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.
December 11, 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%
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 buy 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
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
FHA loan limits for Shakopee, MN
VA loan limits for Shakopee, MN
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