See current Minnesota Refinance fixed rates (30 Year, 20, 15, 10, FHA, VA and Jumbo), variable rates (10 year, 7, 5, 3), Cash Out rates, plus comparisons with national averages and lender types. Refinancing in Minnesota can help lower your monthly payment, shorten your loan term, or tap into equity with a cash-out refinance.
Minnesota Refinance Rates –
Find community reported rates by Minnesota homeowners (rates are average APR).
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.64% | 6.69% | 6.74% | |
| Minnesota | 6.54% | 6.59% | 6.64% | |
| Credit Unions | 6.13% | 6.19% | 6.34% | 8.3/10 |
| Online lenders | 6.24% | 6.29% | 6.44% | 8.2/10 |
| Banks | 6.54% | 6.59% | 6.64% | 8.0/10 |
| 30 year fixed | 6.54% | 6.59% | 6.64% | |
| 30 year fixed FHA | 6.52% | 6.57% | 6.62% | |
| 30 year fixed VA | 6.22% | 6.27% | 6.32% | |
| 30 year fixed Jumbo | 6.65% | 6.89% | 7.08% | |
| 20 year fixed | 6.39% | 6.44% | 6.49% | |
| 15 year fixed | 6.13% | 6.19% | 6.24% | |
| 10 year fixed | 5.60% | 5.65% | 5.70% | |
| 3 year ARM | 4.28% | 4.33% | 4.38% | |
| 5 year ARM | 6.52% | 6.57% | 6.62% | |
| 7 year ARM | 6.44% | 6.49% | 6.54% | |
| 10 year ARM | 6.41% | 6.46% | 6.51% | |
| Satisfaction | 9.1/10 | 8.1/10 | 7.5/10 |
Source: MFP’s Community Home Refinance Rates Survey of Minnesota homeowner members in the last 30 days.
Cash Out Refinance Rates in Minnesota –
Find community reported cash-out refinance rates by Minnesota homeowners (rates are average APR).
| Credit Score | |||
|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | |
| Nationally | 6.76% | 6.89% | 7.01% |
| Minnesota | 6.66% | 6.79% | 6.91% |
| Credit Unions | 6.26% | 6.39% | 6.61% |
| Online lenders | 6.36% | 6.49% | 6.71% |
| Banks | 6.66% | 6.79% | 6.91% |
| 30 year fixed | 6.66% | 6.79% | 6.91% |
| 30 year fixed FHA | 6.65% | 6.77% | 6.90% |
| 30 year fixed VA | 6.34% | 6.47% | 6.59% |
| 30 year fixed Jumbo | 6.77% | 6.90% | 7.02% |
| 20 year fixed | 6.51% | 6.64% | 6.77% |
| 15 year fixed | 6.26% | 6.39% | 6.51% |
| 10 year fixed | 5.73% | 5.85% | 5.97% |
| 3 year ARM | 4.41% | 4.53% | 4.65% |
| 5 year ARM | 6.64% | 6.77% | 6.89% |
| 7 year ARM | 6.57% | 6.69% | 6.82% |
| 10 year ARM | 6.54% | 6.66% | 6.79% |
Source: MFP’s Community Home Refinance Rates Survey of Minnesota members in the last 30 days.
How Minnesota Compares to National Averages
- Minnesota refinance rates (6.54% for best credit scores) are slightly below national averages (national average: 6.64%).
- Credit unions are more competitive: In Minnesota, credit unions offer 6.38%, banks 6.63%, online lenders 6.49%.
- Borrower satisfaction: Credit unions 8.7/10, Online lenders 8.4/10, Banks 8.1/10.
Refinance Options in Minnesota
- 30-year Fixed: At 6.54% APR for excellent credit, Minnesota's most popular choice for stable long-term payments with predictable monthly costs
- 30-year Fixed FHA: At 6.52% APR for excellent credit, government-backed programs with competitive terms and flexible qualification requirements
- 30-year Fixed VA: At 6.22% APR for excellent credit, exclusive to eligible veterans and military members, featuring Minnesota's most competitive rates
- 30-year Fixed Jumbo: At 6.65% APR for excellent credit, for high-value homes with competitive jumbo mortgage terms
- 20-year Fixed: At 6.39% APR for excellent credit, a balanced option between shorter and longer terms with moderate payments
- 15-year Fixed: At 6.13% APR for excellent credit, lower interest rates but higher monthly payments, ideal for building equity faster
- 10-year Fixed: At 5.60% APR for excellent credit, the shortest fixed-term option with competitive rates for rapid equity building
- Adjustable-rate mortgages (ARMs): Various terms including 3-year (4.28% APR), 5-year (6.52% APR), 7-year (6.44% APR), and 10-year (6.41% APR) options that start lower but may adjust upward after initial fixed period
Metro Area Rates
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Minneapolis | 6.35% | 5.84% |
| St. Paul | 6.35% | 5.84% |
| Rochester | 6.34% | 5.83% |
| Duluth | 6.33% | 5.82% |
| Online lenders | 6.04% | 5.83% |
* APR Rates shown are for borrowers with the best credit scores. Click the city name to see community recommended lenders and ratings
Compare Lenders Rated by Minnesota Homeowners
Looking beyond rates, Minnesota homeowners rated their refinance lenders on:
- Ease of application
- Rates and terms offered
- Customer support and advice
- Overall recommendation %
See the Best Mortgage Refinance Lenders in Minnesota
FAQs – Minnesota Refinance Rates
Are refinance rates lower in Minnesota than the U.S. average?
They’re lower. Minnesota averages 0.26% lower than the national benchmark for top credit scores.
What’s the best credit score for refinancing in Minnesota?
Borrowers with scores above 720 typically access the lowest rates (around 6.34% for 30-year fixed).
Which lenders have the highest satisfaction in Minnesota?
Credit unions lead in borrower satisfaction at 8.4/10, followed by online lenders (8.2/10).
More Info for Minnesota Homeowners:
Minnesota Best Refinance Lenders from Community recommendations
Minnesota Home Equity Loan & Minnesota HELOC Rates
Loans Comparison Calculator: Heloc, Cash-Out, Home Equity, Renovation.
Minnesota Best Home Insurance from Community recommendations & Costs
More Resources for Minnesota Homeowners.