Refinance Rates
| Loan | Rate | APR |
|---|---|---|
| 30 Year Fixed Rate | 3.88% | 3.38% |
| 15 Year Fixed Rate | 4.06% | 3.61% |
| 5/1 Adjustable Rate | 2.75% | 3.37% |
| * These rates are averages, and might not apply to you. | ||
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Rhode Island Mortgage Refinance
As a member of New England, Rhode Island is situated on the shore of the Atlantic Ocean between Massachusetts and Connecticut. While many believe fishing is a mainstay of Rhode Island, the truth is the state's economy is dependent on three sectors including health services, tourism and manufacturing. Known for its production of jewelry and boats, the state's official name is State of Rhode Island and Providence Plantations. It largest cities are Providence, Warwick, Cranston, Pawtucket, East Providence, Woonsocket, Coventry, North Providence, Cumberland and West Warwick.
Undeniably, the general economy in Rhode Island is facing serious difficulties. As one of the most financially distressed states in the country, Rhode Island also appears to be one of the worst states for business, according to Forbes. Without the incentives and attractions for existing businesses to relocate, or offerings that are remotely appealing to start-ups, both circumstances leave residents with few new job opportunities. This in turn leads to a depressed economy, and consequently, some people have faced foreclosures.
What makes this situation so odd, however, is that Rhode Island is far down on the scale when compared to other states. Its foreclosure rate is well below the national averages, but at the same time, as a state, its numbers have been steadily increasing for the last five years. Coupled with the poor economy in the state, this trend might suggest that home owners here were not necessarily caught up in the sub-prime debacle. In other words, they were not borrowers who got in over their heads because they were not eligible in the beginning. On the contrary, as a state which is severely strained financially, other factors impacted the lives of the residents.
Indeed, since foreclosures are a smaller number in Rhode Island, one could assume that home owners are more in need of Rhode Island mortgage refinance than foreclosure assistance. In fact, the housing market seems to be quite stable compared to other states. More homes have successfully sold this year than in previous years, and they are actually selling at higher prices, as well. New mortgage business is being written daily and these are home loans that were not created by the federal tax credit, which means people are buying for their own reasons.
In addition, housing prices are still well below the conforming limits. This means, for home owners who wish to upgrade, now is a good time to find bigger homes by committing to Rhode Island mortgage refinance. Coupled with the fact that interest rates have dropped slightly, refinancing could be quite appealing. Further, recent trends indicate that the increasing value of houses is going to continue. So, those who are thinking of purchasing should do so now because houses will be at lower prices than six months from now. And, for home owners considering refinancing, it translates into more equity if their homes are appreciating.
Having discussed the positive aspects of Rhode Island's mortgage and housing situation, it is still important to note that because of the negative employment factor, the state has reached a crisis level, enabling it to receive federal funds. Admittedly, some home owners, who have been out of work for long periods will not be permitted Rhode Island mortgage refinance, but, they may instead be eligible for the Hardest-Hit Fund.
As Rhode Island's tourism industry and related sales nears seven billion dollars, there is no doubt that visitors still find the state hugely conducive to vacationing, and that residents enjoy living there.
Key FeaturesMain Menu
- Why Refinance your Mortgage Today?
- Benefits of Refinancing a Home Loan
- Qualify for Mortgage Refinance
- Are you eligible for Mortgage Refinancing?
- Should you Refinance your Mortgage?
- When to Refinance a Mortgage
- When not to Refinance a Mortgage
- Biggest Mortgage Refinance Mistakes
- Home Affordable Refinance Program
- Refinancing to fund Home Improvements
- Mortgage Refinance and Title Insurance
- Steps of Mortgage Refinancing
- FHA Streamline Refinance Loans
Main Menu
- How to Lower your Mortgage Payment
- Refinancing Mortgage in Another Name
- Refinancing a FHA Mortgage Loan
- Jumbo Mortgage Refinancing
- Refinancing Mortgages with a Low Credit Score
- Energy Efficient Mortgage Loan Refinancing
- Mortgage Refinancing: The Break-Even Period
- "No-Cost" Mortgage Refinancing: What is it?
- What will refinancing cost you?
Credit Scores
Refinance Mortgage Rates
- Refinance Mortgage Rates: What should be your goal?
- Refinance Mortgage Rates and your Credit Score
- Best Refinance Mortgage Rates
- Mortgage Rates vs. Refinance Rates
