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Saint Michael

Current Mortgage Rates in Saint Michael, Minnesota

Compare mortgage rates and fees for leading lenders in Saint Michael, 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 Saint Michael.

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

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Mortgage Rates in Saint Michael, MN as of July 3, 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 Saint Michael, MN Mortgage Rates Compare?

July 3, 2020

The current average rate for a 30 year fixed rate mortgage in Saint Michael 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
Saint Michael, MN Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Saint Michael, Minnesota?

Below we provide helpful information on the real estate market, home prices and housing affordability in Saint Michael. Understand how much you need to earn to afford a home in Saint Michael, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Saint Michael 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 Saint Michael is right for you.

The median home value for Saint Michael, MN (Wright County) is $258,649

Based on current mortgage rates and a 10% down payment, you need to make $46,550 per year to buy the median priced home in Saint Michael

With this income, you could qualify for a $232,784 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 Saint Michael is $1,078

The median household income for Saint Michael, MN (Wright County) is $82,212

Based on this income, you can afford a home valued at approximately $456,802

The home price you can afford to buy based on household income in Saint Michael is 177% of the median home value which means housing prices are average. Saint Michael (Wright County) ranks 59 out of 87 counties in Minnesota and 2,030 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Saint Michael, Minnesota

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

Conforming loan limits for Saint Michael, MN

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Saint Michael, MN

1 unit: $382,950
2 units: $490,250
3 units: $592,600
4 units: $736,450

VA loan limits for Saint Michael, MN

1 unit: $510,400

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