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Minnesota

Current Minnesota Mortgage Rates

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.

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Mortgage Rates for Minnesota as of January 20, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Minnesota Mortgage Rates Compare?

January 20, 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%

Mortgage Program
Today's
Minnesota Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

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 $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

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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