Compare mortgage rates and fees for leading lenders in Rochester, 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 Rochester.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Rochester. Plus, shopping lenders is free and there is no obligation.
August 22, 2019
The current average rate for a 30 year fixed rate mortgage in Rochester 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%
The median home value for Rochester, MN (Olmsted County) is $244,466
The median household income for Rochester, MN (Olmsted County) is $74,548
Based on current mortgage rates and a 10% down payment, you need to make $45,356 per year to buy the median priced home in Rochester
The home price you can afford to by based on household income in Rochester is 164% of the median home value which means housing prices are average
Rochester (Olmsted County) ranks 71 out of 87 counties in Minnesota and 2,293 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Rochester, MN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Rochester (Olmsted County) below.
Conforming loan limits for Rochester, MN
FHA loan limits for Rochester, MN
VA loan limits for Rochester, MN
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