Mortgage Rates in Central Falls, Rhode Island — March 2026
Updated March 2026 | Based on Central Falls market data and regional lending conditions
Central Falls is a growing city in Rhode Island with a population of 19,476. The current 30-year fixed mortgage rate in Central Falls is 6.73%, which is 0.08% above the national average. With a median home price of $362,000 and a 20% down payment of $72,400, homebuyers can expect a monthly principal and interest payment of approximately $1,874.
Current Mortgage Rates in Central Falls, RI
Below are the current average mortgage rates available in the Central Falls 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 | 6.73% | 6.65% | +0.08% |
| 15-Year Fixed | 5.97% | 5.89% | +0.08% |
| 5/1 ARM | 6.24% | 6.15% | +0.09% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.98% | 6.85% | +0.13% |
Central Falls Housing Market Overview
The Central Falls housing market reflects moderate demand with prices near the national average. The median household income in Central Falls is $61,500, and the cost of living index is 102.2 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $100,500 to comfortably afford the median-priced home in Central Falls, which exceeds the current median household income.
Monthly Payment Breakdown for Central Falls
Based on the median home price of $362,000 with 20% down ($72,400), here is what you can expect to pay monthly in Central Falls:
15-Year vs. 30-Year Mortgage in Central Falls
Choosing a 15-year mortgage in Central Falls at 5.97% instead of a 30-year at 6.73% would save you $235,620 in total interest over the life of the loan. However, your monthly payment would be $2,439 instead of $1,874 — an increase of $565 per month.
Calculate Your Central Falls 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 Central Falls
What are the current mortgage rates in Central Falls, RI?
As of March 2026, the average 30-year fixed mortgage rate in Central Falls, Rhode Island is 6.73%, while the 15-year fixed rate is 5.97%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.08% above the national average of 6.65%.
How much is a monthly mortgage payment in Central Falls?
Based on the median home price of $362,000 with 20% down, the estimated monthly mortgage payment in Central Falls is $1,874 for principal and interest. Including property taxes of $471/month, the total monthly housing cost is approximately $2,345.
What income do I need to buy a home in Central Falls?
Using the 28% rule, you would need an annual income of approximately $100,500 to afford the median-priced home in Central Falls at $362,000. The median household income in Central Falls is $61,500. This means most households would need to either earn above the median or consider homes below $362,000.
Is Central Falls a good place to buy a home in 2026?
Central Falls has a moderate cost of living with a cost of living index of 102.2 (national average = 100). The property tax rate in Rhode Island is 1.56%, which is above the national average. Central Falls has a population of 19,476 and offers a balanced lifestyle.
Mortgage Rates in Other Rhode Island Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Central Falls, Rhode Island area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.