Mortgage rates in Minnesota
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
The Twin Cities anchor a stable, high-employment housing market.
Mortgage rates today by loan type
These are national averages. Lenders in Minnesota price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
Calculate your Minnesota mortgage payment
The calculator starts from Minnesota's median list price, 20% down, the state's 1.01% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the principal-and-interest schedule. To see how Minnesota's property tax and insurance compare with every other state, try the calculator with state tax and insurance.
Minnesota vs. the U.S.
Minnesota's median list price is 10% below the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $217 a month less. Five-year price growth here was the 7th-slowest of 51 jurisdictions.
| Measure | Minnesota | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $375,000 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $2,032 | $2,249 |
| Average home-purchase loanHMDA 2025 | $348,757 | $404,828 |
| Average closing costsincl. transfer taxes | $3,492 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.50% | 6.50% |
| Mortgage approval rateHMDA 2025 | 83.0% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +3.0% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +31.2% | +41.3% |
What Minnesota borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every Minnesota home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, Minnesota borrowers paid 0.01 percentage points above the market benchmark at lock, the 23rd-lowest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateMN · U.S. | Over benchmarkMN · U.S. | Closing costsMN · U.S. | Paid pointsshare of loans | Median downequity on refis · MN |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)15,724 loans | 6.50%6.50% | +0.01+0.02 | $4,862$5,476 | 56.4%53.2% | 21.9% |
| Jumbo 30-yr fixed (20%+ down)315 loans | 6.50%6.63% | −0.07+0.00 | $7,300$10,251 | 40.6%38.4% | 20% |
| FHA 30-yr fixed5,511 loans | 6.50%6.25% | +0.66+0.42 | $10,742$11,291 | 63.4%59.3% | 3.5% |
| VA 30-yr fixed3,242 loans | 6.25%6.13% | −0.28−0.36 | $5,797$6,554 | 61.2%59.3% | 0% |
| Conventional rate-and-term refinance2,537 loans | 6.35%6.38% | −0.05−0.06 | $4,256$4,390 | 49.9%45.4% | 30.1% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in Minnesota and what their borrowers paid.
Minnesota's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in Minnesota by 2025 purchase loans, out of 650 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in MN | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| Bell Bank | 3,9917.3% | 6.63% | +0.02 | $2,212 | 72%$1,806 | 23.5% |
| United Wholesale Mortgage | 3,1355.8% | 6.50% | −0.01 | $3,760 | 51%$2,002 | 20% |
| CrossCountry Mortgage | 2,0153.7% | 6.63% | +0.16 | $3,702 | 78%$2,839 | 23% |
| Rocket Mortgage | 1,6123% | 6.50% | −0.01 | $2,993 | 61%$2,258 | 22.4% |
| Fairway Independent Mortgage | 1,5562.9% | 6.63% | +0.18 | $3,101 | 68%$2,310 | 20% |
| U.S. Bank | 1,4132.6% | 6.50% | −0.06 | $1,401 | 47%$1,137 | 25% |
| Prosperity Home Mortgage | 1,2542.3% | 6.63% | +0.08 | $1,943 | 60%$1,797 | 23.3% |
| Lennar Mortgage | 1,1952.2% | 6.38% | −0.11 | $2,074 | 78%$4,113 | 21.2% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in Minnesota. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: Minnesota lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in Minnesota
On a home at Minnesota's median list price of $375,000 with 20% down, the balance comes to $300,000, or about $2,032 a month in principal and interest at the 7.18% 30-year average.
What makes Minnesota different is the cost around the loan. Its 1.01% effective property-tax rate adds roughly $316 a month, and homeowners insurance — at the state's median 0.55% of home value — about $171 more, bringing the all-in estimate to $2,519. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the what-you-can-afford calculator.
