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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 June 19, 2024
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Minnesota Mortgage Rates

June 19, 2024

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
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6.669%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
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6.250%

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 $304,494

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Minnesota is $63,522

With this income, you could qualify for a $274,045 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 $1,471

The median household income for Minnesota is $80,453

Based on this income, you can afford a home valued at approximately $385,652

The home price you can afford to buy based on household income in Minnesota is 127% of the median home value which means housing prices are affordable. Minnesota ranks 19 out of 50 states for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the real estate market in Minnesota is affordable

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Additional Mortgage Resources for Minnesota Residents

Mortgage Rates for Minnesota Cities

Anoka Mortgage Rates

Carver Mortgage Rates

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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