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Minnesota

Current Minnesota Mortgage Rates

Compare Minnesota mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Minnesota.

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.

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Minnesota Mortgage Rates as of October 1, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Minnesota Mortgage Rates

October 1, 2022

Current mortgage rates in Minnesota are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Minnesota Rates
National
Average
Comparison
30 Year Fixed Rate
%
6.290%
15 Year Fixed Rate
%
5.440%
5/1 Adjustable Rate Mortgage
%
4.970%

How Affordable is Housing in Minnesota?

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 $291,739

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Minnesota is $47,800

With this income, you could qualify for a $262,565 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 $1,107

The median household income for Minnesota is $80,866

Based on this income, you can afford a home valued at approximately $493,552

The home price you can afford to buy based on household income in Minnesota is 169% 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

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Additional Mortgage Resources for Minnesota Residents

Mortgage Rates for Minnesota Cities

Anoka Mortgage Rates

Carver Mortgage Rates

Dakota Mortgage Rates

Duluth Mortgage Rates

Minneapolis Mortgage Rates

Rochester Mortgage Rates

Saint Michael Mortgage Rates

Shakopee Mortgage Rates

Sherburne Mortgage Rates

St. Cloud Mortgage Rates

St. Paul Mortgage Rates

Woodbury Mortgage Rates