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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 | 6.851%APR 6.886% | 0 pts$0 | $2,722/moP&I $2,722 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.982%APR 6.750% | 0 pts$0 | $2,723/moP&I $2,529 · MI $194 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.914%APR 5.962% | 0 pts$0 | $2,468/moP&I $2,468 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.816%APR 6.851% | 0 pts$0 | $2,713/moP&I $2,713 · MI $0 | See details |
| Investment Property FixedConforming | 7.551%APR 7.590% | 0 pts$0 | $2,919/moP&I $2,919 · 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 | 5.914% | 5.962% | 0 pts ($0) | $3,486/mo | $68,974 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.897% | 5.946% | 0 pts ($0) | $4,353/mo | $96,088 |
Condo 10% Down | 10% | 720 credit score | 7.068% | 7.233% | 0 pts ($0) | $3,131/mo | $109,510 |
Conventional 10% Down | 10% | 720 credit score | 6.542% | 6.695% | 0 pts ($0) | $2,967/mo | $102,104 |
Conventional 20% Down | 20% | 740 credit score | 6.851% | 6.886% | 0 pts ($0) | $2,722/mo | $84,032 |
Conventional 5% Down | 5% | 700 credit score | 6.974% | 7.450% | 0 pts ($0) | $3,273/mo | $114,196 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.295% | 7.332% | 0 pts ($0) | $3,558/mo | $122,117 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,073/mo | $104,114 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.755% | 7.129% | 0 pts ($0) | $3,269/mo | $117,809 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.816% | 6.851% | 0 pts ($0) | $3,391/mo | $114,618 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $4,285/mo | $102,162 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.982% | 6.750% | 0 pts ($0) | $3,051/mo | $106,986 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,146/mo | $110,137 |
FHA Streamline Refi | 0% | 640 credit score | 6.114% | 6.884% | 0 pts ($0) | $3,207/mo | $112,963 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.948% | 7.190% | 0 pts ($0) | $3,265/mo | $118,249 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $3,249/mo | $63,604 |
Investment Property 25% Down | 25% | 740 credit score | 7.551% | 7.590% | 0 pts ($0) | $2,737/mo | $87,002 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $2,799/mo | $87,463 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $3,019/mo | $92,579 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.353% | 7.127% | 0 pts ($0) | $3,173/mo | $112,674 |
Second Home 10% Down | 10% | 720 credit score | 5.998% | 6.571% | 0 pts ($0) | $2,801/mo | $94,457 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,731/mo | $84,445 |
VA 0% Down | 0% | 700 credit score | 5.980% | 6.222% | 0 pts ($0) | $3,173/mo | $104,560 |
VA Cash-Out Refi | 0% | 640 credit score | 5.987% | 6.353% | 0 pts ($0) | $3,176/mo | $104,672 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 5.998% | 6.148% | 0 pts ($0) | $3,179/mo | $104,847 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $2,857/mo | $90,395 |
Frequently Asked Questions
What are today's mortgage rates in 02896, , RI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 02896, , RI is 6.851% (with an estimated monthly payment of $2,838). Active program rates also include FHA 30-year fixed loans at 5.982% and VA 0%-down fixed loans at 5.980%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 02896, , 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 02896, , RI have fluctuated between a low of 6.472% and a high of 6.933%. 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 02896, , RI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $519,260 in 02896, , RI, a standard 20%-down Conventional loan requires an upfront cash down payment of $103,852 but keeps your monthly payment lower at $2,838/mo (at 6.851% interest) with no monthly PMI. In comparison, an FHA loan requires only $18,174 (3.5% down) but has an estimated payment of $3,181/mo (at 5.982% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $501,086 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 02896 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 02896 is $806,501. With a typical local home value of $519,260 in , a standard 20%-down mortgage requires a loan size of $415,408. 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 02896, , RI impact estimated mortgage payments?
The median home value in 02896, , RI is estimated at $519,260. Buying a typical home here with a standard 20% down payment ($103,852) translates to an estimated starting monthly mortgage payment of $2,838 (principal and interest). Compared to the local area median household income of $105,922 ($8,827/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.