Current Rhode Island Mortgage and Refinance Rates
Mortgage interest rates currently average 6.10% for 30-year fixed loans and 5.14% for 15-year fixed loans.
Refinance rates in Rhode Island
30-year FIXED
Current refinance rates are averaging:
6.46%
15-year FIXED
Current refinance rates are averaging:
6.03%
- Rate-and-term refinances allow you to change either your interest rate or loan term — or both. Depending on your goals, a refinance can help you reduce your monthly mortgage payment or pay off your loan more quickly. In Rhode Island today, refinance rates are higher than purchase mortgage rates.
- Cash-out refinances can both replace your current home loan with a new mortgage and also give you access to a portion of your home equity. Because they involve a cash payout, they’ll typically come with higher rates than rate-and-term refinances.
- Conventional refinances aren’t a part of a government loan program. You can expect them to come with higher rates than government-backed refinances.
- FHA refinances are insured by the Federal Housing Administration (FHA), and are usually easier to qualify for than conventional loans. FHA loan rates are typically lower than conventional refinance rates.
- VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and usually come with the lowest VA rates of any loan type we’ve covered. There is one catch, though: you must be a qualified military borrower.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
The current mortgage interest rates forecast predicts rates will remain around 6% in early 2026.
The Federal Reserve made three rate cuts in 2025, but 30-year rates remained above 6% and are not expected to fall much lower in the near future. This paired with higher home prices mean buying a home will continue to be a challenge for many potential buyers, especially for first-time homebuyers.
For now, the best course of actions is to boost your financial eligibility to qualify for the lowest rates and snag the most affordable monthly payment on your Rhode Island home loan.
How do I get the best mortgage rate for my Rhode Island home loan?
There are several factors determining mortgage rates that you can take control of today. Here are a few steps you can take to get the best mortgage rate:
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Boost your credit
Your credit score greatly affects the mortgage rates lenders will offer you. A higher score means less risk to the lender, which in turn means better rate offers. If you’re not sure where your score sits or what factors are impacting it, you can find out using LendingTree Spring. -
Lower your debt-to-income (DTI) ratio
Your DTI ratio is a number lenders use to evaluate your debt load. A higher DTI signals risk to lenders, so they won’t offer you the lowest rates if your DTI is high. You can lower it by increasing your income, paying off some debts or getting a cosigner. -
Buy a single-family, site-built home
If you want the lowest possible interest rate, you should avoid buying a manufactured home, a multifamily home, a vacation home or an investment property. -
Pay for mortgage points
Mortgage points are a way that you can take matters into your own hands and reduce the interest rate a lender has offered you. You’ll have to pay a fee — typically 1% of your loan amount per point — but in return you can push down your rate by up to 0.25 percentage points for each point you buy. -
Compare offers from multiple lenders
If you don’t comparison shop, you won’t know if you truly got your best rate. Don’t leave this up to chance — compare rate offers from three to five lenders and choose the lowest one. That simple step can save you thousands, or even tens of thousands, over the life of your loan, according to LendingTree data.
Read more about our picks for the best mortgage lenders.
Once you have a loan estimate in hand and you’ve identified a property you’d like to buy, you should request a mortgage rate lock. This ensures that your interest rate won’t go up before you can close on your loan.
Rhode Island home loan programs
RI Housing First-Time Homebuyer Loan with down payment assistance
Rhode Island Housing (RI Housing) offers a pair of first-time homebuyer programs that can cover 100% of the price of your new home. (And if you’re into house hacking, you’re in luck — you can purchase a multifamily property with up to 4 units.) Combine an RI Housing first mortgage loan with RI Housing’s down payment assistance, and you won’t have to contribute anything out of your own pocket. However, the assistance must be repaid and comes in the form of a second mortgage for up to $15,000 ($9,000 if you’re buying a three- or four-unit property, and those funds can only be used for closing costs).
Who qualifies
Borrowers must:
- Be a first-time homebuyer
- Have a minimum 620 credit score
- Purchase a home for no more than $748,958
- Work with a participating lender, rather than RI Housing’s own loan center, if they earn more than $120,934 (for a one- to two-person household) or $139,074 (for a household with three or more people)
- Take a homebuyer education class
Who qualifies as a first-time homebuyer?
- People who have never owned a home
- People who haven’t owned real estate in the last three years
RI Housing 15kDPA program
For those who need down payment and closing cost assistance, RI Housing also offers the 15kDPA program. Much like the standard down payment assistance covered above, you can access up to $15,000 that can be used toward either a down payment or closing costs. Unlike that program, however, the funds accessed through the 15kDPA program don’t come with monthly payments and there’s no interest. You won’t have to repay the money unless you move out of the home, sell it, refinance it or otherwise cease to own it.
Who qualifies
Borrowers must:
- Have a minimum 660 credit score
- Use the program in conjunction with an RI Housing first mortgage
FirstGenHomeRI
If you’re a first-generation homebuyer in addition to a first-time homebuyer, this program can offer you even more down payment assistance funds than the programs we’ve covered so far — up to $25,000. The funds can be used for a down payment or closing costs, or both.
Who qualifies
Borrowers must:
- Be a first-time homebuyer
- Be a first-generation homebuyer
- Have a 660 minimum credit score
- Be a current resident of Central Falls, East Providence, Pawtucket, Woonsocket, Providence or Newport (certain areas in Providence and Newport counties are excluded)
- Use the program in conjunction with an RI Housing first mortgage loan
- Take a homebuyer education course
Who qualifies as a first-generation homebuyer?
- People whose parents did not own a home within their (the borrower’s) lifetime
- People whose parents did own a home within their lifetime, but lost the home to foreclosure or a short sale and don’t own a home currently
- People who were ever in foster care
Get the full details about each program at RI Housing’s website.
Learn about different types of RI mortgage loans
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Rhode Island conventional loans
You may be familiar with conventional loans, as they’re a very common choice for borrowers with good credit. The minimum requirements set by Fannie Mae and Freddie Mac require at least a 620 credit score. -
Rhode Island FHA loans
For those who can’t qualify for conventional loans, FHA loans are more accessible — you can qualify with a credit score as low as 500. However, you’ll need to make a larger, 10% down payment if your credit is on that lower end. If you’d prefer a smaller down payment, you can put down as little as 3.5% — but only if you have at least a 580 score. -
Rhode Island VA loans
Qualified military borrowers will find VA loan requirements refreshing if they’re struggling to meet the minimum credit scores required by conventional and FHA loans. There’s no standard minimum credit score required for VA loans, so if you’re struggling with the credit component of getting a mortgage, you can shop VA lenders until you find one with requirements that better suit your needs. -
Rhode Island streamline refinances
only come into play if you’re looking at an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). The “streamline” tag means these loans will require less paperwork and less hassle than other refinance types. You’ll need to refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan, to take advantage of the programs.