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Shakopee

Compare Current Shakopee, Minnesota Mortgage Rates

Compare Shakopee, 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 Shakopee.

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

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Shakopee, MN Mortgage Rates as of May 22, 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, insurance premiums or private mortgage insurance if applicable. 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 Shakopee, MN Mortgage Rates

May 22, 2024

Current mortgage rates in Shakopee, 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
Shakopee, MN Rates
National
Average
Comparison
30 Year Fixed Rate
%
6.669%
15 Year Fixed Rate
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5.960%
5/1 Adjustable Rate Mortgage
%
6.250%

How Affordable is Housing in Shakopee, Minnesota?

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

The median home value for Shakopee, MN (Scott County) is $396,685

Based on current mortgage rates and a 10% down payment, you need to make $82,755 per year to buy the median priced home in Shakopee

With this income, you could qualify for a $357,016 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 Shakopee is $1,916

The median household income for Shakopee, MN (Scott County) is $108,549

Based on this income, you can afford a home valued at approximately $520,329

The home price you can afford to buy based on household income in Shakopee is 131% of the median home value which means housing prices are average. Shakopee (Scott County) ranks 70 out of 87 counties in Minnesota and 2,301 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Shakopee, Minnesota

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

Conforming loan limits for Shakopee, MN

1 unit: $726,200
2 units: $929,850
3 units: $1,123,900
4 units: $1,396,800

FHA loan limits for Shakopee, MN

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

VA loan limits for Shakopee, MN

1 unit: $726,200

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