Compare mortgage rates and closing costs for leading lenders in Minnesota. Review free, personalized mortgage rates for Minnesota based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Minnesota. Plus, shopping lenders is free and there is no obligation.
July 11, 2020
The current average rate for a 30 year fixed rate mortgage in Minnesota is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we offer valuable insights on the housing market and real estate prices in Minnesota. Understand how much you need to make to buy a house in Minnesota, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Minnesota is affordable for you. We provide this helpful information to help you decide if living in Minnesota is right for you.
The median home value for Minnesota is $251,881
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Minnesota is $45,332
With this income, you could qualify for a $226,693 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Minnesota is $1,050
The median household income for Minnesota is $71,349
Based on this income, you can afford a home valued at approximately $396,441
The home price you can afford to buy based on household income in Minnesota is 157% of the median home value which means housing prices are average. Minnesota ranks 21 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Minnesota is average