Mortgage Rates in Austin, Minnesota — March 2026
Updated March 2026 | Based on Austin market data and regional lending conditions
Austin is a growing city in Minnesota with a population of 25,180. The current 30-year fixed mortgage rate in Austin is 6.45%, which is 0.2% below the national average. With a median home price of $145,000 and a 20% down payment of $29,000, homebuyers can expect a monthly principal and interest payment of approximately $730.
Current Mortgage Rates in Austin, MN
Below are the current average mortgage rates available in the Austin 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 | 6.45% | 6.65% | -0.2% |
| 15-Year Fixed | 5.69% | 5.89% | -0.2% |
| 5/1 ARM | 5.95% | 6.15% | -0.2% |
| FHA | 6.05% | 6.25% | -0.2% |
| VA | 5.85% | 6.05% | -0.2% |
| Jumbo | 6.65% | 6.85% | -0.2% |
Austin Housing Market Overview
The Austin housing market offers relatively affordable housing compared to many major cities. The median household income in Austin is $42,000, and the cost of living index is 82 (national average = 100). Based on the 28% affordability rule, the median income in Austin is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Austin
Based on the median home price of $145,000 with 20% down ($29,000), here is what you can expect to pay monthly in Austin:
15-Year vs. 30-Year Mortgage in Austin
Choosing a 15-year mortgage in Austin at 5.69% instead of a 30-year at 6.45% would save you $90,000 in total interest over the life of the loan. However, your monthly payment would be $960 instead of $730 — an increase of $230 per month.
Calculate Your Austin Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Austin
What are the current mortgage rates in Austin, MN?
As of March 2026, the average 30-year fixed mortgage rate in Austin, Minnesota is 6.45%, while the 15-year fixed rate is 5.69%. FHA loans average 6.05% and VA loans 5.85%. These rates are 0.2% below the national average of 6.65%.
How much is a monthly mortgage payment in Austin?
Based on the median home price of $145,000 with 20% down, the estimated monthly mortgage payment in Austin is $730 for principal and interest. Including property taxes of $124/month, the total monthly housing cost is approximately $854.
What income do I need to buy a home in Austin?
Using the 28% rule, you would need an annual income of approximately $36,600 to afford the median-priced home in Austin at $145,000. The median household income in Austin is $42,000. The median income is currently sufficient to meet this threshold.
Is Austin a good place to buy a home in 2026?
Austin offers a below-average cost of living with a cost of living index of 82 (national average = 100). The property tax rate in Minnesota is 1.03%, which is near the national average. Austin has a population of 25,180 and offers a very affordable lifestyle.
Mortgage Rates in Other Minnesota Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Austin, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.