Mortgage rates in Rhode Island
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
Rhode Island’s small market is closely tied to Greater Boston pricing.
Mortgage rates today by loan type
These are national averages. Lenders in Rhode Island price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
Calculate your Rhode Island mortgage payment
The calculator starts from Rhode Island's median list price, 20% down, the state's 1.10% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the payment-by-payment schedule. To see how Rhode Island's property tax and insurance compare with every other state, try the tax and insurance calculator.
Rhode Island vs. the U.S.
Rhode Island's median list price is 37% above the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $839 a month more. Five-year price growth here was the 5th-fastest of 51 jurisdictions.
| Measure | Rhode Island | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $569,900 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $3,089 | $2,249 |
| Average home-purchase loanHMDA 2025 | $461,908 | $404,828 |
| Average closing costsincl. transfer taxes | $3,810 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.63% | 6.50% |
| Mortgage approval rateHMDA 2025 | 76.2% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +5.0% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +55.6% | +41.3% |
What Rhode Island borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every Rhode Island home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, Rhode Island borrowers paid 0.04 percentage points above the market benchmark at lock, the 18th-highest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateRI · U.S. | Over benchmarkRI · U.S. | Closing costsRI · U.S. | Paid pointsshare of loans | Median downequity on refis · RI |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)2,216 loans | 6.63%6.50% | +0.04+0.02 | $4,726$5,476 | 41.8%53.2% | 25% |
| Jumbo 30-yr fixed (20%+ down)83 loans | 6.50%6.63% | −0.04+0.00 | $6,719$10,251 | 22.9%38.4% | 20.5% |
| FHA 30-yr fixed1,017 loans | 6.38%6.25% | +0.61+0.42 | $14,155$11,291 | 69.1%59.3% | 3.5% |
| VA 30-yr fixed475 loans | 6.25%6.13% | −0.24−0.36 | $7,813$6,554 | 52.8%59.3% | 0% |
| Conventional rate-and-term refinance526 loans | 6.25%6.38% | −0.08−0.06 | $4,155$4,390 | 45.2%45.4% | 32% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in Rhode Island and what their borrowers paid.
Rhode Island's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in Rhode Island by 2025 purchase loans, out of 292 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in RI | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| Navigant Credit Union | 4876.7% | 6.50% | −0.09 | $695 | 4%$3,588 | 26.5% |
| Movement Mortgage | 4235.9% | 6.56% | +0.14 | $2,332 | 50%$1,300 | 20.1% |
| The Washington Trust Company, of Westerly | 3304.6% | 6.38% | −0.13 | $1,499 | 16%$592 | 25% |
| Guild Mortgage | 2603.6% | 6.75% | +0.05 | $1,783 | 29%$1,940 | 25% |
| Baycoast Mortgage Company, LLC | 2593.6% | 6.50% | −0.15 | $1,590 | 17%$787 | 25.1% |
| CMG Home Loans | 2173% | 6.75% | +0.19 | $1,846 | 50%$2,109 | 21.3% |
| NFM, Inc. | 2112.9% | 6.88% | +0.43 | $2,132 | 52%$2,423 | 22.1% |
| BankNewport | 1982.7% | 6.38% | −0.10 | $990 | 34%$868 | 25% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in Rhode Island. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: Rhode Island lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in Rhode Island
On a home at Rhode Island's median list price of $569,900 with 20% down, the balance comes to $455,920, or about $3,089 a month in principal and interest at the 7.18% 30-year average.
What makes Rhode Island different is the cost around the loan. Its 1.10% effective property-tax rate adds roughly $522 a month, and homeowners insurance — at the state's median 0.40% of home value — about $190 more, bringing the all-in estimate to $3,801. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the home affordability tool.
