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.
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October 22, 2019
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%
The median home value for Minnesota is $237,744
The median household income for Minnesota is $69,721
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Minnesota is $44,109
The home price you can afford to buy based on household income in Minnesota is 158% 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
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index