Mortgage Rates in Charlestown, Rhode Island — March 2026
Updated March 2026 | Based on Charlestown market data and regional lending conditions
Charlestown is a growing city in Rhode Island with a population of 7,827. The current 30-year fixed mortgage rate in Charlestown is 6.68%, which is 0.03% above the national average. With a median home price of $302,000 and a 20% down payment of $60,400, homebuyers can expect a monthly principal and interest payment of approximately $1,556.
Current Mortgage Rates in Charlestown, RI
Below are the current average mortgage rates available in the Charlestown 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 | 6.68% | 6.65% | +0.03% |
| 15-Year Fixed | 5.94% | 5.89% | +0.05% |
| 5/1 ARM | 6.21% | 6.15% | +0.06% |
| FHA | 6.47% | 6.25% | +0.22% |
| VA | 6.22% | 6.05% | +0.17% |
| Jumbo | 6.93% | 6.85% | +0.08% |
Charlestown Housing Market Overview
The Charlestown housing market reflects moderate demand with prices near the national average. The median household income in Charlestown is $68,100, and the cost of living index is 94.9 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $84,386 to comfortably afford the median-priced home in Charlestown, which exceeds the current median household income.
Monthly Payment Breakdown for Charlestown
Based on the median home price of $302,000 with 20% down ($60,400), here is what you can expect to pay monthly in Charlestown:
15-Year vs. 30-Year Mortgage in Charlestown
Choosing a 15-year mortgage in Charlestown at 5.94% instead of a 30-year at 6.68% would save you $194,580 in total interest over the life of the loan. However, your monthly payment would be $2,031 instead of $1,556 — an increase of $475 per month.
Calculate Your Charlestown 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 Charlestown
What are the current mortgage rates in Charlestown, RI?
As of March 2026, the average 30-year fixed mortgage rate in Charlestown, Rhode Island is 6.68%, while the 15-year fixed rate is 5.94%. FHA loans average 6.47% and VA loans 6.22%. These rates are 0.03% above the national average of 6.65%.
How much is a monthly mortgage payment in Charlestown?
Based on the median home price of $302,000 with 20% down, the estimated monthly mortgage payment in Charlestown is $1,556 for principal and interest. Including property taxes of $413/month, the total monthly housing cost is approximately $1,969.
What income do I need to buy a home in Charlestown?
Using the 28% rule, you would need an annual income of approximately $84,386 to afford the median-priced home in Charlestown at $302,000. The median household income in Charlestown is $68,100. This means most households would need to either earn above the median or consider homes below $302,000.
Is Charlestown a good place to buy a home in 2026?
Charlestown offers a below-average cost of living with a cost of living index of 94.9 (national average = 100). The property tax rate in Rhode Island is 1.64%, which is above the national average. Charlestown has a population of 7,827 and offers a very affordable 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 Charlestown, Rhode Island area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.