Rhode Island mortgages and home buyers, 2025
Incomes, down payments, rates, loan costs, denials and lenders across Rhode Island's 5 counties, from official HMDA records.
HMDA 2025 data released June 23, 2026
In 2025, lenders reported 8,152 home-purchase mortgages for owner-occupied, single-family homes in Rhode Island. The median buyer borrowed $415,000 on a home valued at $485,000 and reported a household income of $128,000.
Buyers financed a median 90% of the home's value (roughly 10% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $5,000.
Lenders denied 6.6% of completed home-purchase applications.
Key facts
- Home buyers' median income ($128,000) is 10% higher than the U.S. median ($116,000).
- Median conventional loan costs ($5,000) were 10% lower than the U.S. median ($5,570).
- The most common age bracket among borrowers was 25–34 (37.9% of purchase loans).
- 50.5% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (35.8% of denials with a stated reason).
The 2026 conforming limit is $832,750 for a one-unit home in every Rhode Island county. See every Rhode Island county's 2026 FHA and conforming loan limits.
Rhode Island counties compared
Click a column to sort. Medians shown with at least 30 loans.
| County | Purchase loans | Median loan | Buyer income | Down payment | 30-yr rate | Loan costs | Denial rate | FHA limit |
|---|---|---|---|---|---|---|---|---|
| Bristol County | 333 | $505,000 | $171,000 | 20.0% | 6.625% | $4,980 | 3.7% | $787,750 |
| Kent County | 1,760 | $385,000 | $120,000 | 10.0% | 6.625% | $5,010 | 5.6% | $787,750 |
| Newport County | 445 | $505,000 | $167,000 | 20.0% | 6.625% | $5,220 | 6.7% | $787,750 |
| Providence County | 4,782 | $405,000 | $122,000 | 9.4% | 6.625% | $4,950 | 7.4% | $787,750 |
| Washington County | 832 | $455,000 | $156,000 | 20.0% | 6.625% | $5,040 | 4.6% | $787,750 |
Who bought homes in Rhode Island
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Rhode Island
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Rhode Island | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.375% | 6.250% |
| 30-year fixed rate · VA | 6.250% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.16 pts | +0.13 pts |
| Total loan costs · conventional | $5,000 | $5,570 |
| Total loan costs · FHA | $15,340 | $11,310 |
| Total loan costs · VA | $7,890 | $6,490 |
| Origination charges (all loan types) | $1,850 | $1,860 |
| Borrowers paying discount points | 46.5% | 51.3% |
| Points paid, when paid (% of loan) | 0.72% | 0.87% |
| Borrowers receiving lender credits | 28.6% | 33.1% |
| Adjustable-rate mortgages | 7.6% | 7.4% |
| Jumbo loans (above conforming limit) | 3.5% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Rhode Island: 585 of 8,936 completed home-purchase applications were denied (6.6%).
Denial rate
| Application | Rhode Island | U.S. |
|---|---|---|
| Home purchase | 6.6% | 8.5% |
| Conventional | 5.3% | 7.1% |
| FHA | 10.4% | 12.5% |
| VA | 6.0% | 8.0% |
| USDA | — | 12.5% |
| Refinance | 14.9% | 17.9% |
| Cash-out refinance | 30.7% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Rhode Island
Top mortgage lenders in Rhode Island
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | Movement Mortgage, LLC | 786 | 6.6% | 1.9% | 6.750% | +0.24 | $5,290 |
| 2 | Rocket Mortgage, LLC | 610 | 5.1% | 14.0% | 6.625% | +0.29 | $6,420 |
| 3 | Navigant Credit Union | 581 | 4.9% | 1.3% | 6.500% | −0.13 | $3,600 |
| 4 | Primary Residential Mortgage, Inc. | 479 | 4.0% | 8.5% | 6.750% | +0.44 | $8,060 |
| 5 | United Wholesale Mortgage (UWM) | 465 | 3.9% | 13.5% | 6.625% | +0.27 | $6,060 |
| 6 | CMG Mortgage, Inc. | 426 | 3.6% | 7.3% | 6.750% | +0.30 | $5,180 |
| 7 | The Washington Trust Company, of Westerly | 413 | 3.5% | 7.5% | 6.125% | −0.17 | $4,500 |
| 8 | Guild Mortgage Company | 408 | 3.4% | 2.4% | 6.750% | +0.25 | $4,700 |
| 9 | NFM, Inc. | 398 | 3.3% | 2.5% | 6.875% | +0.56 | $6,130 |
| 10 | Baycoast Mortgage Company, LLC | 335 | 2.8% | 1.3% | 6.625% | +0.01 | $5,190 |
| 11 | American Neighborhood Mortgage Acceptance Company LLC | 305 | 2.5% | 5.9% | 6.875% | +0.48 | $7,250 |
| 12 | Province Mortgage Associates, Inc. | 275 | 2.3% | 5.4% | 6.875% | +0.44 | $4,970 |
| 13 | loanDepot.com, LLC | 265 | 2.2% | 10.6% | 6.875% | +0.56 | $6,970 |
| 14 | Citizens Bank, N.A. | 220 | 1.8% | 11.3% | 6.500% | −0.02 | $6,070 |
| 15 | Freedom Mortgage Corporation | 208 | 1.7% | — | — | — | — |
| 16 | Semper Home Loans, Inc. | 203 | 1.7% | 5.4% | 6.875% | +0.49 | $7,860 |
| 17 | COASTAL1 Credit Union | 193 | 1.6% | 3.1% | 6.500% | −0.06 | $3,780 |
| 18 | Newrez LLC | 186 | 1.6% | 7.4% | 6.875% | +0.35 | $7,450 |
| 19 | BankNewport | 183 | 1.5% | 9.7% | 6.375% | +0.01 | $4,450 |
| 20 | Veterans United Home Loans | 176 | 1.5% | 8.8% | — | — | — |
| 21 | Rate | 173 | 1.4% | 4.9% | 6.600% | +0.16 | $5,170 |
| 22 | Northpointe Bank | 160 | 1.3% | 7.1% | 6.875% | +0.31 | $5,800 |
| 23 | Fall River Five Cents Savings Bank | 158 | 1.3% | 2.2% | 6.500% | +0.03 | $4,240 |
| 24 | Pennymac Loan Services, LLC | 158 | 1.3% | 11.9% | 6.499% | +0.09 | $6,710 |
| 25 | CrossCountry Mortgage, Inc. | 156 | 1.3% | 2.7% | 6.950% | +0.44 | $5,500 |
Largest lenders in Rhode Island by 2025 originations. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Metro areas in Rhode Island
- Providence-Warwick, RI-MA · 12,207 purchases
Source: FFIEC/CFPB HMDA 2025 public LAR; FHFA and HUD 2026 loan limits. Methodology