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Saint Michael

Compare Current Saint Michael, Minnesota Mortgage Rates

Compare Saint Michael, MN mortgage rates and fees from top lenders. 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 lowest 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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Saint Michael, MN Mortgage Rates as of April 25, 2024
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.

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Compare Today's Saint Michael, MN Mortgage Rates

April 25, 2024

Current mortgage rates in Saint Michael, MN are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Saint Michael, MN Rates
National
Average
Comparison
30 Year Fixed Rate
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6.669%
15 Year Fixed Rate
%
5.960%
5/1 Adjustable Rate Mortgage
%
6.250%

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 $333,363

Based on current mortgage rates and a 10% down payment, you need to make $69,545 per year to buy the median priced home in Saint Michael

With this income, you could qualify for a $300,027 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 $1,611

The median household income for Saint Michael, MN (Wright County) is $101,423

Based on this income, you can afford a home valued at approximately $486,173

The home price you can afford to buy based on household income in Saint Michael is 146% of the median home value which means housing prices are average. Saint Michael (Wright County) ranks 61 out of 87 counties in Minnesota and 1,995 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: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Saint Michael, MN

1 unit: $515,200
2 units: $659,550
3 units: $797,250
4 units: $990,800

VA loan limits for Saint Michael, MN

1 unit: $726,200

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