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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 August 19, 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 Saint Michael, MN Mortgage Rates Compare?

August 19, 2019

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%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Saint Michael, Minnesota?

The median home value for Saint Michael, MN (Wright County) is $243,779

The median household income for Saint Michael, MN (Wright County) is $80,336

Based on current mortgage rates and a 10% down payment, you need to make $45,229 per year to buy the median priced home in Saint Michael

The home price you can afford to by based on household income in Saint Michael is 178% of the median home value which means housing prices are average

Saint Michael (Wright County) ranks 59 out of 87 counties in Minnesota and 2,034 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Saint Michael, MN

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

VA loan limits for Saint Michael, MN

1 unit: $484,350

Additional Mortgage Resources for Saint Michael, MN Residents

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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