Mortgage Rates in Narragansett, Rhode Island — March 2026
Updated March 2026 | Based on Narragansett market data and regional lending conditions
Narragansett is a growing city in Rhode Island with a population of 15,868. The current 30-year fixed mortgage rate in Narragansett is 6.83%, which is 0.18% above the national average. With a median home price of $346,000 and a 20% down payment of $69,200, homebuyers can expect a monthly principal and interest payment of approximately $1,810.
Current Mortgage Rates in Narragansett, RI
Below are the current average mortgage rates available in the Narragansett 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 | 6.83% | 6.65% | +0.18% |
| 15-Year Fixed | 6.06% | 5.89% | +0.17% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.08% | 6.85% | +0.23% |
Narragansett Housing Market Overview
The Narragansett housing market reflects moderate demand with prices near the national average. The median household income in Narragansett is $66,300, and the cost of living index is 95.7 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $98,700 to comfortably afford the median-priced home in Narragansett, which exceeds the current median household income.
Monthly Payment Breakdown for Narragansett
Based on the median home price of $346,000 with 20% down ($69,200), here is what you can expect to pay monthly in Narragansett:
15-Year vs. 30-Year Mortgage in Narragansett
Choosing a 15-year mortgage in Narragansett at 6.06% instead of a 30-year at 6.83% would save you $229,500 in total interest over the life of the loan. However, your monthly payment would be $2,345 instead of $1,810 — an increase of $535 per month.
Calculate Your Narragansett 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 Narragansett
What are the current mortgage rates in Narragansett, RI?
As of March 2026, the average 30-year fixed mortgage rate in Narragansett, Rhode Island is 6.83%, while the 15-year fixed rate is 6.06%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.18% above the national average of 6.65%.
How much is a monthly mortgage payment in Narragansett?
Based on the median home price of $346,000 with 20% down, the estimated monthly mortgage payment in Narragansett is $1,810 for principal and interest. Including property taxes of $493/month, the total monthly housing cost is approximately $2,303.
What income do I need to buy a home in Narragansett?
Using the 28% rule, you would need an annual income of approximately $98,700 to afford the median-priced home in Narragansett at $346,000. The median household income in Narragansett is $66,300. This means most households would need to either earn above the median or consider homes below $346,000.
Is Narragansett a good place to buy a home in 2026?
Narragansett offers a below-average cost of living with a cost of living index of 95.7 (national average = 100). The property tax rate in Rhode Island is 1.71%, which is above the national average. Narragansett has a population of 15,868 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 Narragansett, Rhode Island area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.