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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 | 6.836%APR 6.870% | 0 pts$0 | $3,033/moP&I $3,033 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 5.963%APR 6.731% | 0 pts$0 | $3,033/moP&I $2,816 · MI $216 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 5.885%APR 5.932% | 0 pts$0 | $2,745/moP&I $2,745 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.588%APR 6.622% | 0 pts$0 | $2,957/moP&I $2,957 · MI $0 | See details |
| Investment Property FixedConforming | 7.524%APR 7.563% | 0 pts$0 | $3,249/moP&I $3,249 · 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 | 5.885% | 5.932% | 0 pts ($0) | $3,883/mo | $76,572 |
15-Year Rate/Term Refi | 0% | 740 credit score | 5.915% | 5.965% | 0 pts ($0) | $4,863/mo | $107,516 |
Condo 10% Down | 10% | 720 credit score | 7.040% | 7.204% | 0 pts ($0) | $3,483/mo | $121,751 |
Conventional 10% Down | 10% | 720 credit score | 6.522% | 6.674% | 0 pts ($0) | $3,303/mo | $113,613 |
Conventional 20% Down | 20% | 740 credit score | 6.836% | 6.870% | 0 pts ($0) | $3,033/mo | $93,553 |
Conventional 5% Down | 5% | 700 credit score | 6.961% | 7.437% | 0 pts ($0) | $3,648/mo | $127,204 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.278% | 7.315% | 0 pts ($0) | $3,963/mo | $135,961 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,429/mo | $116,170 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.723% | 7.094% | 0 pts ($0) | $3,635/mo | $130,910 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.588% | 6.622% | 0 pts ($0) | $3,696/mo | $123,912 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $4,781/mo | $113,992 |
FHA 3.5% Down | 3.5% | 680 credit score | 5.963% | 6.731% | 0 pts ($0) | $3,397/mo | $119,051 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $3,510/mo | $122,890 |
FHA Streamline Refi | 0% | 640 credit score | 6.087% | 6.857% | 0 pts ($0) | $3,568/mo | $125,565 |
House Hacking Conforming 5% | 5% | 680 credit score | 6.934% | 7.175% | 0 pts ($0) | $3,638/mo | $131,710 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $3,625/mo | $70,970 |
Investment Property 25% Down | 25% | 740 credit score | 7.524% | 7.563% | 0 pts ($0) | $3,046/mo | $96,722 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $3,123/mo | $97,591 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $3,369/mo | $103,300 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.327% | 7.101% | 0 pts ($0) | $3,531/mo | $125,276 |
Second Home 10% Down | 10% | 720 credit score | 5.976% | 6.548% | 0 pts ($0) | $3,118/mo | $105,050 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $3,048/mo | $94,224 |
VA 0% Down | 0% | 700 credit score | 5.960% | 6.201% | 0 pts ($0) | $3,533/mo | $116,312 |
VA Cash-Out Refi | 0% | 640 credit score | 5.967% | 6.332% | 0 pts ($0) | $3,536/mo | $116,437 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 5.981% | 6.131% | 0 pts ($0) | $3,541/mo | $116,686 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $3,188/mo | $100,862 |
Frequently Asked Questions
What are today's mortgage rates in Wakefield-Peace Dale, RI across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Wakefield-Peace Dale, RI is 6.836% (with an estimated monthly payment of $3,131). Active program rates also include FHA 30-year fixed loans at 5.963% and VA 0%-down fixed loans at 5.960%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 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 Wakefield-Peace Dale, RI have fluctuated between a low of 6.456% and a high of 6.917%. 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 Wakefield-Peace Dale, RI?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $579,390 in Wakefield-Peace Dale, RI, a standard 20%-down Conventional loan requires an upfront cash down payment of $115,878 but keeps your monthly payment lower at $3,131/mo (at 6.836% interest) with no monthly PMI. In comparison, an FHA loan requires only $20,279 (3.5% down) but has an estimated payment of $3,507/mo (at 5.963% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $559,111 exceeds the local HUD FHA limit of $524,225 for a 1-unit property, meaning entry-level buyers here will likely require conventional financing or a larger down payment to comply with government limits.
What is the maximum conforming loan limit in Wakefield-Peace Dale before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Wakefield-Peace Dale is $806,501. With a typical local home value of $579,390 in , a standard 20%-down mortgage requires a loan size of $463,512. 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 Wakefield-Peace Dale, RI impact estimated mortgage payments?
The median home value in Wakefield-Peace Dale, RI is estimated at $579,390. Buying a typical home here with a standard 20% down payment ($115,878) translates to an estimated starting monthly mortgage payment of $3,131 (principal and interest). Compared to the local area median household income of $101,237 ($8,436/mo), this basic housing payment represents approximately 37.1% of gross monthly household income. Because this housing cost exceeds the standard 36% lender DTI guideline, buyers in this high-value area may need larger down payments, lower debt balances, or co-borrower income to qualify.