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Mortgage rates in Rhode Island

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


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Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

Compare mortgage lenders in Rhode Island

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.

Compare more mortgage lenders

Name Product Loan products offered State availability Min. credit score
(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).
(NMLS #174457)
Conventional, Jumbo, FHA, VA, Home Equity, Refinance
Available in all states
Access a wide range of mortgage and home equity options in person or online with this direct lender.
(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.

Compare up to 4 providers

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 type 15-year average rate 30-year average rate
Conventional 4.581% 4.736%
FHA 3.990% 4.799%
VA 4.048% 4.536%
USDA Not Available 4.597%

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.

County Average mortgage rate Median loan amount Estimated monthly cost
Bristol County 4.647% $305,000 $1,570
Kent County 4.766% $225,000 $1,180
Newport County 4.564% $335,000 $1,710
Providence County 4.785% $225,000 $1,180
Washington County 4.612% $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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