Mortgage Rates in Rhode Island: Today's Averages & 2026 Outlook
Rhode Island 30-year fixed rates are running around 6.87% — roughly 2 bps above the national average of 6.85%. Here's how RI rates stack up, what drives the spread, and the programs that can price you lower.
Today's Rhode Island rates by loan type
Estimates for Rhode Island based on the current national 30-year average of 6.85% plus the state's typical spread (+2 bps). Live national rate sourced daily from Freddie Mac PMMS via our rate feed. Your actual quote will depend on your credit, down payment, and lender.
What drives Rhode Island mortgage rates
National rates set the floor — Freddie Mac's weekly PMMS average is the benchmark almost every Rhode Island lender starts from. But RI typically prices about 2 basis points above that national average because of three local dynamics: the mix of loan types written in the state, lender density and competition, and how expensive the state is to close in.
Loan mix. Conventional dominant; FHA share solid in Providence metro. The mix matters because FHA, VA, and USDA loans price differently than conventional — states with heavier government-loan share tend to show tighter buyer rates but higher fees.
Median loan size. The typical Rhode Island loan is around $385,000 on a $435,000 home. That size sits well inside conforming loan limits, so most RI buyers get standard agency pricing.
Refi activity. Refi appetite modest — high closing costs blunt payback math.
What a typical Rhode Island payment looks like
| Line item | Estimate |
|---|---|
| Median home price | $435,000 |
| Median loan amount (typical LTV) | $385,000 |
| 30-yr rate (state avg) | 6.87% |
| Monthly principal & interest | $2,528 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$3,286 |
Directional math for Rhode Island in 2026. Add property taxes, homeowners insurance, PMI (if putting less than 20% down), and any HOA dues for a full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
What's unique about financing in Rhode Island
What most RI borrowers use
Conventional dominant; FHA share solid in Providence metro.
Below-market RI rate options
RIHousing's FirstHomes100 offers 100% financing plus $17.5K DPA for first-time buyers.
Is a refi worth it in RI?
Refi appetite modest — high closing costs blunt payback math.
Rate + grants + closing costs
A below-market rate is only one lever. Stack it with RI down-payment assistance and seller-paid closing costs. See RI grants → · RI closing costs →
Get matched with a Rhode Island lender — free
We'll match you with vetted RI lenders competing for your loan. Compare real Loan Estimates side-by-side — the same Rhode Island buyer can save $2,000–$5,000+ over the life of the loan by shopping three quotes.
Rhode Island mortgage rates: FAQ
What is today's mortgage rate in Rhode Island?▾
The average 30-year fixed mortgage rate in Rhode Island is around 6.87% — roughly 2 bps above the current national average of 6.85%. 15-year fixed loans run about 6.12%, FHA around 6.62%, and VA around 6.52%. 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 Rhode Island mortgage rates compare to the national average?▾
Rhode Island rates typically sit slightly above (about 2 bps higher than) the US 30-year average. The spread reflects local lender competition, loan mix (conventional dominant; fha share solid in providence metro.), and state-level closing-cost dynamics.
What monthly payment can I expect on a Rhode Island home?▾
On the median Rhode Island loan of $385,000 at 6.87% for 30 years, principal and interest run about $2,528/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues. Add roughly 25–35% to that P&I number to estimate a full PITI payment.
Are there special first-time homebuyer rate programs in Rhode Island?▾
Yes. RIHousing's FirstHomes100 offers 100% financing plus $17.5K DPA for first-time buyers. These state-agency programs typically pair a below-market rate with down payment assistance — worth comparing against a standard conventional loan before locking.
Should I refinance my Rhode Island mortgage right now?▾
Refi appetite modest — high closing costs blunt payback math. The break-even math: divide your total refi closing costs by your monthly payment savings — if you'll stay in the home longer than the payback period, refinancing pays off. Our free Refi Optimizer runs the numbers for you.