Rhode
Island Mortgage Rates;
Having enjoyed several years of strong growth in the housing market, Rhode Island is experiencing a slowdown. The high sale prices seen in recent years were unsustainable and prices are dropping across the state. Sellers are having to reduce their prices to get a sale and buyers have much more choice. As there are more houses on the market and these homes remain on the market for longer, buyers are in the driving seat. They can choose the best location, best features and the best value. As the Rhode Island market rebalances itself, this is a great time for first time buyers to enter the market. Prices are affordable and they are real bargains to be had.
There are still a lot of positives in the wider economy – unemployment is low, interest rates are very competitive and demand for houses is still strong. The housing market needed to be rebalanced and property is still a sound investment. Buyers need to do their research on mortgages and on the local market. Sellers need to be price their homes realistically and be prepared to add on extra value.Below are examples of rates being offered.
For loans up to $417,000
30 Yr Fixed : rates from 5.375% to 6.25%
15 Yr Fixed : rates from 5.125% to 5.875%
1 Yr ARM : rates from 5.125% to 6.750%
3/1 ARM : rates from 5.255% to 6.25%
5/1 ARM : rates from 5.5% to 6.25%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 5.5% to 6.625%
15 Yr Fixed Jumbo :rates from 5.125% to 6.5%
1 Yr ARM Jumbo : rates from 5.125% to 5.5%
3/1 ARM Jumbo : rates from 5.375% to 6.625%
5/1 ARM Jumbo : rates from 5.375% to 6.375%
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Looking for a mortgage in one of Rhode Island's major cities? Click any of the cities below for more mortgage information.
Major Rhode Island
Cities;
Newport County
Providence
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