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Mortgage rates in Rhode Island

Interest rates have only surpassed the national average once in the past ten years.

Editor's choice: SoFi(NMLS #1121636)

  • Prequalify without affecting your credit score
  • Flexible terms beyond traditional 15- and 30-years
  • Not available in: AK, HI, MO, NH, NM, NY, SD, WV
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The average 30-year mortgage rate in Rhode Island is 4.667%. Interest rates are looking to trend below the national average and stay below 4% this year.

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Compare top brands by home loan type, state availability and credit score. Select See rates to provide the lender with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
No hidden fees, multiple loan terms, and member discounts available.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.

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How much do Rhode Island rates vary?

Average mortgage rates in Rhode Island ranged from 3.990% to 4.799% in 2018 for all loan types. Several factors, like the length of the loan term, amount and your credit history can affect your rate. For example, 15-year loan terms typically have a lower rate than the 30-year options.

2018 average rates in Rhode Island by loan type

Loan type15-year average rate30-year average rate

USDANot Available4.597%

Rates based on data from

Suppose you qualified for a 15-year FHA loan for $235,000 with the 2018 average rate of 3.990%. The monthly payment for that property might be around $1,740, excluding taxes and fees. On the other hand, if you selected a 30-year FHA loan for the same amount with the 2018 average rate of 4.799%, your monthly payment might be $1,230.

Even though the 15-year monthly payment is higher than the 30-year option, the shorter loan term and lower rate could end up saving you $131,140 over the life of the loan.

Mortgage rates in the Ocean State vary from year to year and are expected to stay below the 4% level in 2020.

In the last decade, mortgage rates in Rhode Island generally fell 0.10% under the national average. According to Greg McBride, Bankrate chief financial analyst, interest rates should stay around 4% in 2020.

Compare mortgage rates throughout Rhode Island

The tiny Ocean State has five counties, with a few regions along the coastline with a slightly lower average mortgage rates — but a higher median loan amount. That means borrowers across Rhode Island may have slightly different monthly mortgage payments. So if you plan on moving, be sure to check the average mortgage rate and home values in your new area.

We combed through data from the Home Mortgage Disclosure Act to determine what you might pay for a 30-year fixed-rate mortgage in select Rhode Island counties. These numbers don’t account for any additional costs like taxes, insurance or fees specific to your loan.

CountyAverage mortgage rateMedian loan amountEstimated monthly cost

Bristol County4.647%$305,000$1,570
Kent County4.766%$225,000$1,180
Newport County4.564%$335,000$1,710
Providence County4.785%$225,000$1,180
Washington County4.612%$285,000$1,460

Rates and prices based on data from

How to get the best mortgage rate in Rhode Island

Try these suggestions to get a better rate on your next loan.

  1. Explore loan products. Lenders offer different rates along with their various loan programs. Research the criteria for each program to see what rate and loan products you may qualify for.
  2. Boost your credit. Borrowers with good to excellent credit often get the best interest rates. Pay down debt and increase your credit score before applying for loans.
  3. Know the closing costs. Closing costs in Rhode Island generally run 0.87% to 1.16% of the sale price of your home. Weigh these costs alongside the interest rate to determine if the loan is right for you.

Historical mortgage interest rates in Rhode Island

Bottom line

Even though average Rhode Island mortgage rates typically trend under the national average, lenders are responsible for setting your interest rates. Compare loan programs and lenders to help you make an informed decision for your next loan.

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