Payment at the $569,900 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $3,801P&I $3,089 | — | $117,790 | $163,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $4,486P&I $3,475 | $299 | $60,800 | $192,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $4,696P&I $3,668 | $316 | $32,305 | $201,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $4,780P&I $3,745 | $322 | $20,907 | $205,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $4,646P&I $3,682 | $252 | $23,757 | $199,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $4,473P&I $3,760 | — | $3,810 | $192,000 |
Monthly = principal and interest + property tax (1.10% effective) + homeowners insurance (about $190/mo — Rhode Island's median premium, 0.40% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + Rhode Island's average closing costs ($3,810). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in Rhode Island's biggest counties
Home prices, and so the loan you need, vary more inside Rhode Island than rates do. The table covers the largest county markets. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| Providence County891 homes for sale · Sep 2026 | $479,900+2.1% | $426,9776,089 loans | $832,750$1,040,937 | Conforming$383,920 loan | $3,201at 7.18% | |
| Washington County361 homes for sale · Sep 2026 | $923,700+1.3% | $529,1651,239 loans | $832,750$1,040,937 | Conforming$738,960 loan | $6,161at 7.18% | |
| Kent County347 homes for sale · Sep 2026 | $494,450-0.3% | $434,9102,122 loans | $832,750$1,040,937 | Conforming$395,560 loan | $3,298at 7.18% | |
| Newport County276 homes for sale · Sep 2026 | $983,125-21.3% | $668,561716 loans | $832,750$1,040,937 | Conforming$786,500 loan | $6,557at 7.18% | |
| Bristol County87 homes for sale · Sep 2026 | $718,700-4.6% | $551,051433 loans | $832,750$1,040,937 | Conforming$574,960 loan | $4,793at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), Rhode Island's 1.10% effective property tax and its median insurance premium (0.40% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in Rhode Island
Rates are national, but the rules around the loan are not. These Rhode Island specifics can change your payment, your closing or your protections as a borrower.
Mediation required before foreclosing on a primary home
Rhode Island lenders generally cannot foreclose on an owner-occupied home of up to four units without first taking part in a mediation conference, held within 60 days of the written notice and free to the borrower. A foreclosure that skips this step is voidable, so a borrower who falls behind should respond to the notice.
Source: webserver.rilegislature.govHurricane deductibles capped at 5% of insured value
Rhode Island lets insurers apply a separate hurricane deductible on home policies only with state approval and never above 5% of the insured value. It applies only from a hurricane warning until 24 hours after the last warning ends, and not where approved storm-mitigation measures are installed and verified.
Source: webserver.rilegislature.govReassessment follows a schedule, not your sale price
Rhode Island cities and towns may not change a property's assessment based on its purchase price after a sale, except on the regular revaluation or update schedule or for new construction. Towns must revalue within nine years of the last revaluation and update every three years, so expect changes on that cycle, not at closing.
Source: webserver.rilegislature.govCesspool replacement due within 12 months of sale
A Rhode Island cesspool serving a property that is sold must be replaced with an onsite wastewater treatment system (OWTS), or the building connected to public sewer, within 12 months of the sale. Contracts for homes that may have a cesspool must give buyers a 10-day inspection period unless both sides agree otherwise.
Source: webserver.rilegislature.govChecked against official sources on October 20, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How Rhode Island buyers finance their homes
Rhode Island leans conventional: 84.6% of 2025 originations were conventional loans (U.S. 78.0%), while FHA made up 11.0% and VA 4.1% — below the national 13.2% and 8.2%. Government-backed loans are still widely available; they are simply a smaller slice of what borrowers here choose.
| Loan type | Share in RI | U.S. share | Approval in RI | Avg loan in RI |
|---|---|---|---|---|
| Conventional | 84.6% | 78.0% | 75.6% | $333,078 |
| FHA | 11.0% | 13.2% | 77.7% | $412,192 |
| VA | 4.1% | 8.2% | 83.3% | $484,148 |
| USDA | 0.3% | 0.6% | 83.9% | $17,436 |
The average Rhode Island home loan in 2025 was $346,989, close to the U.S. average of $352,861, the 20th-largest of 51 jurisdictions. Home purchases accounted for 54.0% of those loans (U.S. 64.2%); cash-out refinances for 19.0% (U.S. 17.1%).
