Current mortgage rates · week of June 25, 2026
| Week | 30-yr / 15-yr fixed |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
| May 14, 2026 | 6.36% / 5.71% |
| May 7, 2026 | 6.37% / 5.72% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
Rhode Island Mortgage Overview
Rhode Island is a small state with just about 1 million people living there, but it's quaint and charming. The median home price is around $535,000 and about 60 percent of homes there are owner occupied.
If you're thinking of living in Rhode Island, here are your loan options to buy a home.
Rhode Island conventional loans
Good credit borrowers can get a conventional loan. This means a 660 credit score or higher. First-time homebuyers need just 3 percent down. If you owned a home before, you need 5 percent down. All borrowers need a debt ratio around 36 percent, but some lenders allow higher ratios. You'll pay mortgage insurance until you owe less than 80 percent of the home's value.
Rhode Island FHA loans
FHA loans are a good alternative to conventional loans. You need just a 580 credit score and 3.5 percent down. If you have a 500 - 579 credit score you can get approved with a 10 percent down payment. Down payment assistance funds and gift funds are allowed, but you may need to contribute some of your own money too. FHA loans have mortgage insurance for the life of the loan.
Rhode Island VA loans
Veterans can get 100 percent financing from VA lenders. All you need is a 620 credit score and proof of income. Lenders like a 2-year stable income history and proof you can afford the mortgage and your current bills. VA loans don't have mortgage insurance, but they do have an upfront funding fee.
Rhode Island USDA loans
If you want to live in a less populated area and make less than 115 percent of the area's median income, consider a USDA loan. You need a 640 credit score but don't need a down payment. USDA loan rates are low and the mortgage insurance you pay for the entire year is low too.
First-Time Homebuyer
Programs in Rhode Island
Extra Assistance
If you have a minimum credit score of 620 you may receive up to 6 percent of the sales price or $15,000, whichever is less. There aren't any fees, but it is a second mortgage with an interest rate equal to the rate of your first mortgage.
First Homes Tax Credit
First-time homebuyers can get a tax credit of 20 percent of the mortgage interest paid for the year up to $2,000. You must meet the income requirements and can claim the credit for the life of the loan.
Rhode Island mortgage FAQ
- What mortgage programs can Rhode Island buyers choose from?
- Rhode Island buyers can pick conventional loans (660 credit score, 3 percent down for first-time buyers), FHA loans (580 score with 3.5 percent down, or 500-579 with 10 percent down), VA loans giving veterans 100 percent financing with a 620 score, and USDA loans, which skip the down payment for buyers in less populated areas earning under 115 percent of the median income.
- Does Rhode Island have first-time homebuyer assistance?
- Yes. The Extra Assistance program provides a second mortgage worth up to 6 percent of the sales price toward your down payment for buyers with at least a 620 credit score, at an interest rate matching your first mortgage. The First Homes Tax Credit gives first-time buyers an annual tax credit of 20 percent of the mortgage interest paid, claimable for the life of the loan.
- What credit score is needed to buy a home in Rhode Island?
- Conventional loans generally want a 660 credit score or higher. FHA loans accept a 580 score with 3.5 percent down, or 500 to 579 with 10 percent down. VA loans require around 620, USDA loans about 640, and Rhode Island's Extra Assistance down payment program sets its own minimum of 620.