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Mortgage rates in Rhode Island

Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%

If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Rhode Island home will depend on several factors, including your credit score, loan amount and lender.

Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.

Your credit score affects the rate you’ll get

People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Rhode Island by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).

Credit score $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
620-639 3.875% 3.938% 3.750% 3.750%
640-659 3.750% 3.750% 3.625% 3.625%
660-679 3.500% 3.500% 3.500% 3.500%
680-699 3.250% 3.250% 3.250% 3.250%
700-719 3.250% 3.250% 3.250% 3.250%
720-739 3.125% 3.125% 3.125% 3.125%
740-759 3.125% 3.125% 3.000% 3.000%
760-779 3.125% 3.125% 3.000% 3.000%
780-799 3.125% 3.125% 3.000% 3.000%
800+ 3.125% 3.125% 3.000% 3.000%

*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage

Interest rates vary by lender

Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.

Comparing lenders can help you find the best deal. Select See rates to provide the company 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: HI, MO, NM, NY, WV
No hidden fees, multiple loan terms, and member discounts available.
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 #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.
(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

Interest rates also vary by loan type

The type of loan you get can also affect how much you pay for your Rhode Island home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.

Loan type $200,000 mortgage $300,000 mortgage $400,000 mortgage $500,000 mortgage
15-year conventional 2.500% 2.375% 2.375% 2.375%
30-year conventional 3.250% 3.250% 3.250% 3.250%
15-year FHA 2.625% 2.375% Not elegible Not elegible
30-year FHA 3.063% 3.063% Not elegible Not elegible
15-year VA 2.938% 2.688% 2.625% 2.625%
30-year VA 3.250% 3.250% 3.188% 3.188%

*Based on a 10% down payment, fixed interest rate and 710 credit score

Research ahead of time to get the best rates

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.

Home values in Rhode Island are forecast to increase

Lots of people in the past year have decided to ditch life in the Big Apple, and many of them have flocked to Rhode Island. But with houses vanishing from the market, it’s driving home values higher and higher. Homeowners in Rhode Island have seen a 18.4% increase in home values since June 2020, and according to Zillow, this trend is expected to continue through June of 2022.

Many cities throughout the state will see an average growth in home values of around 9%. Even the cities with the slowest growth are expected to rise by at least 6.7% over the next 12 months.

5 fast facts about the Rhode Island housing market

If you’re planning to jump into the Rhode Island real estate market, consider these five facts:

  1. According to Redfin, between January 2021 and April 2021, 25.4% of home purchases in Providence, Rhode Island, were made with all cash.
  2. Rhode Island is one of the most expensive states to live in, according to CNBC.
  3. It also has one of the highest property taxes in the country.
  4. The number of out-of-state homebuyers between April 2021 and June 2021 grew 69% from the same period last year.
  5. Median prices for homes sold in Rhode Island in June 2021 were $385,000, up 24.6% since June 2020.

Bottom line

Mortgage rates in Rhode Island vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.

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