Mortgage Rates in Elk River, Minnesota — March 2026
Updated March 2026 | Based on Elk River market data and regional lending conditions
Elk River is a growing city in Minnesota with a population of 25,550. The current 30-year fixed mortgage rate in Elk River is 6.87%, which is 0.22% above the national average. With a median home price of $319,000 and a 20% down payment of $63,800, homebuyers can expect a monthly principal and interest payment of approximately $1,676.
Current Mortgage Rates in Elk River, MN
Below are the current average mortgage rates available in the Elk River 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 | 6.87% | 6.65% | +0.22% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.32% | 6.15% | +0.17% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.12% | 6.85% | +0.27% |
Elk River Housing Market Overview
The Elk River housing market reflects moderate demand with prices near the national average. The median household income in Elk River is $67,600, and the cost of living index is 98.7 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $84,343 to comfortably afford the median-priced home in Elk River, which exceeds the current median household income.
Monthly Payment Breakdown for Elk River
Based on the median home price of $319,000 with 20% down ($63,800), here is what you can expect to pay monthly in Elk River:
15-Year vs. 30-Year Mortgage in Elk River
Choosing a 15-year mortgage in Elk River at 6.09% instead of a 30-year at 6.87% would save you $213,480 in total interest over the life of the loan. However, your monthly payment would be $2,166 instead of $1,676 — an increase of $490 per month.
Calculate Your Elk River 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 Elk River
What are the current mortgage rates in Elk River, MN?
As of March 2026, the average 30-year fixed mortgage rate in Elk River, Minnesota is 6.87%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.22% above the national average of 6.65%.
How much is a monthly mortgage payment in Elk River?
Based on the median home price of $319,000 with 20% down, the estimated monthly mortgage payment in Elk River is $1,676 for principal and interest. Including property taxes of $292/month, the total monthly housing cost is approximately $1,968.
What income do I need to buy a home in Elk River?
Using the 28% rule, you would need an annual income of approximately $84,343 to afford the median-priced home in Elk River at $319,000. The median household income in Elk River is $67,600. This means most households would need to either earn above the median or consider homes below $319,000.
Is Elk River a good place to buy a home in 2026?
Elk River offers a below-average cost of living with a cost of living index of 98.7 (national average = 100). The property tax rate in Minnesota is 1.1%, which is near the national average. Elk River has a population of 25,550 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 Elk River, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.