Mortgage Rates in Portsmouth, Rhode Island — March 2026
Updated March 2026 | Based on Portsmouth market data and regional lending conditions
Portsmouth is a growing city in Rhode Island with a population of 17,389. The current 30-year fixed mortgage rate in Portsmouth is 6.64%, which is 0.01% below the national average. With a median home price of $365,000 and a 20% down payment of $73,000, homebuyers can expect a monthly principal and interest payment of approximately $1,873.
Current Mortgage Rates in Portsmouth, RI
Below are the current average mortgage rates available in the Portsmouth 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 | 6.64% | 6.65% | -0.01% |
| 15-Year Fixed | 5.9% | 5.89% | +0.01% |
| 5/1 ARM | 6.18% | 6.15% | +0.03% |
| FHA | 6.44% | 6.25% | +0.19% |
| VA | 6.19% | 6.05% | +0.14% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Portsmouth Housing Market Overview
The Portsmouth housing market reflects moderate demand with prices near the national average. The median household income in Portsmouth is $65,200, and the cost of living index is 103.3 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $101,143 to comfortably afford the median-priced home in Portsmouth, which exceeds the current median household income.
Monthly Payment Breakdown for Portsmouth
Based on the median home price of $365,000 with 20% down ($73,000), here is what you can expect to pay monthly in Portsmouth:
15-Year vs. 30-Year Mortgage in Portsmouth
Choosing a 15-year mortgage in Portsmouth at 5.9% instead of a 30-year at 6.64% would save you $233,640 in total interest over the life of the loan. However, your monthly payment would be $2,448 instead of $1,873 — an increase of $575 per month.
Calculate Your Portsmouth 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 Portsmouth
What are the current mortgage rates in Portsmouth, RI?
As of March 2026, the average 30-year fixed mortgage rate in Portsmouth, Rhode Island is 6.64%, while the 15-year fixed rate is 5.9%. FHA loans average 6.44% and VA loans 6.19%. These rates are 0.01% below the national average of 6.65%.
How much is a monthly mortgage payment in Portsmouth?
Based on the median home price of $365,000 with 20% down, the estimated monthly mortgage payment in Portsmouth is $1,873 for principal and interest. Including property taxes of $487/month, the total monthly housing cost is approximately $2,360.
What income do I need to buy a home in Portsmouth?
Using the 28% rule, you would need an annual income of approximately $101,143 to afford the median-priced home in Portsmouth at $365,000. The median household income in Portsmouth is $65,200. This means most households would need to either earn above the median or consider homes below $365,000.
Is Portsmouth a good place to buy a home in 2026?
Portsmouth has a moderate cost of living with a cost of living index of 103.3 (national average = 100). The property tax rate in Rhode Island is 1.6%, which is above the national average. Portsmouth has a population of 17,389 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 Portsmouth, Rhode Island area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.