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. 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 borrower's creditworthiness and other differences between an individual loan and the loan criteria used for the HSH quotes. The 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.
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.
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.
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.
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. 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:
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 vs USA
Mortgage Fees for Conventional Loans in Rhode Island
Purchase Price for Conventional Loans in Rhode Island vs USA