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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 | 6.825%APR 6.859% | 0 pts$0 | $3,958/moP&I $3,958 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.949%APR 6.716% | 0 pts$0 | $3,957/moP&I $3,674 · MI $282 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.871%APR 5.918% | 0 pts$0 | $3,581/moP&I $3,581 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.551%APR 6.584% | 0 pts$0 | $3,848/moP&I $3,848 · MI $0 | See details |
| Investment Property FixedConforming | 7.505%APR 7.543% | 0 pts$0 | $4,237/moP&I $4,237 · 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 | 5.871% | 5.918% | 0 pts ($0) | $5,069/mo | $99,806 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.873% | 5.921% | 0 pts ($0) | $6,337/mo | $139,564 |
Condo 10% Down | 10% | 720 credit score | 7.020% | 7.184% | 0 pts ($0) | $4,542/mo | $158,672 |
Conventional 10% Down | 10% | 720 credit score | 6.508% | 6.660% | 0 pts ($0) | $4,310/mo | $148,163 |
Conventional 20% Down | 20% | 740 credit score | 6.825% | 6.859% | 0 pts ($0) | $3,958/mo | $122,038 |
Conventional 5% Down | 5% | 700 credit score | 6.952% | 7.425% | 0 pts ($0) | $4,762/mo | $166,012 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.266% | 7.302% | 0 pts ($0) | $5,173/mo | $177,375 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $4,480/mo | $151,791 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.685% | 7.056% | 0 pts ($0) | $4,731/mo | $170,209 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.551% | 6.584% | 0 pts ($0) | $4,810/mo | $161,063 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $6,247/mo | $148,945 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.949% | 6.716% | 0 pts ($0) | $4,432/mo | $155,242 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $4,587/mo | $160,571 |
FHA Streamline Refi | 0% | 640 credit score | 6.069% | 6.838% | 0 pts ($0) | $4,653/mo | $163,650 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.925% | 7.166% | 0 pts ($0) | $4,749/mo | $171,900 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $4,736/mo | $92,731 |
Investment Property 25% Down | 25% | 740 credit score | 7.505% | 7.543% | 0 pts ($0) | $3,972/mo | $126,054 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $4,080/mo | $127,515 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $4,402/mo | $134,974 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.309% | 7.082% | 0 pts ($0) | $4,605/mo | $163,287 |
Second Home 10% Down | 10% | 720 credit score | 5.962% | 6.533% | 0 pts ($0) | $4,068/mo | $136,975 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,982/mo | $123,115 |
VA 0% Down | 0% | 700 credit score | 5.947% | 6.187% | 0 pts ($0) | $4,610/mo | $151,675 |
VA Cash-Out Refi | 0% | 640 credit score | 5.953% | 6.317% | 0 pts ($0) | $4,613/mo | $151,814 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 5.966% | 6.115% | 0 pts ($0) | $4,620/mo | $152,116 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $4,166/mo | $131,789 |
Frequently Asked Questions
What are today's mortgage rates in 02874, Wakefield-Peace Dale, RI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 02874, Wakefield-Peace Dale, RI is 6.825% (with an estimated monthly payment of $3,371). Active program rates also include FHA 30-year fixed loans at 5.949% and VA 0%-down fixed loans at 5.947%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 02874, Wakefield-Peace Dale, 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 02874, Wakefield-Peace Dale, RI have fluctuated between a low of 6.446% and a high of 6.906%. 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 02874, Wakefield-Peace Dale, RI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $757,045 in 02874, Wakefield-Peace Dale, RI, a standard 20%-down Conventional loan requires an upfront cash down payment of $151,409 but keeps your monthly payment lower at $3,371/mo (at 6.825% interest) with no monthly PMI. In comparison, an FHA loan requires only $26,497 (3.5% down) but has an estimated payment of $3,774/mo (at 5.949% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $730,548 falls comfortably within the local HUD FHA loan limit of $870,602 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 02874 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 02874 is $806,501. With a typical local home value of $757,045 in Wakefield-Peace Dale, a standard 20%-down mortgage requires a loan size of $605,636. 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 02874, Wakefield-Peace Dale, RI impact estimated mortgage payments?
The median home value in 02874, Wakefield-Peace Dale, RI is estimated at $757,045. Buying a typical home here with a standard 20% down payment ($151,409) translates to an estimated starting monthly mortgage payment of $3,371 (principal and interest). Compared to the local area median household income of $125,649 ($10,471/mo), this basic housing payment represents approximately 32.2% 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.