BankRI Residential Mortgage Rates 


Fixed-Rate Mortgages

  • For 1-4 family, owner-occupied, primary residences.
  • Rate lock-in options are available.
  • Rates below reflect a discount for making automatic payments from a BankRI account.  Without Autopay, rates will increase by 0.25%.

The following table may not be read correctly by screen readers. For assistance in comparing our checking accounts, please call 1-866-422-6574

Rates shown below were in effect on August 21, 2019.  APR calculations are based on a down payment of 20% and a loan amount of $250,000 ($750,000 for Jumbo Mortgages).  Payments shown do not include taxes or insurance, therefore your payment will be greater.  Rates change frequently and may have changed from those below.  This is not an offer of credit.  Applicants must qualify.  Contact a BankRI mortgage specialist for current rates. 
Loan Type Interest Rate Points Annual Percentage Rate (APR)1 Term in Months Cost Per
Thousand

30-Year Fixed
(Loans up to $750,000)

3.875% 0 3.944% 360 $4.70

Jumbo 30-Year Fixed
(Loans up to $2,000,000)2

3.875% 0 3.916% 360 $4.70

15-Year Fixed
(Loans up to $750,000)

3.250% 0 3.364% 180 $7.03

Jumbo 15-Year Fixed
(Loans up to $2,000,000)2

3.250% 0 3.314% 180 $7.03

 
Rates shown are for 1-4 family, owner-occupied, primary residences.  Property insurance is required.
Terms for Jumbo Mortgage amounts in excess of $2,000,000 vary.  Speak to a Mortgage Specialist for more information.

For more information on Mortgage services, please speak with a BankRI  Mortgage Specialist.


Adjustable-Rate Mortgages (ARMs)

  • For 1-4 family, owner-occupied, primary residences.
  • A 30 year amortization period.
  • A 2% cap per rate adjustment and 6% lifetime cap.
  • Rate lock-in options are available.
  • Rates below reflect a discount for making automatic payments from a BankRI account.  Without Autopay, rates will increase by 0.25%.

The following table may not be read correctly by screen readers. For assistance in comparing our checking accounts, please call 1-866-422-6574

Rates shown below were in effect on August 21, 2019 and may increase after the initial period.  APR calculations are based on a down payment of 20% and a loan amount of $250,000 ($750,000 for Jumbo Mortgages).  Payments shown are for monthly principal and interest and do not include taxes or insurance, therefore your payment will be greater.  Rates change frequently and may have changed from those below.  This is not an offer of credit.  Applicants must qualify.  Contact a BankRI mortgage specialist for current rates. 
Loan Type Payment Period 
(30 Years)
Interest Rate Points Annual Percentage Rate (APR)1 Monthly Payment per $1,000 Borrowed

5/1 ARM
(Up to $750,000)

First 60 months

Remaining 300 Months
(Fully indexed)2

3.500%

4.500%

0

 

4.210%

$4.49

$4.99

Jumbo 5/1 ARM
($750,000 and over)3

First 60 months

Remaining 300 Months
(Fully indexed)2

3.500%

4.500%

0

4.178%

$4.49

$4.99

7/1 ARM
(Up to $750,000)

First 84 months

Remaining 276 Months
(Fully indexed)2

3.750%

4.500%

0

4.212%

$4.63

$4.98

Jumbo 7/1 ARM
($750,000 and over)3

First 84 months

Remaining 276 Months
(Fully indexed)2

3.750%

4.500%

0

4.184%

$4.63

$4.98

10/1 ARM
(Up to $750,000)

First 120 months

Remaining Months
(Fully indexed)2

3.999%


4.500%

0

4.266%

$4.77

$6.33

Jumbo 10/1 ARM
($750,000 and over)4

First 120 months

Remaining Months
(Fully indexed)2

3.999%


4.500%

0

4.241%

$4.77

$6.33

 

APRs reflect a discount for making automatic payments from a BankRI account. Rates and monthly payments will adjust after the fifth or seventh year depending on the loan type selected, and each year thereafter. Rate adjustments are capped at 2% per adjustment and 6% for the life of the loan. Adjusted rates are based on an index of the weekly average yield on United States Treasury Securities adjusted to a constant maturity of one year (as published by the Federal Reserve Board in Selected Interest Rates Publication H15) plus a margin of 2.75%. Rates apply to loans for which there is a 20% down payment for purchases or a maximum of 80% financing for refinances. The payment is for monthly principal and interest only for the first five or seven years depending on which loan type selected. Property insurance is required.
2 Fully Indexed rates and payment examples are estimates of what could apply for the remaining term of the loan based on the current index. Actual interest rates and payments will adjust in accordance with the terms of the loan.
3 Terms for Jumbo ARM amounts in excess of $2,000,000 vary. Speak to a mortgage specialist for more information.

4Interest-Only (I/O) ARM payments require interest only payments at the stated fixed rate for the fixed period then amortize fully using traditional mortgage-style amortization at the fully-indexed variable rate; resetting annually over the remainder of the stated loan term. This is typically 20 years of amortization on a 30 year loan after the initial 10 year interest only period.

For more information on Mortgage services, please speak with a BankRI  Mortgage Specialist.