Mortgage Rates in Burnsville, Minnesota — March 2026
Updated March 2026 | Based on Burnsville market data and regional lending conditions
Burnsville is a growing city in Minnesota with a population of 62,500. The current 30-year fixed mortgage rate in Burnsville is 6.83%, which is 0.18% above the national average. With a median home price of $306,000 and a 20% down payment of $61,200, homebuyers can expect a monthly principal and interest payment of approximately $1,601.
Current Mortgage Rates in Burnsville, MN
Below are the current average mortgage rates available in the Burnsville 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 | 6.83% | 6.65% | +0.18% |
| 15-Year Fixed | 6.05% | 5.89% | +0.16% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.08% | 6.85% | +0.23% |
Burnsville Housing Market Overview
The Burnsville housing market reflects moderate demand with prices near the national average. The median household income in Burnsville is $82,600, and the cost of living index is 107.8 (national average = 100). Based on the 28% affordability rule, the median income in Burnsville is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Burnsville
Based on the median home price of $306,000 with 20% down ($61,200), here is what you can expect to pay monthly in Burnsville:
15-Year vs. 30-Year Mortgage in Burnsville
Choosing a 15-year mortgage in Burnsville at 6.05% instead of a 30-year at 6.83% would save you $203,400 in total interest over the life of the loan. However, your monthly payment would be $2,072 instead of $1,601 — an increase of $471 per month.
Calculate Your Burnsville 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 Burnsville
What are the current mortgage rates in Burnsville, MN?
As of March 2026, the average 30-year fixed mortgage rate in Burnsville, Minnesota is 6.83%, while the 15-year fixed rate is 6.05%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.18% above the national average of 6.65%.
How much is a monthly mortgage payment in Burnsville?
Based on the median home price of $306,000 with 20% down, the estimated monthly mortgage payment in Burnsville is $1,601 for principal and interest. Including property taxes of $270/month, the total monthly housing cost is approximately $1,871.
What income do I need to buy a home in Burnsville?
Using the 28% rule, you would need an annual income of approximately $80,186 to afford the median-priced home in Burnsville at $306,000. The median household income in Burnsville is $82,600. The median income is currently sufficient to meet this threshold.
Is Burnsville a good place to buy a home in 2026?
Burnsville has a moderate cost of living with a cost of living index of 107.8 (national average = 100). The property tax rate in Minnesota is 1.06%, which is near the national average. Burnsville has a population of 62,500 and offers a balanced 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 Burnsville, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.