Rhode Island Mortgage and Refinance Rates

Rhode Island mortgage overview

As of Monday, May 13, 2024, current mortgage interest rates in Rhode Island are 7.25% for a 30-year fixed mortgage and 6.42% for a 15-year fixed mortgage.

The median single-family home price in Rhode Island is $436,222, according to Zillow's Home Values Index. 

First-time homebuyer programs in Rhode Island

Through the agency RIHousing, Rhode Island has first-time homebuyer programs to help consumers who are ready to purchase their first home.

First-Time Homebuyer Loan

By getting their first mortgage through RIHousing, first-time homebuyers in Rhode Island can combine that first mortgage with a 15-year, fixed-rate second mortgage to help pay the down payment and closing costs. The down payment/closing cost assistance loan can only be applied on one- to four-family homes or condos with a maximum purchase price of $453,863, and there are also qualifying income limits.

First Down Program

RIHousing’s First Down Program offers $7,500 in down payment assistance to first-time homebuyers purchasing property in Providence or Woonsocket. The $7,500 down payment assistance comes in the form of a zero-percent second mortgage, forgivable after five years, with no charges, fees or monthly payments required.

To be eligible for the First Down Program, borrowers must complete a homebuyer education course, have a credit score of 660 or higher and live in the home as their primary residence, as well as meet qualifying income limits.

Note: All First Down down payment assistance must be closed by Nov. 25, 2020.

Spring7500 Program

Like the First Down Program, RIHousing’s Spring7500 Program offers $7,500 in down payment assistance to first-time homebuyers, but is available on homes purchased throughout the state. The $7,500 in down payment assistance is a zero-percent loan with no charges, fees or monthly payments. The amount becomes due if the borrower no longer lives in the home as a primary residence, or the home is refinanced, sold or transferred.

As with the First Down Program, eligibility for the Spring7500 Program includes completion of a homebuyer education course, a credit score of 660 or higher and adherence to income and purchase limits.

FirstHomes Tax Credit

Available to first-time homebuyers in Rhode Island (as well as repeat buyers in areas of Central Falls, Pawtucket, Providence and Woonsocket), the FirstHomes Tax Credit is a mortgage credit certificate (MCC) that allows borrowers to claim up to a $2,000 federal tax credit per year. The program provides tax savings for eligible homebuyers and reduces a borrower's federal tax liability, which can be claimed for the life of the mortgage.

Rhode Island mortgage refinancing

Homeowners looking to refinance in Rhode Island can save through RIHousing, which offers up to 97 percent financing with no mortgage insurance on a refinance. The parameters include a maximum loan amount of $454,250, and the refinance must be for a one- to four-family home or condo.

You may be able to lower your monthly payment and save thousands by refinancing your loan to a lower rate. You can use Bankrate’s mortgage refinance calculator to see how much you can save.

Rhode Island mortgage resources

• Rhode Island first-time homebuyer resources
• Rhode Island loan limits by county

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita