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 | 7.42% | 7.47% | 7.52% | |
| Minnesota | 7.35% | 7.40% | 7.45% | |
| Credit Unions | 6.95% | 7.00% | 7.15% | 9.2/10 |
| Online lenders | 7.05% | 7.10% | 7.25% | 8.2/10 |
| Banks | 7.35% | 7.40% | 7.45% | 7.4/10 |
| 30 year fixed | 7.35% | 7.40% | 7.45% | |
| 30 year fixed FHA | 6.39% | 6.44% | 6.49% | |
| 30 year fixed VA | 7.15% | 7.20% | 7.25% | |
| 30 year fixed Jumbo | 7.58% | 7.96% | 8.15% | |
| 20 year fixed | 7.36% | 7.41% | 7.46% | |
| 15 year fixed | 6.75% | 6.80% | 6.85% | |
| 10 year fixed | 5.50% | 5.55% | 5.60% | |
| 3 year ARM | 4.18% | 4.23% | 4.28% | |
| 5 year ARM | 7.27% | 7.32% | 7.37% | |
| 7 year ARM | 7.10% | 7.15% | 7.20% | |
| 10 year ARM | 7.35% | 7.40% | 7.45% | |
| Satisfaction | 9.0/10 | 8.2/10 | 8.3/10 |
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 (7.37% for best credit scores) are in line with national averages (national average: 7.42%).
- Credit unions are more competitive: In Minnesota, credit unions offer 6.97%, banks 7.37%, online lenders 7.07%.
Mortgage Options in Minnesota
- 30 year fixed: 7.37% - most popular long-term option for predictable payments
- 20 year fixed: 7.38% - balance between payment size and interest savings
- 15 year fixed: 6.75% - 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: 7.25% - A mid-term variable option...
- 5 year variable: 7.10% - Shorter-term variable mortgage...
- 3 year variable: 7.37% - 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.
Minnesota Best Mortgage Lenders
See which Minnesota lenders are most recommended for a home mortgage by community members surveys accross the State and in its main metro areas.
Minneapolis, Saint Paul, Rochester, Bloomington, Duluth, Brooklyn Park, Plymouth, Woodbury, Maple Grove, St Cloud, Online lenders.
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 Info for Minnesota Home Buyers:
Mortgage Rates & Tools
Home Purchase Calculator: Estimate your monthly payment.
First-Time Home Buyer: Guide for MN’s first home buyers.
Home Affordability Calculator: See what price range fits your budget.
FHA Mortgage Rates: Current rates for FHA buyers.
30 Year Fixed Home Mortgage: Today’s rate for the most common term.
15 Year Fixed Home Mortgage: Today’s rate for faster payoff.
Loan Programs & Assistance
FHA Loans: How FHA mortgages work and who qualifies.
Mortgage Documents Checklist: What you’ll need to apply, including special cases like self-employed and condo buyers.
Down Payment Assistance: Programs that help cover your down payment.
Lenders & Homeowner Resources
Best Mortgage Lenders in Minnesota: Community rated lenders by city.
Minnesota Home Insurance Cost: Average premiums and top rated local insurers.
Homeowner Resources & Grants: Grants and assistance programs nationwide.