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Minneapolis

Current Mortgage Rates in Minneapolis, Minnesota

Compare mortgage rates and fees for leading lenders in Minneapolis, 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 Minneapolis.

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

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Mortgage Rates in Minneapolis, MN as of October 22, 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 Minneapolis, MN Mortgage Rates Compare?

October 22, 2019

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

The median home value for Minneapolis, MN (Hennepin County) is $297,442

The median household income for Minneapolis, MN (Hennepin County) is $73,329

Based on current mortgage rates and a 10% down payment, you need to make $55,185 per year to buy the median priced home in Minneapolis

The home price you can afford to buy based on household income in Minneapolis is 133% of the median home value which means housing prices are average

Minneapolis (Hennepin County) ranks 86 out of 87 counties in Minnesota and 2,763 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Minneapolis, Minnesota

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Minneapolis (Hennepin County) below.

Conforming loan limits for Minneapolis, MN

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

FHA loan limits for Minneapolis, MN

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

VA loan limits for Minneapolis, MN

1 unit: $484,350

Additional Mortgage Resources for Minneapolis, MN Residents

Mortgage Rates for Minnesota Cities

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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