Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.
Rhode Island Mortgage Rates
Comparing Rhode Island Mortgage Rates with National Rates
In order to help you see how Rhode Island mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.
Shopping for Best Mortgage Rates in Rhode Island
It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.
Qualifying for a Mortgage in Rhode Island
In order to qualify for the best mortgage rates in Rhode Island it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.
Mortgage Resources for Rhode Island
Rhode Island is the forty third most populous US state. According to the US census, as of 2016, there is an estimated population of about 1.1 million residents, which represents 0.3% of the US population.
According to Wikipedia "The Rhode Island economy had a colonial base in fishing. The textile industry still constitutes a part of the Rhode Island economy but does not have the same power that it once had. Today, much of the economy of Rhode Island is based in services, particularly healthcare and education, and still manufacturing to some extent.[103][104] The state's nautical history continues in the 21st century in the form of nuclear submarine construction. The headquarters of Citizens Financial Group is located in Providence, the 14th largest bank in the United States The Fortune 500 companies CVS Caremark and Textron are based in Woonsocket and Providence, respectively. FM Global, GTECH Corporation, Hasbro, American Power Conversion, Nortek, and Amica Mutual Insurance are all Fortune 1000 companies that are based in Rhode Island."
According to the Glassman-ACS report for 2015, Rhode Island had the twentieth highest poverty level in 2015, with 13.9% percent of people below poverty level, compared to 14.7% nationally. Rhode Island’s median household economy in 2015 was approximately $58,073 a bit higher than the national average of $55,775.
Based on 2015 HMDA data, Based on 2015 HMDA data, Rhode Island compared to National loan program distribution, had a much higher percentage of purchase loans (58% vs 51% national) and lower share of refinance loans (40% vs 46% nationally). Conventional loans were lower than national averages (63% vs 69% nationally). The .FHA loans share was slightly higher (22% vs 20% nationally), as where VA loans (12% vs 10% nationally).
Here are some outside resources that can help you understand the Rhode Island mortgage environment:
- FHA loan amounts in Rhode Island: (note:set the table to Rhode Island). There are 5 counties in the state of Rhode Island. All the counties were between the Highest loan limit, currently at $636,150, and the Standard loan limit, currently at $275,665.
- FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Rhode Island and your county or check out the FHFA conforming limit map. The FHFA has higher base limits than the FHA, currently at $424,100. However, all of the counties were between the lower limit and the Higher limit of $636.150.
- Rhode Island Mortgage Programs: Rhode Island Housing is the state’s housing finance agency. It aims to provide residents with affordable housing. Their down payment assistance program, the First Down Program, offers up to $7,500 which is forgivable after 5 years of owning the home. The home must be the primary residence. The mortgage programs have income, property and credit requirements. They publish Rhode Island mortgage rates on their website.
- Homebuyer Education Programs: Many programs require a homebuyer education class. For more information check out the Hud’s website.
Mortgage Trends and Statistics for Rhode Island
Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.
Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages
Check out some differences between Rhode Island and the US:
- Mortgage Rates for Conventional Loans in Rhode Island
- Mortgage Fees for Conventional Loans in Rhode Island
- Loan Amount for Conventional Loans in Rhode Island
Mortgage Rates for Conventional Loans in Rhode Island vs USA
Mortgage Fees for Conventional Loans in Rhode Island
Purchase Price for Conventional Loans in Rhode Island vs USA
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Aug, 2014BradThese rates are very helpful. I would recommend locking in long duration (30 year fixed rates) loans if you plan to live in your home for an extended period of time.1 Votes -
GMMay, 2013GrantAre rates rising, and should I lock in a rate in the current low mortgage rate environment?2 Votes
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BAMay, 2013BillMortgage rates constantly fluctuate. I recommend shopping around for a mortgage that fits your budget and has the right mix of interest rate and fees. Locking your rate is a great idea if you know the time frame that you will close the loan. Most loan offers have a 30-day lock period. If you pass the time of the lock, you may need to pay additional fees.3 Votes
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NRSep, 2012NataliaCars and houses are quite expensive and not everybody is able to buy it. However, loans are created to support different people in such kind of situations.2 Votes
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MCJan, 2012MarkPlaya Del Rey, CAAre mortgage rates on HARP loans higher than on conventional loans? What about the fees? Thanks!0 Votes
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BAJan, 2012BillMortgage rates and fees for HARP loans, will be similar to rates on other conventional loans. However, due to the fact that HARP loans are offered by fewer lenders, you can expect a premium on the price. Many people are restricted to going to their original lender/servicer, due to a high DTI. If that is the case the room for negotiating is low. I recommend that you shop around for the best rate. The automated underwriting systems for new lenders will be available in March 2012.2 Votes
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KHNov, 2011kellyPalm Bay, FLI went through a divorce in 2005 and found out that my name was not on anything we were paying on. So even though we owned 2 homes and paid on time always, my FICO credit score right now is 530. I know this is really bad. I am in the position now to be able to put at least $20,000 down on a home listed at $87900. Do you think anyone will give me a loan with this awful credit score. I do have a steady income and very low bills. No credit cards or other debt. only utilities and rent right now. Even with my down payment is it going to be implossible to find someone to approve me for a mortgage loan?0 Votes
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BANov, 2011BillI doubt you will qualify for a reasonable loan when you have, essentially, no credit history. Focus your energy on building your credit history.0 Votes
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