Current as low as Mortgage and Home Equity Rates
FreeRateUpdate publishes the as low as mortgage and home equity rates and APRs we can verify from the lenders and brokers in our network. Individual terms vary; the details and assumptions behind each figure are available below.
| Purpose | Product | Term | As low as rate | APR* |
|---|---|---|---|---|
| Purchase | Fixed mortgage | 30 years | 6.250% | 6.449% |
| Purchase | Fixed mortgage | 15 years | 5.490% | 5.804% |
| Refinance | Fixed mortgage | 30 years | 6.124% | 6.296% |
| Refinance | Fixed mortgage | 15 years | 5.490% | 5.779% |
| Refinance | Fixed mortgage | 10 years | 5.250% | 5.647% |
| Cash-out refinance | Fixed mortgage | 30 years | 6.375% | 6.541% |
| Home equity | HELOC | Revolving | 7.000% | 7.000% |
| Home equity | Home equity loan | Fixed term | 8.000% | 8.439% |
Ask Hope Anything About Mortgage & Home Equity!
Hope could not take that just now. Your question is still in the box.
Hope is AI and can make mistakes. Please double-check responses. * Advertising Disclosure
PARTICIPATING LENDERS
Compare RI Mortgage Refinance Offers
Lower Your Interest Rate in Rhode Island
If eligible, you can lower your interest rate. This could lead to lower payments and less money paid towards interest.
By refinancing your existing loan, your total finance charges may be higher over the life of the loan.
Why should I lower my rate? |
Save money |
 |
Lower Payments |
Shorten Your Loan Term in Rhode Island
Shorten your loan term when refinancing from a 30-year term to a 15-year term. You may also lower your rate.
Why should I shorten my term? |
Become mortgage-free quickly |
 |
Pay less interest |
Leverage Your Home's Equity in Rhode Island
Take cash out of your home to apply to improvements, renovations, or other necessary expenses.
Why should I cash out? |
Renovations |
 |
Pay for other debts or emergencies |
Rhode Island Mortgage Rates
Editorial note: Some state-specific details are temporarily unavailable. The current rate table above is unaffected.
Common Rhode Island Loan Types:
- Rhode Island conventional mortgages: Conventional mortgages are the most common type of home loan in Rhode Island. These mortgages typically require a modest down payment, are available at market rates, and require meeting specific qualifications. Aspiring homebuyers can use FreeRateUpdate.com to compare lenders for conventional mortgages in Rhode Island.
- Rhode Island FHA loans: FHA loans are insured by the Federal Housing Authority. They come with the benefit of lower down payment and credit score requirements, which can be very appealing for first-time homebuyers. However, the FHA insurance does require payment of a Mortgage Insurance Premium (MIP). FreeRateUpdate.com can help you compare lenders that offer FHA mortgages in Rhode Island.
- Rhode Island VA loans: VA loans are mortgages offered through traditional lenders and guaranteed by the VA. These loans are available for all retired and active-duty military members, and they typically benefit from eliminating a down payment. FreeRateUpdate.com can help qualified buyers compare VA mortgage lenders in Rhode Island.
Program information: FHA (HUD) and VA.gov.
How to Compare Rhode Island Mortgage Rates
Mortgage pricing available in Rhode Island varies by loan type, lender, borrower profile, property, points, and market timing. Compare rate, APR, points, fees, eligibility, and lock period using the same loan scenario.