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Shakopee

Current Mortgage Rates in Shakopee, Minnesota

Compare mortgage rates and fees for leading lenders in Shakopee, 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 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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Mortgage Rates in Shakopee, 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 Shakopee, MN Mortgage Rates Compare?

August 19, 2019

The current average rate for a 30 year fixed rate mortgage in Shakopee 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
Shakopee, 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 Shakopee, Minnesota?

The median home value for Shakopee, MN (Scott County) is $312,258

The median household income for Shakopee, MN (Scott County) is $95,999

Based on current mortgage rates and a 10% down payment, you need to make $57,934 per year to buy the median priced home in Shakopee

The home price you can afford to by based on household income in Shakopee is 166% of the median home value which means housing prices are average

Shakopee (Scott County) ranks 70 out of 87 counties in Minnesota and 2,275 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Shakopee, MN

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

VA loan limits for Shakopee, MN

1 unit: $484,350

Additional Mortgage Resources for Shakopee, 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