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
Rhode Island loan limits for 2026
All 5 of Rhode Island's counties use the 2026 baseline conforming limit of $832,750 for a one-unit home. Any loan above that is a jumbo loan here, which usually means a larger down payment and cash reserves. See the full national grid in our FHFA loan limit guide.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in Rhode Island
Average closing costs in Rhode Island are about $3,810 including transfer taxes (No. 22 of 51, highest first). On a home at the median list price of $569,900:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $113,980 | $17,097 |
| Average closing costs | $3,810 | $3,810 |
| Cash to close (estimate) | $117,790 | $20,907 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in Rhode Island
Rhode Island raised its real estate conveyance tax to $3.75 per $500 of the price (0.75%) on October 1, 2025. Homes priced above $824,000 in 2026 pay another $3.75 per $500 on the amount over that threshold, which now rises with inflation each year. Source: tax.ri.gov
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 (1,535 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. These are the main programs from RIHousing, Rhode Island's housing finance agency; they are offered through participating lenders, usually alongside the agency's own first mortgage.
Extra Assistance
Down-payment and closing-cost help of up to 6% of the price or $20,000, whichever is lower, as a 15-year second loan available only with a RIHousing first mortgage; 620 minimum credit score.
Source: rihousing.com15kDPA and FirstGenHomeRI
15kDPA offers up to $15,000 as a 0% loan to first-time buyers within RIHousing limits. FirstGenHomeRI is a limited pilot giving first-generation buyers $25,000 at 0%, forgiven after five years, in designated communities.
Source: rihousing.comChecked against official sources on October 9, 2026. Assistance amounts, income limits and funding change during the year — confirm current terms with RIHousing or a participating lender.
Is there an MCC in Rhode Island? Not confirmed
RIHousing's current homebuyer programs page lists no tax credit, and we found no notice ending its FirstHomes Tax Credit (an MCC). The state-by-state MCC list.
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.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (Rhode Island vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in Rhode Island reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our editorial staff. Full sources and formulas: full methodology.
Rhode Island mortgage FAQ
What is a good mortgage rate in Rhode Island right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, Rhode Island's conventional buyers paid a median 6.63%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in Rhode Island than in other states?
Slightly. In 2025 HMDA records, Rhode Island's median conventional 30-year rate was 6.63%, against 6.50% nationally.
Against the benchmark for each loan's lock week, which counts points and fees, Rhode Island loans priced 0.04 percentage points above it (the 18th-highest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in Rhode Island?
The national jumbo 30-year average is 7.25% (Optimal Blue). In 2025, Rhode Island's jumbo buyers paid a median 6.50%. A loan is jumbo above the $832,750 conforming limit, which applies in every Rhode Island county.
Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $455,920 loan (20% down on Rhode Island's median list price), a 30-year at 7.18% costs $3,089 a month and a 15-year at 6.57% costs $3,989.
The 15-year saves about $393,841 in interest but needs $901 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $455,920 loan (20% down on Rhode Island's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $3,089 to $3,403, or $314 a month.
Over 30 years that is about $113,113 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, Rhode Island's conventional rate-and-term refinances closed at a median 6.25% and purchases at 6.63%, partly because refinances bunch up when rates dip. Refinances priced 0.08 percentage points below the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a $400,000 mortgage at 7.18% interest?
About $2,710 a month in principal and interest over 30 years. In Rhode Island, a $500,000 home with that loan adds roughly $458 a month in property tax at the 1.10% effective rate, plus homeowners insurance. Over 30 years the loan costs about $575,506 in interest.
How much income do I need to buy a home in Rhode Island?
About $163,000 a year for a home at the $569,900 median list price with 20% down, if the full $3,801 monthly payment, including tax and insurance, stays within 28% of gross income.
Smaller down payments add mortgage insurance and raise that figure; existing debts lower what lenders approve.
What down payment assistance is available in Rhode Island?
RIHousing, the state housing finance agency, runs Extra Assistance and 15kDPA and FirstGenHomeRI, offered through participating lenders. Help usually comes as a grant or a deferred or forgivable second loan paired with the agency's first mortgage.
Amounts, income limits and funding change during the year, so confirm current terms with RIHousing or a participating lender before you apply.
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
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.