Rhode Island Mortgage Refinance
The “Ocean State” offers sand, scenery and a competitive mortgage refinance market to qualified borrowers. Rates on a 30 year fixed product in Rhode Island begin at 4.96% APR and run to 5.33% APR. For a 15 year fixed mortgage in Rhode Island, borrowers have the choice between rates as low as 4.40% APR to 4.79% APR. Mortgage rates fluctuate with the market, however borrowers in Rhode Island have some degree of control over which rate they receive. One area borrowers can determine is the refinance amount—anything over the maximum amount is a jumbo loan which equates to a higher rate. Also, loans financed over 80% LTV (loan to value) are associated with a higher rate. Additionally, the borrower’s credit score directly impacts rate—the higher the score, the lower the rate. Median home values in the Rhode Island (population 1,067,610) are approximately $218,300. Estimated values in areas such as Cranston (02920) run from $351,575 to $412,718, whereas home values in Woonsocket (02895) run from $127,541 to $149,722. The overall median sale price in Rhode Island is $201,100; however homes in Newport (02840) have sold for $435,000 and $225,000. In Providence (02910), homes recently sold for $150,000 and $312,831.