Rhode Island Refinance Rates & Programs 2026

Rhode Island homeowners face moderate-to-high refinancing costs but no state mortgage tax. From Providence to Newport, here's what you need to know about refinancing in the Ocean State.

Current Rhode Island Refinance Rates

| Loan Type | Average Rate | |-----------|--------------| | 30-Year Fixed | 6.22% | | 15-Year Fixed | 5.54% | | FHA 30-Year | 6.17% | | VA 30-Year | 5.50% |

Use our refinance calculator.

Rhode Island-Specific Programs

Rhode Island Housing (RIHousing)

• FirstHomes down payment assistance
• If you used assistance, check subordination before refinancing
• Mortgage Credit Certificates available

Cost of Refinancing

Moderate-to-high costs:

| Cost Item | Typical Amount | |-----------|---------------| | Origination | $0 - $2,500 | | Appraisal | $500 - $750 | | Title | $900 - $1,500 | | Recording | $75 - $150 | | Attorney (optional) | $500 - $1,000 | | Total | $4,500 - $8,000 |

No state mortgage tax.

When to Refinance

Refinance if rates dropped 0.75%-1.0%, eliminate PMI, or consolidate debt.

FAQ

How long? 30-40 days. Property taxes change? No. Credit score? 580 FHA, 620 conv, 740+ best. Keep RIHousing MCC? Yes, with participating lender.

Bottom Line

RI's moderate costs make refinancing attractive when rates drop 0.75%-1.0%.

Get quote: See rates.

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Author: Bill McCoy, 15 years experience.