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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 | 6.826%APR 6.860% | 0 pts$0 | $3,812/moP&I $3,812 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.950%APR 6.717% | 0 pts$0 | $3,811/moP&I $3,539 · MI $272 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.872%APR 5.919% | 0 pts$0 | $3,449/moP&I $3,449 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.565%APR 6.598% | 0 pts$0 | $3,711/moP&I $3,711 · MI $0 | See details |
| Investment Property FixedConforming | 7.506%APR 7.544% | 0 pts$0 | $4,080/moP&I $4,080 · 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 | 5.872% | 5.919% | 0 pts ($0) | $4,881/mo | $96,131 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.885% | 5.934% | 0 pts ($0) | $6,107/mo | $134,654 |
Condo 10% Down | 10% | 720 credit score | 7.022% | 7.186% | 0 pts ($0) | $4,375/mo | $152,841 |
Conventional 10% Down | 10% | 720 credit score | 6.509% | 6.661% | 0 pts ($0) | $4,151/mo | $142,702 |
Conventional 20% Down | 20% | 740 credit score | 6.826% | 6.860% | 0 pts ($0) | $3,812/mo | $117,541 |
Conventional 5% Down | 5% | 700 credit score | 6.952% | 7.425% | 0 pts ($0) | $4,586/mo | $159,871 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.267% | 7.303% | 0 pts ($0) | $4,982/mo | $170,836 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $4,314/mo | $146,176 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.687% | 7.058% | 0 pts ($0) | $4,557/mo | $163,955 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.565% | 6.598% | 0 pts ($0) | $4,639/mo | $155,412 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $6,016/mo | $143,435 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.950% | 6.717% | 0 pts ($0) | $4,269/mo | $149,520 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $4,417/mo | $154,632 |
FHA Streamline Refi | 0% | 640 credit score | 6.070% | 6.839% | 0 pts ($0) | $4,481/mo | $157,619 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.926% | 7.167% | 0 pts ($0) | $4,573/mo | $165,562 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $4,561/mo | $89,300 |
Investment Property 25% Down | 25% | 740 credit score | 7.506% | 7.544% | 0 pts ($0) | $3,825/mo | $121,407 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $3,929/mo | $122,798 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $4,239/mo | $129,981 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.310% | 7.083% | 0 pts ($0) | $4,435/mo | $157,268 |
Second Home 10% Down | 10% | 720 credit score | 5.963% | 6.534% | 0 pts ($0) | $3,918/mo | $131,927 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,835/mo | $118,561 |
VA 0% Down | 0% | 700 credit score | 5.948% | 6.189% | 0 pts ($0) | $4,440/mo | $146,086 |
VA Cash-Out Refi | 0% | 640 credit score | 5.954% | 6.318% | 0 pts ($0) | $4,443/mo | $146,220 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 5.967% | 6.116% | 0 pts ($0) | $4,449/mo | $146,511 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $4,012/mo | $126,914 |
Frequently Asked Questions
What are today's mortgage rates in 02879, Wakefield-Peace Dale, RI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 02879, Wakefield-Peace Dale, RI is 6.826% (with an estimated monthly payment of $3,354). Active program rates also include FHA 30-year fixed loans at 5.950% and VA 0%-down fixed loans at 5.948%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 02879, 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 02879, 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 02879, Wakefield-Peace Dale, RI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $729,040 in 02879, Wakefield-Peace Dale, RI, a standard 20%-down Conventional loan requires an upfront cash down payment of $145,808 but keeps your monthly payment lower at $3,354/mo (at 6.826% interest) with no monthly PMI. In comparison, an FHA loan requires only $25,516 (3.5% down) but has an estimated payment of $3,756/mo (at 5.950% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $703,524 falls comfortably within the local HUD FHA loan limit of $838,396 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 02879 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 02879 is $806,501. With a typical local home value of $729,040 in Wakefield-Peace Dale, a standard 20%-down mortgage requires a loan size of $583,232. 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 02879, Wakefield-Peace Dale, RI impact estimated mortgage payments?
The median home value in 02879, Wakefield-Peace Dale, RI is estimated at $729,040. Buying a typical home here with a standard 20% down payment ($145,808) translates to an estimated starting monthly mortgage payment of $3,354 (principal and interest). Compared to the local area median household income of $112,095 ($9,341/mo), this basic housing payment represents approximately 35.9% 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.