See the latest Minnesota mortgage rates for fixed rates: 30 year, 20, 15, 10 FHA, VA, Jumbo, plus variable rates: 10, 7, 5, 3 years. Also see how local rates compare nationally and main lending options available across the state.
Buying a home in Minnesota could be easier with today’s mortgage rates.
Minnesota Mortgage Rates –
The table below shows today’s home purchase mortgage rates for Minnesota, organized by credit score and lender type:
| Credit Score | Satisfaction | |||
|---|---|---|---|---|
| 720 - 850 | 690 - 719 | 620 - 689 | ||
| Nationally | 6.31% | 6.36% | 6.41% | |
| Minnesota | 6.22% | 6.27% | 6.32% | |
| Credit Unions | 5.82% | 5.87% | 6.02% | 8.6/10 |
| Online lenders | 5.92% | 5.97% | 6.12% | 8.1/10 |
| Banks | 6.22% | 6.27% | 6.32% | 7.9/10 |
| 30 year fixed | 6.22% | 6.27% | 6.32% | |
| 30 year fixed FHA | 6.37% | 6.42% | 6.47% | |
| 30 year fixed VA | 6.05% | 6.10% | 6.15% | |
| 30 year fixed Jumbo | 6.45% | 6.83% | 7.02% | |
| 20 year fixed | 6.40% | 6.45% | 6.50% | |
| 15 year fixed | 5.87% | 5.92% | 5.97% | |
| 10 year fixed | 5.50% | 5.55% | 5.60% | |
| 3 year ARM | 4.18% | 4.23% | 4.28% | |
| 5 year ARM | 6.51% | 6.56% | 6.61% | |
| 7 year ARM | 6.55% | 6.60% | 6.65% | |
| 10 year ARM | 6.24% | 6.29% | 6.34% | |
| Satisfaction | 9.4/10 | 8.0/10 | 7.8/10 |
Source: MFP’s Community Home Purchase Rates Survey from Minnesota members in the last 30 days.
How Minnesota Compares to National Averages
- Minnesota mortgage rates (6.22% for best credit scores) are slightly below national averages (national average: 6.31%).
- Credit unions are more competitive: In Minnesota, credit unions offer 5.82%, banks 6.22%, online lenders 5.92%.
Mortgage Options in Minnesota
- 30 year fixed: 6.22% - most popular long-term option for predictable payments
- 20 year fixed: 6.40% - balance between payment size and interest savings
- 15 year fixed: 5.87% - lower total interest cost for borrowers building equity faster
- 10 year fixed: 5.50% - shortest fixed-term option with competitive rates
- 10 year variable: 4.18% - Offers a longer initial period with a variable rate...
- 7 year variable: 6.51% - A mid-term variable option...
- 5 year variable: 6.55% - Shorter-term variable mortgage...
- 3 year variable: 6.24% - Quick-adjusting mortgage...
- FHA mortgage: government-backed with flexible credit requirements
- VA mortgage: exclusive to veterans and military members with competitive rates
Minnesota Metro Mortgage Rates*
| Metro / City | 30-Year Fixed APR | 15-Year Fixed APR |
|---|---|---|
| Minneapolis | 6.14% | 5.72% |
| Saint Paul | 6.11% | 5.69% |
| Rochester | 6.09% | 5.67% |
| Duluth | 6.10% | 5.68% |
| Bloomington | 6.13% | 5.71% |
* APR rates shown are for borrowers with excellent credit. Click city names to view recommended lenders and ratings.
Compare Lenders Rated by Minnesota Homeowners
Minnesota homeowners rated their mortgage lenders on:
- Ease of application
- Rates and terms offered
- Customer support and advice
- Overall recommendation %
See the Best Mortgage Lenders in Minnesota
FAQs – Minnesota Mortgage Rates
Are home purchase rates higher in Minnesota than the U.S. average?
Minnesota rates typically run slightly below national averages due to the state’s competitive lending markets and stable housing conditions.
What credit score is best for buying a home in Minnesota?
A credit score of 720 or higher generally secures the most favorable mortgage rates from Minnesota lenders.
Is it better to choose a fixed-rate or ARM in Minnesota?
Fixed-rate mortgages offer payment stability for long-term residents, while ARMs can provide initial savings for those with shorter-term housing plans.
More Minnesota Home Information:
Minnesota Best Mortgage Lenders
Minnesota Best Home Insurance from Community Recommendations & Insurance Costs
More Resources for Minnesota Homeowners.