Research Rhode Island Mortgage Rates & Fees at

Beach House in Rhode IslandWhether you are purchasing a trademark brick colonial home in Providence or refinancing a contemporary home on a bluff with stunning views of the Sound in Newport, using the rate tables on may help you locate some of the lowest mortgage rates and fees in the marketplace. You can use the Rate Table below to compare current interest rates advertised by some of Rhode Island’s leading brokers, lenders, and banks.

Using the rate table

The majority of the mortgage companies represented in the rate survey on this page offer a variety of fixed rate (10, 15, 20, and 30 year terms) and adjustable rate financing solutions (3/1, 5/1, and 7/1 ARMs) for 1-4 unit residential properties (i.e. single family homes, duplexes, triplexes, and quadraplexes). These mortgage companies typically allow properties to be used as primary residences, second homes (aka vacation homes), or investment properties (rental homes). Rates often vary by occupancy type so you’ll need to speak with the various lenders and brokers to make sure that you qualify for what they have posted. Rates may also vary of other reasons including the type of property being financed. For exmaple, interest rates for condos may have pricing adjustments when compared to stand-alone, stick built homes. Be sure to speak with the various home loan providers directly to make sure that you have an accurate idea of pricing for your unique scenario.

Need to conduct more research first? Here are some outlets to find more information on RI lenders, brokers, credit unions and housing assistance programs

Rhode Island Mortgage Bankers Association
180 South Main Street Providence, RI 02903 PH: 401-421-2338

Credit Union Association of Rhode Island
PH: 800-842-1242

Rhode Island
44 Washington Street Providence, RI 02903 PH: 401-457-1234

Rhode Island Department of Business Regulation – Banking Division –
1511 Pontiac Avenue Cranston, RI 02920 PH: 401-462-9500

Types of Fixed Rate Mortgages Posted in the Rate Tables and Why to Consider Each One

  • Castle Hill Lighthouse in scenic Newport, Rhode Island30 Year Home Loans – Most popular option in today’s marketplace. Loan is amortized over the course of 30 years (360 months) which keeps monthly principal and interest payments lower than shorter term fixed rate solutions. Interest paid over the life of the loan will be considerably higher than 10, 15, and 20 year financing products.
  • 20 Year Home Loans – Repayment is made over 20 years (240 months). Can be a good option for people who are worried about committing to the higher payments associated with 15 year mortgages but do not want to take on the longer repayment period and higher interest of a 30 year home loan.
  • 15 Year Home Loans – Second most popular fixed rate product after 30 year financing. Repaid over 15 years (180 months). Note rates are usually lower than what a home buyer or homeowner would get with a 30 or 20 year mortgage. On the flipside, monthly payments are higher as the repayment period is cut in half. Interest savings can be significant when measured against longer term fixed rate products.
  • 10 Year Home LoansShortest fixed rate mortgage program advertised in the rate tables. For those who can afford higher monthly payments, 10 year fixed rate financing can lead to considerable interest savings versus 30, 20, and 15 year home loans.

Relocating to Rhode Island?

Known as the ”Ocean State”, Rhode Island is largely surrounded by the Atlantic Ocean and Sound leaving no resident more than a forty-five minute drive from water. Keeping in sync with the New England vibe, a nautical culture extends throughout the state as quaint fishing villages dot the coast, ample beaches lie along the shorelines, boating communities such as Newport Harbor and Narragansett Bay are tourist favorites, and the beauty of the bluffs on Block Island is just a ferry ride away.

Here are some resources to help you decide if Rhode Island is right for you and your family: