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Buyers • March 2, 2026

Mortgage rates just dropped below 6%: Here’s what that means for Rhode Island spring buyers

by Tony Verdi

Mortgage rates just dropped below 6% — here’s what that means for Rhode Island spring buyers

If you’ve been waiting for a sign to get serious about buying this spring, this is it. The national average 30-year fixed rate fell to 5.98% (Feb. 26, 2026), the first time it’s been under 6% in about 3.5 years. At the same time, Rhode Island’s market started 2026 with single-family home sales at a 15-year low (429 sales in January)—a slowdown due in part to winter weather and overall affordability pressure. The lack of sales did nothing to increase housing options for buyers. Inventory remained unchanged from December at just 1.7 months of supply. As a result, the median sales price continued to rise, reaching $499,000, a 7.3% annual increase. (SOURCE: RIAR)

What this means for RI buyers (this week)

✅ A small rate dip can increase buying power (or make the same house more affordable month-to-month).
✅ If rates stay near 6% as spring inventory ramps up, more buyers will jump back in—and competition can heat up quickly.

Your spring-buyer move right now 🔑

Tighten your budget + payment targets

Refresh your pre-approval strategy

Map the best neighborhoods/towns for your goals

Set up a strong offer playbook

Message me today and I’ll help you build a simple, winning spring-buyer game plan—pre-approval guidance, town-by-town strategy, and offer terms that strengthen your position without overpaying. Let’s get you ready to move confidently when the right home appears.

Tony Verdi
Associate Broker
Coldwell Banker Realty
401.225.7800
TheSignatureOfTrust.com

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