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Rhode Island Mortgage Rates

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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:

  1. 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.
  2. 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.
  3. 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. 
  4. 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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