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.
January 27, 2020
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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Minneapolis. Understand how much you need to earn to afford a home in Minneapolis, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Minneapolis fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Minneapolis is right for you.
The median home value for Minneapolis, MN (Hennepin County) is $314,693
Based on current mortgage rates and a 10% down payment, you need to make $56,637 per year to buy the median priced home in Minneapolis
With this income, you could qualify for a $283,224 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 Minneapolis is $1,312
The median household income for Minneapolis, MN (Hennepin County) is $75,042
Based on this income, you can afford a home valued at approximately $416,960
The home price you can afford to buy based on household income in Minneapolis is 132% of the median home value which means housing prices are average. Minneapolis (Hennepin County) ranks 86 out of 87 counties in Minnesota and 2,748 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
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
FHA loan limits for Minneapolis, MN
VA loan limits for Minneapolis, MN