Editor's choice: Rocket Mortgage(NMLS #3030)
- Choose this lender for fast turnaround times
- Choose another lender if you want to meet your loan officer in person
- A good option for borrowers who prefer a fully online application process
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Editor's choice: Rocket Mortgage(NMLS #3030)
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.
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.
|Loan type||15-year average rate||30-year average rate|
Rates based on data from ffiec.cfpb.gov.
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.
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.
|County||Average mortgage rate||Median loan amount||Estimated monthly cost|
Rates and prices based on data from ffiec.cfpb.gov.
Try these suggestions to get a better rate on your next loan.
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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