Rhode Island mortgage lending data
Northeast region · HMDA 2023 reporting year
In Rhode Island, the 2023 mortgage denial rate was 18.9% — close to the national denial rate (-0.7 points vs the 19.6% national rate), ranking it #20 of 51. Lenders originated about 14,404 home-purchase and refinance loans (rank #43). The home-purchase denial rate was 10.2% and refinance 30.7%. By loan type, conventional loans were 84.5%, FHA 12.6%, VA 2.9% and USDA/RHS 0.0%. Informational data, not lending advice.
Source: HMDA Data Browser (FFIEC / CFPB). Data as of June 2026.
Rhode Island mortgage lending at a glance
| Indicator | Rhode Island |
|---|---|
| Total originations (purchase + refinance, 2023) | 14,404 |
| Denied applications | 3,346 |
| Mortgage denial rate | 18.9% |
| Denial-rate rank (1 = highest of 51) | #20 |
| Home-purchase denial rate | 10.2% |
| Refinance denial rate | 30.7% |
| Volume rank (1 = most loans of 51) | #43 |
Source: HMDA Data Browser (FFIEC / CFPB) (2023 reporting year). Data as of June 2026.
Source: HMDA Data Browser (2023), public domain. Denial rate = denied ÷ (originated + denied). Informational only — verify before relying on it.
What the denial rate means
Rhode Island's mortgage denial rate of 18.9% means that for every 100 applications that were either approved-and-originated or denied, about 19 were turned down. That is about average compared with the national figure of 19.6%. Denial rates are driven by applicant credit scores, debt-to-income ratios, the loan type and local home prices — not only by how strict lenders are. Refinance applications are often denied at a different rate than purchase loans: in Rhode Island the purchase denial rate was 10.2% versus 30.7% for refinances.
Rhode Island loan-type mix
How Rhode Island's 14,404 originations break down by loan program. A higher FHA or VA share usually points to more first-time buyers, lower down payments, or a large veteran population.
| Loan type | Originations | Share |
|---|---|---|
| Conventional | 17,499 | 84.5% |
| FHA | 2,609 | 12.6% |
| VA | 602 | 2.9% |
| USDA / RHS | 4 | 0.0% |
Source: HMDA Data Browser (FFIEC / CFPB) (2023). Data as of June 2026.
See FHA vs VA vs conventional for what each program is. Shares are over loans with a reported type and may not sum to exactly 100% due to rounding.
States with a similar denial rate to Rhode Island
| State | Denial rate | Originations | FHA share | VA share |
|---|---|---|---|---|
| Rhode Island (this state) | 18.9% | 14,404 | 12.6% | 2.9% |
| New Jersey | 19.0% | 106,113 | 12.0% | 2.4% |
| Tennessee | 19.0% | 122,624 | 14.5% | 8.1% |
| California | 19.1% | 335,898 | 11.7% | 4.1% |
| Pennsylvania | 18.6% | 168,096 | 10.2% | 3.2% |
| Maryland | 18.3% | 83,330 | 15.2% | 8.4% |
Frequently asked questions
What was the mortgage denial rate in Rhode Island in 2023?
In 2023, the mortgage denial rate in Rhode Island was about 18.9% — that is, 3,346 applications were denied out of 17,750 that were either originated or denied. That is -0.7 points versus the national rate of 19.6%, and ranks Rhode Island #20 of 51 from highest to lowest. Figures are from HMDA; verify before relying on them.
How many mortgages were originated in Rhode Island?
Lenders originated about 14,404 home-purchase and refinance loans in Rhode Island in 2023 (HMDA reporting year), ranking it #43 of 51 by volume. Of those, the home-purchase denial rate was 10.2% and the refinance denial rate was 30.7%.
What share of Rhode Island mortgages are FHA or VA loans?
In Rhode Island, FHA loans made up about 12.6% of originations and VA loans about 2.9%, with conventional loans the largest share at 84.5% and USDA/RHS loans 0.0%. Higher government-backed shares often reflect more first-time and lower-down-payment buyers.
Is it harder to get a mortgage in Rhode Island than elsewhere?
Rhode Island's denial rate of 18.9% is close to the national denial rate. Denial rates reflect applicant credit, income and debt, loan type and local home prices as much as lender behavior, so a higher rate does not by itself mean stricter lenders. States with the most similar denial rates to Rhode Island are New Jersey, Tennessee, California.
Keep exploring
Sources & accuracy
All counts are from the HMDA Data Browser (FFIEC / CFPB, 2023 reporting year, public domain). Denial rate, loan-type shares and ranks are transparent calculations over those counts (see methodology). This page is informational and is not financial or lending advice — verify with a licensed lender before making a decision.
Last updated: 2026-06-20