The Reality of Buying Right Now
Honestly, checking mortgage rates feels a bit like watching a high-stakes poker game where the rules keep changing. You're looking at Washington Trust mortgage rates because you've probably heard they're a "community" bank. In a world of giant, faceless lenders, that actually means something. But let’s get real: a friendly face doesn't pay the monthly bill. The numbers do.
As of mid-January 2026, the mortgage landscape has shifted significantly from the chaos of a few years ago. Washington Trust, specifically the Rhode Island-based Washington Trust Company (not to be confused with the Washington Trust Bank out West), has been hovering around 5.875% for a standard 30-year fixed. Their APR is sitting close to 6.026%.
Is that good? It depends.
If you’re comparing it to the 7% or 8% rates we saw in the "dark days" of 2023, it’s a dream. If you’re comparing it to the 3% rates your cousin got in 2021, it’s a nightmare. But we live in the now.
Why Washington Trust Mortgage Rates Are Different
Most people think every bank just looks at the Federal Reserve and copies their homework. That’s only half true. Washington Trust is a regional player. They keep a lot of their loans "on the books," which is industry-speak for not selling your debt to a giant investment firm the second you sign the papers.
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This matters for your rate.
Because they are a portfolio lender, they have a bit more wiggle room. If your credit score is a 690 instead of a 740, a big national bank might just hit you with a massive rate hike or a flat "no." Washington Trust often looks at the whole picture. They focus on the New England market—Rhode Island, Massachusetts, and Connecticut—and they know those property values better than an algorithm in a California data center.
Breaking Down the Current Offers
- 30-Year Fixed: This is the "safe bet." You’re looking at that 5.875% range. It’s predictable. You know exactly what you’re paying until 2056.
- 15-Year Fixed: If you can stomach the higher monthly payment, the rates here drop significantly, often dipping into the 5.25% territory.
- Adjustable-Rate Mortgages (ARMs): These are making a comeback. A 7/6 ARM (where your rate is fixed for seven years and then adjusts) might start around 5.875% but with lower upfront fees. It’s a gamble that rates will be lower in seven years so you can refinance.
The "Hidden" Costs Nobody Mentions
Everyone obsessed with the interest rate forgets about the APR. The Annual Percentage Rate is the real number. It includes the interest plus the fees, like origination charges and points.
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At Washington Trust, the gap between the rate and the APR is usually about 0.15% to 0.20%. If you see a lender advertising a rate of 5.5% but an APR of 6.2%, they are burying a mountain of fees in the fine print. Washington Trust tends to be more "what you see is what you get," but you still have to ask for the Loan Estimate form early.
Local Perks: The RI Community Lending Program
If you’re buying in Rhode Island, there’s a specific program they run that most people miss. They have a community lending initiative that offers lower down payments and sometimes even credits toward closing costs. This can effectively "lower" your rate by reducing the amount of money you need to bring to the table.
Is the "Expert" Advice Actually Right?
You’ll hear gurus say "Wait for rates to hit 5%."
Here’s the problem with that: Everyone else is waiting too. The second rates drop another half-point, the housing market in places like Providence or Braintree is going to explode. You’ll save $100 a month on interest but pay $40,000 more for the house because of a bidding war.
Washington Trust mortgage rates are currently "middle of the pack" for 2026. They aren't the absolute cheapest—you might find a random online-only lender offering 0.1% less—but they don't have the "convenience fees" that big banks tack on.
What You Need to Qualify
To get their best advertised rates, the bar is pretty specific:
- Credit Score: You really want to be above 760. If you're at 700, expect to pay about 0.25% to 0.5% more.
- Debt-to-Income (DTI): They like to see this under 30%. They are conservative. They want to know you can actually afford the house if the economy gets weird.
- Documentation: Since they do local decision-making, they will ask for everything. Tax returns, P&L statements if you're self-employed, and probably the name of your first-grade teacher. It’s annoying, but it’s why they don't have the same failure rates as bigger banks.
The Verdict on Washington Trust
If you want a mortgage where you can actually call your loan officer on their direct line and not sit in a 40-minute phone queue, this is your place. Their rates are competitive enough that you aren't "paying for service" through a massive markup.
However, if you have a 620 credit score and want a "no-doc" loan, you’re wasting your time. They are old-school. They value stability.
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Actionable Next Steps
- Get a "Soft Pull" First: Don't let them do a hard credit inquiry until you’ve seen a preliminary worksheet. Ask for their "Today’s Rate" sheet specifically for your zip code.
- Compare the APR, Not the Rate: When you get a quote, look at the bottom of the first page of the Loan Estimate. If the APR is more than 0.3% higher than the interest rate, ask them to explain every single fee.
- Check the RI Housing or MassHousing Options: Washington Trust is a participating lender for these state programs. Often, these programs have rates that are subsidized and beat the standard "bank rate" by a significant margin.
- Lock It or List It: If you find a rate you like, lock it. In 2026, the market is still volatile enough that a rate can jump 0.25% in a single Tuesday afternoon.
Shop around, but keep Washington Trust in the mix if you value a bank that won't sell your mortgage to a different company every six months.