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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 | 6.857%APR 6.892% | 0 pts$0 | $2,515/moP&I $2,515 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.990%APR 6.758% | 0 pts$0 | $2,516/moP&I $2,337 · MI $179 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.926%APR 5.975% | 0 pts$0 | $2,281/moP&I $2,281 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.825%APR 6.860% | 0 pts$0 | $2,507/moP&I $2,507 · MI $0 | See details |
| Investment Property FixedConforming | 7.562%APR 7.602% | 0 pts$0 | $2,698/moP&I $2,698 · 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 | 5.926% | 5.975% | 0 pts ($0) | $3,221/mo | $63,821 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.913% | 5.963% | 0 pts ($0) | $4,023/mo | $88,945 |
Condo 10% Down | 10% | 720 credit score | 7.080% | 7.246% | 0 pts ($0) | $2,894/mo | $101,272 |
Conventional 10% Down | 10% | 720 credit score | 6.550% | 6.704% | 0 pts ($0) | $2,742/mo | $94,382 |
Conventional 20% Down | 20% | 740 credit score | 6.857% | 6.892% | 0 pts ($0) | $2,515/mo | $77,661 |
Conventional 5% Down | 5% | 700 credit score | 6.979% | 7.455% | 0 pts ($0) | $3,024/mo | $105,512 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.301% | 7.339% | 0 pts ($0) | $3,287/mo | $112,844 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,837/mo | $96,134 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.762% | 7.136% | 0 pts ($0) | $3,020/mo | $108,878 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.825% | 6.860% | 0 pts ($0) | $3,134/mo | $105,963 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,956/mo | $94,332 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.990% | 6.758% | 0 pts ($0) | $2,820/mo | $98,900 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,905/mo | $101,695 |
FHA Streamline Refi | 0% | 640 credit score | 6.124% | 6.895% | 0 pts ($0) | $2,964/mo | $104,451 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.953% | 7.195% | 0 pts ($0) | $3,016/mo | $109,254 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $3,000/mo | $58,729 |
Investment Property 25% Down | 25% | 740 credit score | 7.562% | 7.602% | 0 pts ($0) | $2,530/mo | $80,453 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $2,584/mo | $80,759 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $2,788/mo | $85,483 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.364% | 7.139% | 0 pts ($0) | $2,934/mo | $104,194 |
Second Home 10% Down | 10% | 720 credit score | 6.004% | 6.577% | 0 pts ($0) | $2,588/mo | $87,295 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,522/mo | $77,973 |
VA 0% Down | 0% | 700 credit score | 5.987% | 6.229% | 0 pts ($0) | $2,932/mo | $96,649 |
VA Cash-Out Refi | 0% | 640 credit score | 5.994% | 6.360% | 0 pts ($0) | $2,935/mo | $96,752 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.010% | 6.161% | 0 pts ($0) | $2,940/mo | $96,988 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $2,638/mo | $83,466 |
Frequently Asked Questions
What are today's mortgage rates in 02885, , RI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 02885, , RI is 6.857% (with an estimated monthly payment of $2,738). Active program rates also include FHA 30-year fixed loans at 5.990% and VA 0%-down fixed loans at 5.987%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 02885, , 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 02885, , RI have fluctuated between a low of 6.479% and a high of 6.939%. 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 02885, , RI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $479,461 in 02885, , RI, a standard 20%-down Conventional loan requires an upfront cash down payment of $95,892 but keeps your monthly payment lower at $2,738/mo (at 6.857% interest) with no monthly PMI. In comparison, an FHA loan requires only $16,781 (3.5% down) but has an estimated payment of $3,069/mo (at 5.990% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $462,680 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 02885 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 02885 is $806,501. With a typical local home value of $479,461 in , a standard 20%-down mortgage requires a loan size of $383,569. 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 02885, , RI impact estimated mortgage payments?
The median home value in 02885, , RI is estimated at $479,461. Buying a typical home here with a standard 20% down payment ($95,892) translates to an estimated starting monthly mortgage payment of $2,738 (principal and interest). Compared to the local area median household income of $94,280 ($7,857/mo), this basic housing payment represents approximately 34.8% 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.