Payment at the $375,000 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $2,519P&I $2,032 | — | $78,492 | $108,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,970P&I $2,286 | $197 | $40,992 | $127,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $3,108P&I $2,413 | $208 | $22,242 | $133,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $3,163P&I $2,464 | $212 | $14,742 | $136,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $3,075P&I $2,423 | $166 | $16,617 | $132,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $2,961P&I $2,474 | — | $3,492 | $127,000 |
Monthly = principal and interest + property tax (1.01% effective) + homeowners insurance (about $171/mo — Minnesota's median premium, 0.55% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + Minnesota's average closing costs ($3,492). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in Minnesota's biggest counties
Home prices, and so the loan you need, vary more inside Minnesota than rates do. The table covers the largest county markets. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| Hennepin County3,925 homes for sale · Sep 2026 | $399,450-2.5% | $428,99215,041 loans | $832,750$1,040,937 | Conforming$319,560 loan | $2,683at 7.18% | |
| Dakota County1,417 homes for sale · Sep 2026 | $415,000-7.8% | $372,4365,823 loans | $832,750$1,040,937 | Conforming$332,000 loan | $2,788at 7.18% | |
| Ramsey County1,229 homes for sale · Sep 2026 | $322,450-1.1% | $318,5325,512 loans | $832,750$1,040,937 | Conforming$257,960 loan | $2,166at 7.18% | |
| Anoka County957 homes for sale · Sep 2026 | $399,900-7.5% | $342,1174,776 loans | $832,750$1,040,937 | Conforming$319,920 loan | $2,686at 7.18% | |
| Washington County874 homes for sale · Sep 2026 | $461,498-10.7% | $418,8814,174 loans | $832,750$1,040,937 | Conforming$369,198 loan | $3,100at 7.18% | |
| St. Louis County700 homes for sale · Sep 2026 | $332,450+8.9% | $259,1972,290 loans | $832,750$1,040,937 | Conforming$265,960 loan | $2,233at 7.18% | |
| Olmsted County668 homes for sale · Sep 2026 | $398,950-12.7% | $372,3832,109 loans | $832,750$1,040,937 | Conforming$319,160 loan | $2,680at 7.18% | |
| Wright County580 homes for sale · Sep 2026 | $439,9250% | $350,0772,653 loans | $832,750$1,040,937 | Conforming$351,940 loan | $2,955at 7.18% | |
| Scott County571 homes for sale · Sep 2026 | $499,995-0.9% | $412,6502,068 loans | $832,750$1,040,937 | Conforming$399,996 loan | $3,359at 7.18% | |
| Stearns County484 homes for sale · Sep 2026 | $333,425+1.1% | $312,4241,809 loans | $832,750$1,040,937 | Conforming$266,740 loan | $2,240at 7.18% | |
| Crow Wing County471 homes for sale · Sep 2026 | $470,000+8.7% | $337,890986 loans | $832,750$1,040,937 | Conforming$376,000 loan | $3,157at 7.18% | |
| Carver County412 homes for sale · Sep 2026 | $492,950-10.3% | $450,3311,709 loans | $832,750$1,040,937 | Conforming$394,360 loan | $3,312at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), Minnesota's 1.01% effective property tax and its median insurance premium (0.55% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in Minnesota
Rates are national, but the rules around the loan are not. These Minnesota specifics can change your payment, your closing or your protections as a borrower.
Homestead exclusion lowers taxable value
Minnesota excludes part of an owner-occupied home's value from taxation: 40 percent of value up to $95,000 (a $38,000 maximum), shrinking by nine percent of value above $95,000, with none at $517,200 or more (taxes payable 2026). It lowers taxable value, not the price, so the benefit fades as value rises.
Source: revenue.state.mn.usNew owners must apply for homestead status
Homestead classification is not automatic after a purchase: an owner who moves in must notify the county assessor in writing by December 31 of the year of occupancy. Without a request by then, the home is classified nonhomestead for taxes payable the following year, though a later application may still qualify.
Source: revisor.mn.govSix-month redemption after a foreclosure sale
Minnesota lenders can foreclose a mortgage with a power of sale by advertisement, without a court action. The owner generally has six months after the sheriff's sale to redeem by paying the sale amount plus interest, and 12 months in some cases, such as when the balance due was under two-thirds of the original principal.
Source: revisor.mn.govBoth spouses must sign to mortgage a homestead
In Minnesota, a married owner's homestead generally cannot be conveyed, including by mortgage, without both spouses' signatures, even if only one is on title. A mortgage used to buy the home is the exception, so a refinance or home equity loan on a married borrower's home generally needs the spouse to sign too.
Source: revisor.mn.govWind and hail deductibles can be percentage-based
Minnesota lets insurers move a homeowner's lightning, wind, rain and hail coverage to a percentage-based deductible at renewal, but only with 60 days' notice, a worked example and at least one flat-dollar alternative. When comparing quotes, a buyer should check which deductible applies to storm damage, since it sets the out-of-pocket cost of a claim.
Source: revisor.mn.govChecked against official sources on October 19, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How Minnesota buyers finance their homes
Minnesota leans conventional: 86.0% of 2025 originations were conventional loans (U.S. 78.0%), while FHA made up 8.4% and VA 5.2% — below the national 13.2% and 8.2%. Government-backed loans are still widely available; they are simply a smaller slice of what borrowers here choose.
| Loan type | Share in MN | U.S. share | Approval in MN | Avg loan in MN |
|---|---|---|---|---|
| Conventional | 86.0% | 78.0% | 83.5% | $295,450 |
| FHA | 8.4% | 13.2% | 77.4% | $291,382 |
| VA | 5.2% | 8.2% | 83.2% | $358,153 |
| USDA | 0.4% | 0.6% | 90.6% | $201,624 |
The average Minnesota home loan in 2025 was $297,953 — 16% below the U.S. average of $352,861, the 22nd-smallest of 51 jurisdictions. Home purchases accounted for 69.8% of those loans (U.S. 64.2%); cash-out refinances for 12.9% (U.S. 17.1%), a sign that fewer owners here borrowed against their equity.
