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Best Mortgage Rates in Rhode Island — April 2026

Compare current Rhode Island mortgage rates across loan types. The average home price in Rhode Island is $435,000 with a property tax rate of 1.40%. Find the best rate for your Rhode Island home purchase or refinance.

Avg Home Price
$435,000
Property Tax Rate
1.40%
Median Income
$74,489
Population
1.1M

Current Rhode Island Mortgage Rates

Updated April 2026. Rates shown are averages — your rate depends on credit score, down payment, loan amount, and lender.

Loan TypeRateAPRMonthly P&I*
30-Year Fixed6.87%6.99%$2,285
20-Year Fixed6.64%6.74%$2,623
15-Year Fixed6.17%6.25%$2,969
10-Year Fixed5.97%6.04%$3,858
FHA 30-Year6.47%6.62%$2,193
VA 30-Year6.27%6.37%$2,147

*Monthly payment based on $348,000 loan (20% down on $435,000 avg home price). Does not include taxes or insurance.

Estimated Monthly Payment in Rhode Island

Full PITI breakdown for a $435,000 home with 20% down at 6.87%:

Principal & Interest$2,285
Property Taxes$508
Homeowners Insurance$127
Total Monthly (PITI)$2,919

Rhode Island First-Time Homebuyer Programs

RIHousing FirstHomes

The Rhode Island Housing offers programs to help first-time buyers in Rhode Island achieve homeownership. Benefits typically include:

  • Below-market interest rates for qualifying borrowers
  • Down payment assistance (up to 3-5% of purchase price)
  • Closing cost assistance programs
  • Homebuyer education and counseling
  • Compatible with FHA, VA, USDA, and conventional loans

Income limits, purchase price limits, and credit score requirements apply. Contact the Rhode Island Housing directly for current program details.

Popular Cities for Homebuying in Rhode Island

🏠Providence
🏠Warwick
🏠Cranston
🏠Pawtucket

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Rhode Island Mortgage FAQs

What are current mortgage rates in Rhode Island?+
As of April 2026, average mortgage rates in Rhode Island are approximately 6.87% for a 30-year fixed, 6.17% for a 15-year fixed, and 6.47% for an FHA 30-year loan. Rates vary based on your credit score, down payment, loan amount, and lender. Use our mortgage calculator to estimate your specific payment.
How much house can I afford in Rhode Island?+
With the average home price of $435,000 in Rhode Island and a median household income of $74,489, affordability depends on your debt-to-income ratio, down payment, and current rates. A general rule is your monthly payment (including taxes and insurance) should not exceed 28-33% of gross income. At current rates, a $435,000 home with 20% down would cost approximately $2,919/month.
What is the property tax rate in Rhode Island?+
The effective property tax rate in Rhode Island averages 1.40%. On the average home price of $435,000, that's approximately $6,090 per year or $508/month. Property taxes are a significant part of your monthly housing cost and vary by county.
Are there first-time homebuyer programs in Rhode Island?+
Yes! Rhode Island offers the RIHousing FirstHomes through the Rhode Island Housing. This program typically provides below-market interest rates, down payment assistance, and closing cost help for qualifying first-time buyers. Income limits and property value caps apply. Contact the Rhode Island Housing for current program details and eligibility.
Should I get a 15-year or 30-year mortgage in Rhode Island?+
A 15-year mortgage in Rhode Island currently offers rates around 6.17% vs 6.87% for 30-year, saving you significantly on interest. On a $348,000 loan, the 30-year payment is $2,285/month while a 15-year is $2,969/month. Choose 15-year if you can afford the higher payment; choose 30-year for more cash flow flexibility.
What credit score do I need to buy a home in Rhode Island?+
In Rhode Island, conventional loans typically require a 620+ credit score, FHA loans require 580+ (or 500+ with 10% down), and VA loans have no official minimum but lenders usually want 620+. Higher credit scores get better rates — a score of 760+ qualifies for the best rates in Rhode Island, potentially saving thousands over the life of the loan. The Rhode Island Housing programs may have specific credit requirements.

Rhode Island Mortgage Tools

🏠Mortgage Calculator🔄Refinance Calculator🏡HELOC Calculator📖Mortgage Guide

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