Mortgage Rates in Providence, RI: Today's Averages & 2026 Outlook
Providence 30-year fixed rates are running around 6.87% — roughly 2 bps above the national average of 6.85%. Here's how Providence rates stack up, what drives the metro spread, and the payment math on a typical Providence home.
Today's Providence rates by loan type
Estimates for Providence based on the current national 30-year average of 6.85% plus the metro's typical spread (+2 bps). Live national rate sourced daily from Freddie Mac PMMS. Your actual quote will depend on your credit, down payment, and lender.
What drives Providence mortgage rates
The national 30-year average sets the floor for every Providence lender. But the $Providence-Warwick metro typically prices about 2 basis points above that national benchmark because of local dynamics.
Local market read. Attorney-close market; inventory tight.
Who's lending. Regional banks and credit unions hold strong share.
Median deal size. A typical Providence loan is around $395,000 on a $445,000 home. That sits well inside conforming loan limits, so most Providence buyers get standard agency pricing.
What a typical Providence payment looks like
| Line item | Estimate |
|---|---|
| Median home price (Providence-Warwick) | $445,000 |
| Median loan amount | $395,000 |
| 30-yr rate (Providence avg) | 6.87% |
| Monthly principal & interest | $2,594 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$3,372 |
Directional math for Providence in 2026. Add property taxes, homeowners insurance, PMI (if less than 20% down), and any HOA dues for full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
More on buying in Rhode Island
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Providence mortgage rates: FAQ
What is today's mortgage rate in Providence, RI?▾
The average 30-year fixed mortgage rate in Providence is around 6.87% — 15-year fixed near 6.12%, FHA around 6.62%, VA around 6.52%. That's roughly 2 bps above the current US 30-year average of 6.85%. Your actual rate depends on credit score, down payment, loan type, and lender competition — always compare Loan Estimates from at least three lenders.
How do Providence mortgage rates compare to the national average?▾
Providence rates typically sit slightly above (about 2 bps higher than) the US 30-year average. The metro spread reflects local lender competition, loan mix, and property-tax/insurance dynamics specific to the Providence-Warwick area.
What's the median home price in Providence?▾
The median home price in the Providence-Warwick metro is about $445,000, with a typical loan amount of $395,000 at conventional LTVs. At today's 6.87% rate, principal and interest on that loan runs about $2,594/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues.
Who are the top lenders in Providence?▾
Regional banks and credit unions hold strong share. You'll get the best rate by comparing at least three Loan Estimates — a mix of a national non-bank lender, a local credit union, and (for higher loan amounts) a portfolio bank tends to reveal the best pricing for your specific profile.
Should I lock my rate now or wait in Providence?▾
Attorney-close market; inventory tight. On rate timing itself, no one can call the exact peak or trough — but if the payment on your target Providence home works today at 6.87%, locking and refinancing later if rates fall is a well-worn playbook. Our Right-Time-to-Buy tool models the wait-vs-buy math for you.