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
Minnesota loan limits for 2026
All 87 of Minnesota's counties use the 2026 baseline conforming limit of $832,750 for a one-unit home. Any loan above that is a jumbo loan here, which usually means a larger down payment and cash reserves. See the full national grid in our conforming vs. jumbo cutoffs.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in Minnesota
Average closing costs in Minnesota are about $3,492 including transfer taxes (No. 28 of 51, highest first). On a home at the median list price of $375,000:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $75,000 | $11,250 |
| Average closing costs | $3,492 | $3,492 |
| Cash to close (estimate) | $78,492 | $14,742 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in Minnesota
Minnesota charges a deed tax of 0.33% of the price (net of any mortgage the buyer assumes) and a mortgage registry tax of 0.23% of the loan — $690 on a $300,000 mortgage. Hennepin and Ramsey counties add 0.01% to each. Source: revenue.state.mn.us
Getting approved in Minnesota
Federal HMDA lending records show Minnesota lenders originated 122,789 home loans in 2025 and denied 25,153 applications — an approval rate near 83% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our approval-rate rankings, and how Minnesota ranks for mortgage complaint analysis (5,265 on record).
Shopping for a loan? See the most active mortgage lenders in Minnesota, ranked by federal HMDA volume.
Down-payment help in Minnesota
You rarely need 20% down. These are the main programs from Minnesota Housing, Minnesota's housing finance agency; they are offered through participating lenders, usually alongside the agency's own first mortgage.
Deferred Payment Loan (DPL) and DPL Plus
A 0%, no-payment second mortgage of up to $14,000 ($18,000 for DPL Plus) repaid when the first mortgage ends, available with a Minnesota Housing Start Up or Step Up first mortgage.
Source: mnhousing.govMonthly Payment Loan
Up to $14,000 repaid monthly over 15 years at the first mortgage's rate; it cannot be layered with the deferred loans. Start Up borrowers invest the lesser of 1% of the price or $1,000 of their own funds.
Source: mnhousing.govChecked against official sources on October 9, 2026. Assistance amounts, income limits and funding change during the year — confirm current terms with Minnesota Housing or a participating lender.
Minnesota's MCC program: closed since December 31, 2017
Minnesota Housing ended its MCC program on December 31, 2017; current holders can still have a certificate reissued after a refinance. Every state’s MCC status, with sources.
Check current terms at Minnesota Housing, see how a smaller down payment changes your number with the down-payment need calculator, or compare all state assistance programs.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (Minnesota vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in Minnesota reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our standards team. Full sources and formulas: methodology notes.
Minnesota mortgage FAQ
What is a good mortgage rate in Minnesota right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, Minnesota's conventional buyers paid a median 6.50%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in Minnesota than in other states?
No, if anything slightly lower, once timing and fees are counted. In 2025 HMDA records, Minnesota's median conventional 30-year rate was 6.50%, against 6.50% nationally.
Against the benchmark for each loan's lock week, which counts points and fees, Minnesota loans priced 0.01 percentage points above it (the 23rd-lowest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in Minnesota?
The national jumbo 30-year average is 7.25% (Optimal Blue). In 2025, Minnesota's jumbo buyers paid a median 6.50%. A loan is jumbo above the $832,750 conforming limit, which applies in every Minnesota county.
Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $300,000 loan (20% down on Minnesota's median list price), a 30-year at 7.18% costs $2,032 a month and a 15-year at 6.57% costs $2,625.
The 15-year saves about $259,151 in interest but needs $593 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $300,000 loan (20% down on Minnesota's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $2,032 to $2,239, or $207 a month.
Over 30 years that is about $74,430 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, Minnesota's conventional rate-and-term refinances closed at a median 6.35% and purchases at 6.50%, partly because refinances bunch up when rates dip. Refinances priced 0.05 percentage points below the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a $400,000 mortgage at 7.18% interest?
About $2,710 a month in principal and interest over 30 years. In Minnesota, a $500,000 home with that loan adds roughly $421 a month in property tax at the 1.01% effective rate, plus homeowners insurance. Over 30 years the loan costs about $575,506 in interest.
How much income do I need to buy a home in Minnesota?
About $108,000 a year for a home at the $375,000 median list price with 20% down, if the full $2,519 monthly payment, including tax and insurance, stays within 28% of gross income.
Smaller down payments add mortgage insurance and raise that figure; existing debts lower what lenders approve.
What down payment assistance is available in Minnesota?
Minnesota Housing, the state housing finance agency, runs Deferred Payment Loan (DPL) and DPL Plus and Monthly Payment Loan, offered through participating lenders. Help usually comes as a grant or a deferred or forgivable second loan paired with the agency's first mortgage.
Amounts, income limits and funding change during the year, so confirm current terms with Minnesota Housing or a participating lender before you apply.
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.