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Dakota

Current Mortgage Rates in Dakota, Minnesota

Compare mortgage rates and fees for leading lenders in Dakota, MN. 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 lender offering the best mortgage rates in Dakota.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Dakota. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Dakota, MN as of December 16, 2019
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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.

How Do Today's Dakota, MN Mortgage Rates Compare?

December 16, 2019

The current average rate for a 30 year fixed rate mortgage in Dakota 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
Dakota, MN 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 Dakota, Minnesota?

The median home value for Dakota, MN is $283,290

The median household income for Dakota, MN is $82,441

Based on current mortgage rates and a 10% down payment, you need to make $52,559 per year to buy the median priced home in Dakota

The home price you can afford to buy based on household income in Dakota is 157% of the median home value which means housing prices are average

Dakota ranks 76 out of 87 counties in Minnesota and 2,436 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Dakota, MN is average

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Loan Limits for Dakota, Minnesota

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Dakota below.

Conforming loan limits for Dakota, MN

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Dakota, MN

1 unit: $366,850
2 units: $469,600
3 units: $567,650
4 units: $705,500

VA loan limits for Dakota, MN

1 unit: $484,350

Additional Mortgage Resources for Dakota, MN 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

Sources

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/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index