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Rhode Island Mortgage Rates: Mortgage Rates in Rhode Island in Holding Pattern

By: Rosemary Rugnetta | January 25th, 2011

January 25, 2011 (FreeRateUpdate.com) – Mortgage rates in Rhode Island are in a holding pattern after positive consumer confidence reports were released today.

Current Rhode Island 30 year fixed rate mortgages are steady at 4.625%, Rhode Island 15 year fixed rate mortgages are at 3.875% and Rhode Island 5/1 adjustable rate mortgages are at 3.125%. Rhode Island borrowers who have good credit and the ability to meet lender guidelines are able to secure these low mortgage loan rates with 0.7 to 1% origination fee.

Today’s Rhode Island FHA mortgage loans are also steady and continue to attract Rhode Island borrowers. Rhode Island FHA 30 year fixed rate mortgage loans are at 4.500% and Rhode Island FHA 15 year fixed rate mortgage loans are at 4.000%. Rhode Island 5/1 adjustable rate mortgages are at 3.125%. Although very competitive with Rhode Island conforming mortgage loans, Rhode Island FHA mortgage loans have higher FHA closing costs (APR) due to various FHA fees and the upfront mortgage insurance premium required at closing.
Rhode Island Mortgage Rates: Mortgage Rates in Rhode Island in Holding Pattern
For Rhode Island borrowers in need of jumbo mortgage loans which are in excess of the conforming loan limit, Rhode Island jumbo mortgage loan rates continue to remain stable. Today’s Rhode Island 30 year fixed jumbo mortgage loans are at 5.125% and Rhode Island 15 year fixed jumbo mortgage loans are at 4.750%. Rhode Island 5/1 ARM adjustable rate mortgages also remain at 3.875%. Available to Rhode Island borrowers with 0.7 to 1% origination fee, these Rhode Island jumbo mortgage loan rates continue to be available to those with outstanding credit.

MBS (mortgage backed securities) prices started the day unchanged, then dropped -2/32 after a high of +6/32 before returning to unchanged. Mortgage rates increase and decrease in the opposite direction of MBS prices. MBS prices leveled out after a higher than expect consumer confidence report was released.

Rhode Island home markets have seen the average home price increase in recent months. This is positive news for Rhode Island residents, especially those wishing to refinance their Rhode Island mortgage loans.

FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1 point origination.

Rhode Island Mortgage Rates


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