Minnesota Mortgage Rates Today — Compare MN Lenders
The average 30-year fixed mortgage rate in Minnesota is currently 6.52% APR. Minnesota Housing offers robust first-time buyer programs that can significantly reduce your rate and down payment requirements. Compare today’s rates from top Minnesota lenders across all major loan types below.
Minnesota Mortgage Rate Comparison Table
Rates below assume a 740+ credit score, 20% down payment, and a $340,000 loan on a single-family primary residence in Minnesota.
| Loan Type | Interest Rate | APR | Best For |
|---|---|---|---|
| 30-Year Fixed | 6.52% | 6.52% | Most Popular |
| 15-Year Fixed | 5.87% | 5.87% | Pay off faster, save interest |
| 5/1 ARM | 6.64% | 6.64% | Short-term owners |
| FHA 30-Year | 6.19% | 6.19% | Low down payment |
| VA 30-Year | 6.02% | 6.02% | Veterans & military |
| 30-Year Refinance | 6.64% | 6.64% | Existing homeowners |
Rates sourced from lender survey data and updated regularly. Actual rates vary by lender and borrower profile. See disclaimer.
Understanding Mortgage Rates in Minnesota
Minnesota offers a stable housing market anchored by the Twin Cities’ diverse economy. Minneapolis-St. Paul consistently ranks highly for quality of life, strong wages, and relatively affordable housing compared to coastal metros of similar size.
Minnesota Housing (the state’s HFA) offers excellent first-time buyer programs with below-market rates and down payment assistance. Rochester — home of the Mayo Clinic — is one of the most stable and highly-educated smaller markets in the Midwest.
What Affects Your Minnesota Mortgage Rate?
Several key factors influence the rate a Minnesota lender will offer you: your credit score (740+ gets the best rates), your down payment (20%+ eliminates PMI), your loan type (VA and FHA often beat conventional), and broader market conditions driven by the Federal Reserve and Treasury yields. Always compare at least 3–5 lenders — the spread between best and worst rate can be 0.5–1.0%.