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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.862%APR 6.897% | 0 pts$0 | $2,839/moP&I $2,839 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.996%APR 6.765% | 0 pts$0 | $2,840/moP&I $2,639 · MI $202 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.934%APR 5.983% | 0 pts$0 | $2,576/moP&I $2,576 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.898%APR 6.933% | 0 pts$0 | $2,849/moP&I $2,849 · MI $0 | See details |
| Investment Property FixedConforming | 7.570%APR 7.610% | 0 pts$0 | $3,046/moP&I $3,046 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 5.934% | 5.983% | 0 pts ($0) | $3,636/mo | $72,100 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.895% | 5.944% | 0 pts ($0) | $4,534/mo | $100,062 |
Condo 10% Down | 10% | 720 credit score | 7.088% | 7.254% | 0 pts ($0) | $3,268/mo | $114,368 |
Conventional 10% Down | 10% | 720 credit score | 6.556% | 6.710% | 0 pts ($0) | $3,095/mo | $106,565 |
Conventional 20% Down | 20% | 740 credit score | 6.862% | 6.897% | 0 pts ($0) | $2,839/mo | $87,679 |
Conventional 5% Down | 5% | 700 credit score | 6.983% | 7.460% | 0 pts ($0) | $3,413/mo | $119,096 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.306% | 7.344% | 0 pts ($0) | $3,711/mo | $127,387 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,201/mo | $108,454 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.768% | 7.142% | 0 pts ($0) | $3,409/mo | $122,926 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.898% | 6.933% | 0 pts ($0) | $3,562/mo | $120,733 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $4,463/mo | $106,421 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.996% | 6.765% | 0 pts ($0) | $3,183/mo | $111,670 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,277/mo | $114,728 |
FHA Streamline Refi | 0% | 640 credit score | 6.133% | 6.904% | 0 pts ($0) | $3,347/mo | $117,986 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.957% | 7.199% | 0 pts ($0) | $3,404/mo | $123,318 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $3,384/mo | $66,256 |
Investment Property 25% Down | 25% | 740 credit score | 7.570% | 7.610% | 0 pts ($0) | $2,856/mo | $90,861 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $2,915/mo | $91,109 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $3,145/mo | $96,439 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.371% | 7.146% | 0 pts ($0) | $3,312/mo | $117,659 |
Second Home 10% Down | 10% | 720 credit score | 6.012% | 6.585% | 0 pts ($0) | $2,922/mo | $98,600 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,845/mo | $87,965 |
VA 0% Down | 0% | 700 credit score | 5.993% | 6.235% | 0 pts ($0) | $3,310/mo | $109,135 |
VA Cash-Out Refi | 0% | 640 credit score | 6.000% | 6.366% | 0 pts ($0) | $3,313/mo | $109,251 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.018% | 6.169% | 0 pts ($0) | $3,319/mo | $109,550 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $2,976/mo | $94,163 |
Frequently Asked Questions
What are today's mortgage rates in 02838, , RI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 02838, , RI is 6.862% (with an estimated monthly payment of $2,667). Active program rates also include FHA 30-year fixed loans at 5.996% and VA 0%-down fixed loans at 5.993%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 02838, , RI?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 02838, , RI have fluctuated between a low of 6.483% and a high of 6.944%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 02838, , RI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $540,907 in 02838, , RI, a standard 20%-down Conventional loan requires an upfront cash down payment of $108,181 but keeps your monthly payment lower at $2,667/mo (at 6.862% interest) with no monthly PMI. In comparison, an FHA loan requires only $18,932 (3.5% down) but has an estimated payment of $2,990/mo (at 5.996% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $521,975 falls comfortably within the local HUD FHA loan limit of $541,287 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 02838 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 02838 is $806,501. With a typical local home value of $540,907 in , a standard 20%-down mortgage requires a loan size of $432,726. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 02838, , RI impact estimated mortgage payments?
The median home value in 02838, , RI is estimated at $540,907. Buying a typical home here with a standard 20% down payment ($108,181) translates to an estimated starting monthly mortgage payment of $2,667 (principal and interest). Compared to the local area median household income of $115,389 ($9,616/mo), this basic housing payment represents approximately 27.7% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.