Rhode Island’s median housing value is $273,800, which is above the national median of $229,700. Home values vary by region, however, with the highest counties reporting a median of $375,000.
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AmeriSave Mortgage Corp. is an online lender that has been in business since 2002. It was one of the first to offer an offsite digital mortgage experience for customers. The company says it has financed more than 664,000 borrowers since it began operating. With headquarters in Atlanta, AmeriSave services loans in 49 states and Washington, D.C.
Pentagon Federal Credit Union, widely known as PenFed, offers borrowers access to many types of mortgages: conventional, adjustable rate, jumbo and Department of Veterans Affairs, plus refinancing loans and home equity lines of credit. The financial institution, which serves 2.8 million members, was established in 1935 and is based in McLean, Virginia.
PNC Bank is one of the largest banks in the United States, serving more than 9 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
Bank of America serves roughly 67 million customers in all 50 states. The lender offers conventional, Federal Housing Administration, Department of Veterans Affairs and jumbo loans as well as home equity lines of credit and mortgage refinancing.
Guaranteed Rate, founded in 2000 and based in Chicago, offers mortgage options including conventional loans, FHA loans, jumbo loans and interest-only loans to customers in all 50 states and Washington, D.C. Borrowers can take advantage of specialized loan products and Guaranteed Rate’s online application, documentation and loan payment options.
SoFi is an online lender founded in 2011 and headquartered in San Francisco that offers fixed-rate mortgages. Refinance, jumbo and home equity loans are also available.
Best for customer service
Rocket Mortgage, the largest mortgage lender in the nation, was founded in 1985. The Detroit-based company is best known for its fully digital experience of buying or refinancing a home. Rocket Mortgage changed its name from Quicken Loans in the summer of 2021.
Chase, one of the world’s largest banks, was founded in 1799 in New York and offers fixed-rate, refinance and other mortgage loans.
Best for online application and approval
Homefinity launched in 2018 as the online lending division of Fairway Independent Mortgage. It offers a variety of mortgage products, including conventional mortgages, FHA and VA mortgages, and mortgage refinancing.
Alliant Credit Union is a not-for-profit financial cooperative that serves customers in all 50 states. Alliant offers products such as conventional, jumbo, refinancing and home equity line of credit loans, but specific mortgage products may not be available in certain states.
The average mortgage rate in Rhode Island is currently 0% for the 30-year fixed loan term.
Here are the interest rates offered to Rhode Island residents looking to buy or refinance a home as of 02/07/2023:
- 30-year fixed purchase: 0%
- 30-year fixed refi: 5.28%
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Mortgage rates rose this week, with the average 30-year fixed rate jumping to 6.73% from 6.55% a week ago. Most fixed and adjustable rates are trending higher as the Federal Reserve tightens its monetary policy in response to mixed economic signals.
Mortgage interest rates are nearly twice as high as they were at the beginning of 2022, which continues to have a tangible impact on mortgage affordability and consumer housing sentiment. However, mortgage rates are widely expected to fall throughout the course of 2023. Here are the current mortgage rates, without discount points unless otherwise noted, as of Feb. 16:
- 30-year fixed: 6.73% (up from 6.55% a week ago).
- 20-year fixed: 6.77% (up from 6.62% a week ago).
- 15-year fixed: 6.02% (up from 5.75% a week ago).
- 10-year fixed: 5.97% (up from 5.77% a week ago).
- 5/1 ARM: 5.43% (up from 5.38% a week ago).
- 7/1 ARM: 5.7% (down from 5.81% a week ago).
- 10/1 ARM: 5.9% (up from 5.87% a week ago).
- 30-year jumbo loans: 6.78% (up from 6.59% a week ago).
- 30-year FHA loans: 5.98% with 0.06 point (up from 5.75% a week ago).
- VA purchase loans: 6.08% with 0.05 point (up from 5.86% a week ago).
Rhode Island homebuyers can get help with down payments and closing costs from these RIHousing programs.
Available to: First-time homebuyers purchasing homes with a maximum purchase price of $454,258.
Income limits: Loan availability at any income level.
First-time homebuyers only?: Yes.
Benefit: 100% financing available (no down payment required).
Down payment and closing cost assistance: Can be combined with down payment and closing cost assistance.
Available to: For borrowers buying homes that need renovations.
Income limits: Loan availability at any income level.
First-time homebuyers only?: No.
Benefit: 100% financing available (no down payment required).
Down payment and closing cost assistance: Can be combined with down payment and closing cost assistance.
Available to: First-time homebuyers with a minimum credit score of 660 who obtain an RIHousing-funded first mortgage and complete a homebuyer education course.
Income limits: Loan availability at any income level.
First-time homebuyers only?: Yes.
Down payment and closing cost assistance: A $7,500 loan to be used toward down payment. The loan is 0% interest with no monthly payments due. The loan must be paid when the borrower sells, refinances or moves out of the home.
Available to: Eligible borrowers with a minimum credit score of 660 purchasing a home or condominium in Providence or Woonsocket. Borrowers must also complete a homebuyer education course.
Income limits: $95,948 to $110,341.
First-time homebuyers only?: Yes.
Down payment and closing cost assistance: This 0% interest loan with no monthly payments due provides up to $7,500 in down payment assistance. It’s a forgivable five-year loan with 20% forgiven each calendar year from the original closing date.
Available to: Qualified first-time Rhode Island homebuyers, and those buying in targeted areas of the state.
Income limits: Vary (see income limits).
First-time homebuyers only?: No.
Benefit: A mortgage credit certificate of up to $2,000 annually against your federal tax liability for the life of the loan.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
Best Rhode Island Mortgage Lenders of 2023
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where offers appear on the site but do not affect any editorial decisions,
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does not include all loan companies or all loan offers available in the marketplace.
