Skip to main content
Advertiser Disclosure
We do receive compensation from some partners whose offers appear on this page. We have not reviewed all available products or offers. Compensation may impact the order in which offers appear on page, but our editorial opinions and ratings are not influenced by compensation.

The Ascent Logo The Ascent Logo - Blue circle with an A in it and the ascent a motley fool company to the right of that

  • Credit Cards
  • Banking
  • Brokerages
  • Loans
  • Mortgages
  • Knowledge
  • Latest Picks
  • Search Icon Click here to search

Credit Cards

Top Picks
  • Best of January 2021
  • Cash Back
  • Balance Transfer
  • Travel
  • 0% APR
  • Rewards
  • Bad Credit
Knowledge
  • Beginners Guide to Credit Cards
  • How to Rebuild Your Credit
  • Maximize Your Credit Card Rewards
  • Learn More About Credit Cards
Credit Card Tools
  • Compare Cards
Looking for a new credit card?

Explore the best credit cards in every category as of January 2021.

Get started!

Banking

Top Picks
  • Best Savings Accounts
  • Best Bank Accounts
  • Best Money Market Accounts
  • Best CDs
  • Best Checking Account Bonuses
Knowledge
  • Beginners Guide to Banking
  • Everything You Need to Know About Savings
  • Money Market Accounts Made Easy
  • Learn More About Banking
Looking for a place to park your cash?

Check out our top picks of the best online savings accounts for January 2021.

Get Started!

Brokerages

Top Picks
  • Best Brokers of January 2021
  • Best Online Brokers for Beginners
  • Best Options Brokers
  • Best IRA Accounts
  • Best Roth IRA Accounts
  • Best Robo Advisors
Knowledge
  • How to Open a Brokerage Account
  • Beginner's Guide to Brokerages
  • Learn More About Brokerage
Just getting started?

Explore our picks of the best brokerage accounts for beginners for January 2021.

Get Started!

Loans

Top Picks
  • Best Loans of January 2021
  • Best Personal Loans for Bad Credit
  • Best Loans for Debt Consolidation
  • Best Low-Interest Personal Loans
  • Best Personal Loans for Good Credit
  • Best Personal Loans for Fair Credit
Knowledge
  • Personal Loans Made Easy
  • Debt Consolidation Guide
  • How to Pay Off Debt
  • Learn More About Loans
Thinking about taking out a loan?

Before you apply for a personal loan, here's what you need to know.

Get Started!

Mortgages

Top Picks
  • Best Mortgage Lenders of January 2021
  • Best Mortgage Lenders for Poor Credit
  • Best Refinance Lenders
  • Best VA Mortgage Lenders
Knowledge
  • First Time Homebuyers Guide
  • Home Loans Made Easy
  • The Complete Guide to Refinancing
  • How to Get a Mortgage with Bad Credit
  • Learn More About Mortgages
Tools & Calculators
  • Mortgage Calculator
Compare Rates
  • Today's Mortgage Rates
  • Refinance Rates
  • 15-Year Mortgage Rates
  • 20-Year Mortgage Rates
  • 30-Year Mortgage Rates
  • Jumbo Mortgage Rates
  • VA Loan Rates
  • 5/1 ARM Rates
  • 7/1 ARM Rates
  • FHA Mortgage Rates

Knowledge

Knowledge Section
  • All Articles
  • Credit Card Articles
  • Banking Articles
  • Brokerage Articles
  • Personal Loan Articles
  • Mortgage Articles
  • Personal Finance Articles
Recent Articles
  • U.S. Citizens With Undocumented Spouses Can Get Stimulus Checks

    Personal Finance

    U.S. Citizens With Undocumented Spouses Can Get Stimulus Checks
  • Don't Accidentally Throw Away Your Stimulus Check

    Personal Finance

    Don't Accidentally Throw Away Your Stimulus Check
  • Stimulus Check Update: $1,400 Checks Now on the Table

    Personal Finance

    Stimulus Check Update: $1,400 Checks Now on the Table
  • Weekly Mortgage News Roundup for Jan. 15, 2021

    Mortgages

    Weekly Mortgage News Roundup for Jan. 15, 2021
  • The Ascent
  • Best Mortgage Lenders
  • Today's Mortgage Rates

Mortgage Rates in Rhode Island

January 16, 2021

The Ascent is reader-supported: we may earn a commission from offers on this page. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation.

Finding the best mortgage rates in Rhode Island is important for first-time buyers as well as seasoned purchasers looking for a new home. Since there are many mortgage lenders to choose from, including banks, credit unions, and online lenders, shopping around with at least three will help you avoid paying too much.

Current Mortgage and Refinance Rates in Rhode Island

Rates As of Jan 15, 2021
Product Interest Rate Average Points/Credits
Fixed 30 Year 2.876% 0.099
Fixed 30 Year - FHA 2.767% -0.687
Fixed 30 Year - VA 2.579% 0.800
Fixed 30 Year 2.968% 0.204
Fixed 20 Year 2.783% 0.124
Fixed 15 Year 2.390% -0.134
Fixed 30 Year - FHA 2.694% -0.605
The Ascent's Mortgage Rates Tracking Methodology

5 affordable places to live in Rhode Island

Looking for a place with a low cost of living in Rhode Island? Check out these affordable places to buy your new home.

