about 76.2% among decisioned applications, versus 76.6% nationally, according to federal HMDA data. See how every state ranks in our mortgage approval report.
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.