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Providence, RI Mortgage Rates Today

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Current Mortgage Rates in Providence

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Providence housing market at a glance

September 2026 data

In Providence, homes are selling in about 28 days (5 slower than a year ago), sales are up 8.2% from last year, and about 15% of listings have had a price cut.

Median sale price
$439,900
$307 per sq. ft.
Homes sold
304
▲ 8.2% vs. 281 last year
Days on market
28
vs. 23 days last year
Homes for sale
597
59 new listings
Listings with a price cut
15%
90 of 597 listings

Source: Movoto Providence, RI market trends, September 2026. Last updated October 5, 2026.

What it costs to buy a home in Providence

Monthly payments on Providence's median home price of $439,900 (September 2026), at today's rates.

20% down · Conventional
$3,087/mo
Down payment
$87,980
Loan amount
$351,920
Rate
7.250%
Principal & interest
$2,401
Est. property tax
$466
Est. homeowners insurance
$220
5% down · Conventional
$3,537/mo
Down payment
$21,995
Loan amount
$417,905
Rate
7.250%
Principal & interest
$2,851
Est. property tax
$466
Est. homeowners insurance
$220
3.5% down · FHA
$3,523/mo
Down payment
$15,397
Loan amount
$431,932
Rate
6.875%
Principal & interest
$2,837
Est. property tax
$466
Est. homeowners insurance
$220

Payments include principal, interest, estimated Providence property taxes, and estimated homeowners insurance. They do not include mortgage insurance (PMI or FHA monthly MIP), which applies with less than 20% down, or HOA dues. The FHA loan amount includes the 1.75% upfront mortgage insurance premium. These are examples based on the median price, not the sample loan used in the rate table above.

How much income do you need to buy a home in Providence?

A common lender guideline is to keep your total housing payment (principal, interest, estimated Providence property taxes, and estimated homeowners insurance) at or below 28% of your gross monthly income. Gross income is what you earn before taxes and other deductions come out of your paycheck. Based on that guideline, here's the yearly household income needed for Providence's $439,900 median home:

20% down · Conventional$3,087/mo payment $132,285/yrabout $11,024/mo before taxes
5% down · Conventional$3,537/mo payment $151,577/yrabout $12,631/mo before taxes
3.5% down · FHA$3,523/mo payment $151,004/yrabout $12,584/mo before taxes

Why this matters: Keeping housing costs near 28% of your income leaves room for other bills, savings and the upkeep that comes with owning a home. It's a planning guideline, not a hard limit.

What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.

Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.

How rates change your payment

Principal and interest on a $351,920 loan (the Providence median price with 20% down). Every 0.25% is worth about $59/mo.

Rate6.25%6.50%6.75%7.00%7.25%
today		7.50%
Monthly P&I$2,167$2,224$2,283$2,341$2,401$2,461

Ways to make a Providence home more affordable

  • Negotiate on price. About 15% of Providence listings have had a price cut, so many sellers are open to offers.
  • Ask for seller concessions. Homes take 28 days to sell, 5 more than last year. Sellers may cover closing costs or pay for a rate buydown.
  • Consider buying down your rate. On this example loan, a rate 0.5% lower saves about $118 a month.
  • Compare loan types. FHA rates are at 6.875% vs. 7.250% for conventional, with as little as 3.5% down. Compare by APR, including mortgage insurance.

Providence mortgage and home buying FAQs

What are mortgage rates in Providence today?

As of October 9, 2026, Lower’s 30-year fixed conventional rate in Providence is 7.250% (7.513% APR), and the 30-year FHA rate is 6.875% (7.699% APR). Your rate depends on your credit, down payment, loan type and any points you pay. See the rate table above for points and full details.

What is the monthly payment on a median-priced home in Providence?

On Providence’s $439,900 median home price (September 2026), a 30-year conventional loan with 20% down at 7.250% comes to about $3,087 a month, including principal, interest, estimated Providence property taxes, and estimated homeowners insurance. With an FHA loan and 3.5% down, it’s about $3,523 a month before monthly mortgage insurance.

How much income do I need to buy a house in Providence?

To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $132,285 a year to buy Providence’s $439,900 median home with 20% down, or about $151,004 with an FHA loan and 3.5% down. Lenders also consider your other debts, so the income you need may be higher or lower.

How much do I need for a down payment in Providence?

On the $439,900 median home, 20% down is $87,980, 5% down is $21,995, and the FHA minimum of 3.5% is $15,397. Putting less than 20% down usually means paying mortgage insurance. You’ll also need money for closing costs.

Is it a buyer’s or seller’s market in Providence right now?

In September 2026, Providence homes sold in about 28 days, 5 days slower than a year earlier. 304 homes sold, up from 281 the year before, and about 15% of the 597 homes for sale have had a price cut. Slower sales and frequent price cuts generally give buyers more room to negotiate than a year ago.

How much does a quarter-point rate change affect payments in Providence?

On a $351,920 loan (the median Providence home with 20% down), each 0.25% change in rate moves the principal and interest payment by about $59 a month, or about $713 a year.

How much are property taxes in Providence?

Lower estimates Providence property taxes at about 1.27% of a home’s value per year. On the $439,900 median home, that’s roughly $5,587 a year, or $466 a month. Your actual bill depends on your assessed value and any exemptions.

Market data: Movoto, September 2026. Homeowners insurance estimates are based on average annual premiums in Providence from The Zebra; your quote will vary. Rates as of October 9, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

Find Out Why Providence Loves Lower

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We were not looking for a new home, but when our dream property became available, everything moved so fast, it could have been stressful and difficult. Dante and his team made the process smooth and reduced the potential stress for us. They wer…e truly exceptional throughout the process. Everyone was prompt, responsive, thorough, communicative and personable at every turn. Whenever we had questions, they worked with us to answer them quickly and made sure we were prepared and comfortable with each step. We are so grateful to have had these folks walking alongside us. Not only did we have a stellar financing experience, we emerged from it with new, treasured friends – what a blessing!

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August 25, 2026

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Made communicating super easy, it's a lot at 1st but Troy was able to make things happen effortlessly.

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August 3, 2026

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Edgard was patient, nice and communicative and answered questions that we had about the process of buying a home and informed us on every step to the end. He really helped us get throug. He is a true professional . Thank you again

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August 23, 2026

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Sara made our experience so easy and smooth! She was always happy to answer a question no matter how silly we thought it was. I honestly can't say enough great things about Sara and how easy she made everything. Thank you SO much!!

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August 29, 2026

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