Mortgage Rates in New Shoreham, Rhode Island — March 2026
Updated March 2026 | Based on New Shoreham market data and regional lending conditions
New Shoreham is a growing city in Rhode Island with a population of 1,051. The current 30-year fixed mortgage rate in New Shoreham is 6.61%, which is 0.04% below the national average. With a median home price of $274,000 and a 20% down payment of $54,800, homebuyers can expect a monthly principal and interest payment of approximately $1,401.
Current Mortgage Rates in New Shoreham, RI
Below are the current average mortgage rates available in the New Shoreham 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 | 6.61% | 6.65% | -0.04% |
| 15-Year Fixed | 5.88% | 5.89% | -0.01% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.43% | 6.25% | +0.18% |
| VA | 6.18% | 6.05% | +0.13% |
| Jumbo | 6.86% | 6.85% | +0.01% |
New Shoreham Housing Market Overview
The New Shoreham housing market offers relatively affordable housing compared to many major cities. The median household income in New Shoreham is $62,200, and the cost of living index is 106 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $75,386 to comfortably afford the median-priced home in New Shoreham, which exceeds the current median household income.
Monthly Payment Breakdown for New Shoreham
Based on the median home price of $274,000 with 20% down ($54,800), here is what you can expect to pay monthly in New Shoreham:
15-Year vs. 30-Year Mortgage in New Shoreham
Choosing a 15-year mortgage in New Shoreham at 5.88% instead of a 30-year at 6.61% would save you $173,880 in total interest over the life of the loan. However, your monthly payment would be $1,836 instead of $1,401 — an increase of $435 per month.
Calculate Your New Shoreham 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 New Shoreham
What are the current mortgage rates in New Shoreham, RI?
As of March 2026, the average 30-year fixed mortgage rate in New Shoreham, Rhode Island is 6.61%, while the 15-year fixed rate is 5.88%. FHA loans average 6.43% and VA loans 6.18%. These rates are 0.04% below the national average of 6.65%.
How much is a monthly mortgage payment in New Shoreham?
Based on the median home price of $274,000 with 20% down, the estimated monthly mortgage payment in New Shoreham is $1,401 for principal and interest. Including property taxes of $358/month, the total monthly housing cost is approximately $1,759.
What income do I need to buy a home in New Shoreham?
Using the 28% rule, you would need an annual income of approximately $75,386 to afford the median-priced home in New Shoreham at $274,000. The median household income in New Shoreham is $62,200. This means most households would need to either earn above the median or consider homes below $274,000.
Is New Shoreham a good place to buy a home in 2026?
New Shoreham has a moderate cost of living with a cost of living index of 106 (national average = 100). The property tax rate in Rhode Island is 1.57%, which is above the national average. New Shoreham has a population of 1,051 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 New Shoreham, Rhode Island area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.