Mortgage Rates in Andover, Minnesota — March 2026
Updated March 2026 | Based on Andover market data and regional lending conditions
Andover is a growing city in Minnesota with a population of 35,413. The current 30-year fixed mortgage rate in Andover is 6.81%, which is 0.16% above the national average. With a median home price of $277,000 and a 20% down payment of $55,400, homebuyers can expect a monthly principal and interest payment of approximately $1,446.
Current Mortgage Rates in Andover, MN
Below are the current average mortgage rates available in the Andover area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.81% | 6.65% | +0.16% |
| 15-Year Fixed | 6.04% | 5.89% | +0.15% |
| 5/1 ARM | 6.29% | 6.15% | +0.14% |
| FHA | 6.53% | 6.25% | +0.28% |
| VA | 6.28% | 6.05% | +0.23% |
| Jumbo | 7.06% | 6.85% | +0.21% |
Andover Housing Market Overview
The Andover housing market offers relatively affordable housing compared to many major cities. The median household income in Andover is $68,100, and the cost of living index is 90.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $73,329 to comfortably afford the median-priced home in Andover, which exceeds the current median household income.
Monthly Payment Breakdown for Andover
Based on the median home price of $277,000 with 20% down ($55,400), here is what you can expect to pay monthly in Andover:
15-Year vs. 30-Year Mortgage in Andover
Choosing a 15-year mortgage in Andover at 6.04% instead of a 30-year at 6.81% would save you $183,060 in total interest over the life of the loan. However, your monthly payment would be $1,875 instead of $1,446 — an increase of $429 per month.
Calculate Your Andover Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Andover
What are the current mortgage rates in Andover, MN?
As of March 2026, the average 30-year fixed mortgage rate in Andover, Minnesota is 6.81%, while the 15-year fixed rate is 6.04%. FHA loans average 6.53% and VA loans 6.28%. These rates are 0.16% above the national average of 6.65%.
How much is a monthly mortgage payment in Andover?
Based on the median home price of $277,000 with 20% down, the estimated monthly mortgage payment in Andover is $1,446 for principal and interest. Including property taxes of $265/month, the total monthly housing cost is approximately $1,711.
What income do I need to buy a home in Andover?
Using the 28% rule, you would need an annual income of approximately $73,329 to afford the median-priced home in Andover at $277,000. The median household income in Andover is $68,100. This means most households would need to either earn above the median or consider homes below $277,000.
Is Andover a good place to buy a home in 2026?
Andover offers a below-average cost of living with a cost of living index of 90.5 (national average = 100). The property tax rate in Minnesota is 1.15%, which is near the national average. Andover has a population of 35,413 and offers a very affordable lifestyle.
Mortgage Rates in Other Minnesota Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Andover, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.