Mortgage Rates in Smithfield, Rhode Island — March 2026
Updated March 2026 | Based on Smithfield market data and regional lending conditions
Smithfield is a growing city in Rhode Island with a population of 21,430. The current 30-year fixed mortgage rate in Smithfield is 6.78%, which is 0.13% above the national average. With a median home price of $358,000 and a 20% down payment of $71,600, homebuyers can expect a monthly principal and interest payment of approximately $1,863.
Current Mortgage Rates in Smithfield, RI
Below are the current average mortgage rates available in the Smithfield area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.78% | 6.65% | +0.13% |
| 15-Year Fixed | 6.02% | 5.89% | +0.13% |
| 5/1 ARM | 6.27% | 6.15% | +0.12% |
| FHA | 6.52% | 6.25% | +0.27% |
| VA | 6.27% | 6.05% | +0.22% |
| Jumbo | 7.03% | 6.85% | +0.18% |
Smithfield Housing Market Overview
The Smithfield housing market reflects moderate demand with prices near the national average. The median household income in Smithfield is $61,900, and the cost of living index is 104.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $99,386 to comfortably afford the median-priced home in Smithfield, which exceeds the current median household income.
Monthly Payment Breakdown for Smithfield
Based on the median home price of $358,000 with 20% down ($71,600), here is what you can expect to pay monthly in Smithfield:
15-Year vs. 30-Year Mortgage in Smithfield
Choosing a 15-year mortgage in Smithfield at 6.02% instead of a 30-year at 6.78% would save you $235,080 in total interest over the life of the loan. However, your monthly payment would be $2,420 instead of $1,863 — an increase of $557 per month.
Calculate Your Smithfield Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Smithfield
What are the current mortgage rates in Smithfield, RI?
As of March 2026, the average 30-year fixed mortgage rate in Smithfield, Rhode Island is 6.78%, while the 15-year fixed rate is 6.02%. FHA loans average 6.52% and VA loans 6.27%. These rates are 0.13% above the national average of 6.65%.
How much is a monthly mortgage payment in Smithfield?
Based on the median home price of $358,000 with 20% down, the estimated monthly mortgage payment in Smithfield is $1,863 for principal and interest. Including property taxes of $456/month, the total monthly housing cost is approximately $2,319.
What income do I need to buy a home in Smithfield?
Using the 28% rule, you would need an annual income of approximately $99,386 to afford the median-priced home in Smithfield at $358,000. The median household income in Smithfield is $61,900. This means most households would need to either earn above the median or consider homes below $358,000.
Is Smithfield a good place to buy a home in 2026?
Smithfield has a moderate cost of living with a cost of living index of 104.2 (national average = 100). The property tax rate in Rhode Island is 1.53%, which is above the national average. Smithfield has a population of 21,430 and offers a balanced lifestyle.
Mortgage Rates in Other Rhode Island Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Smithfield, Rhode Island area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.