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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 July 2, 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 Shakopee, MN Mortgage Rates Compare?

July 2, 2020

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%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

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 $331,306

Based on current mortgage rates and a 10% down payment, you need to make $59,626 per year to buy the median priced home in Shakopee

With this income, you could qualify for a $298,175 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 $1,381

The median household income for Shakopee, MN (Scott County) is $98,241

Based on this income, you can afford a home valued at approximately $545,861

The home price you can afford to buy based on household income in Shakopee is 165% of the median home value which means housing prices are average. Shakopee (Scott County) ranks 71 out of 87 counties in Minnesota and 2,269 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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Shakopee, MN

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

VA loan limits for Shakopee, MN

1 unit: $510,400

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