1. Valley Falls

According to Niche, Valley Falls is the town in Rhode Island with the lowest cost of living. It's also the most inexpensive suburb in the state, and the eighth-best suburb in which to buy a home. The median home value of $224,000 in Valley Falls is a bit higher than the national average of $184,700, and 67% of residents of this town of nearly 12,000 own their homes. Unfortunately, property taxes in Providence County are on the high side according to Tax-Rates.org, averaging 1.31% of assessed fair market value.

2. Cumberland

Cumberland is a much larger town than Valley Falls, with a population of almost 35,000. It offers access to Blackstone Gorge, where residents can enjoy walking and taking in the views, and to Diamond Hill Park. These outdoor attractions are one reason this area was identified as the third-best suburb and the fifth-best location in which to buy a house in Rhode Island. Nearly 75% of Cumberland residents are homeowners, even with a high median home value of $274,400. Like Valley Falls, Cumberland is in Providence County, so property taxes are the same -- 1.31%.

3. Burrillville

Burrillville is home to more than 16,000 Rhode Islanders, and 75% of its residents own their homes. Houses here have a median value of $239,500, a bit below some of the other places on our list. Burrillville ranks eighth in Rhode Island for its cost of living. It's also in Providence County (Rhode Island is famously small, after all), so has the same property tax rate of 1.31% of assessed fair market value.

4. Smithfield

In this town of 21,630 residents, the median home value is $274,400, but 79% of people own their houses. Smithfield has been recognized as the 14th-best suburb in Rhode Island for raising a family, and it's one of the best places in Rhode Island to retire. It is also in Providence County, with its high average property tax rate of 1.31%.

5. Coventry

Coventry is one of the larger Rhode Island towns on our list, with a population of 34,575. Like some of its counterparts, it's recognized as a great place to raise a family. It's also occupied mostly by homeowners, with just 23% of residents renting. It boasts a median home value of $230,800, well above the national average. Unlike the other places on our list, however, Coventry is in Kent County, where property taxes are even higher at 1.42% of a property's assessed fair market value. Residents may not mind higher taxes, since they live near Moosup Valley State Park and several historical sites, including the Paine House Museum and the General Nathanael Greene Homestead.

If you want to ensure that becoming a homeowner is affordable, shop carefully for the best mortgage rate, and compare the costs of living in areas where you're thinking of buying. By choosing the right loan and an affordable locale, you can end up with monthly mortgage payments you can easily afford. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.

Select the state you want to see mortgage rates for:

Alabama mortgage rates Alaska mortgage rates Arizona mortgage rates Arkansas mortgage rates California mortgage rates Colorado mortgage rates Connecticut mortgage rates Washington DC mortgage rates Delaware mortgage rates Florida mortgage rates Georgia mortgage rates Hawaii mortgage rates Idaho mortgage rates Illinois mortgage rates Indiana mortgage rates Iowa mortgage rates Kansas mortgage rates Kentucky mortgage rates Louisiana mortgage rates Maine mortgage rates Maryland mortgage rates Massachusetts mortgage rates Michigan mortgage rates Minnesota mortgage rates Mississippi mortgage rates Missouri mortgage rates Montana mortgage rates Nebraska mortgage rates Nevada mortgage rates New Hampshire mortgage rates New Jersey mortgage rates New Mexico mortgage rates New York mortgage rates North Carolina mortgage rates North Dakota mortgage rates Ohio mortgage rates Oklahoma mortgage rates Oregon mortgage rates Pennsylvania mortgage rates Rhode Island mortgage rates South Carolina mortgage rates South Dakota mortgage rates Tennessee mortgage rates Texas mortgage rates Utah mortgage rates Vermont mortgage rates Virginia mortgage rates Washington mortgage rates West Virginia mortgage rates Wisconsin mortgage rates Wyoming mortgage rates

Check out more mortgage rates:

15-year mortgage rates

20-year mortgage rates

30-year mortgage rates

Refinance mortgage rates

FHA mortgage rates

Jumbo mortgage rates

VA loan rates

5/1 ARM rates

7/1 ARM rates

Like this page? Share it!

Blue Facebook Icon Share this website with Facebook
Blue Twitter Icon Share this website with Twitter
Blue LinkedIn Icon Share this website with LinkedIn
Blue Mail Icon Share this website by email

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.

The Ascent Logo

The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.

btn_facebook-yellow btn_twitter-yellow btn_instagram-yellow

Copyright © 2018 - 2021 The Ascent. All rights reserved.

About The Ascent
About Us Contact Us Newsroom How We Make Money Editorial Integrity Ratings Methodology
Legal
Terms of Use Privacy Policy Accessibility Policy Terms and Conditions Copyright, Trademark and Patent Information
Learn
Credit Cards Banking Brokerage Loans Recent Articles

By submitting your email address, you consent to us sending you money tips along with products and services that we think might interest you. You can unsubscribe at any time. Please read our Privacy Statement and Terms & Conditions.

Back to The Motley Fool