Mortgage Rates in Fergus Falls, Minnesota — March 2026
Updated March 2026 | Based on Fergus Falls market data and regional lending conditions
Fergus Falls is a growing city in Minnesota with a population of 14,003. The current 30-year fixed mortgage rate in Fergus Falls is 6.65%, which is at the national average. With a median home price of $312,000 and a 20% down payment of $62,400, homebuyers can expect a monthly principal and interest payment of approximately $1,602.
Current Mortgage Rates in Fergus Falls, MN
Below are the current average mortgage rates available in the Fergus Falls 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 | 6.65% | 6.65% | 0% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.19% | 6.15% | +0.04% |
| FHA | 6.45% | 6.25% | +0.2% |
| VA | 6.2% | 6.05% | +0.15% |
| Jumbo | 6.9% | 6.85% | +0.05% |
Fergus Falls Housing Market Overview
The Fergus Falls housing market reflects moderate demand with prices near the national average. The median household income in Fergus Falls is $74,800, and the cost of living index is 99.6 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $81,900 to comfortably afford the median-priced home in Fergus Falls, which exceeds the current median household income.
Monthly Payment Breakdown for Fergus Falls
Based on the median home price of $312,000 with 20% down ($62,400), here is what you can expect to pay monthly in Fergus Falls:
15-Year vs. 30-Year Mortgage in Fergus Falls
Choosing a 15-year mortgage in Fergus Falls at 5.91% instead of a 30-year at 6.65% would save you $199,800 in total interest over the life of the loan. However, your monthly payment would be $2,094 instead of $1,602 — an increase of $492 per month.
Calculate Your Fergus Falls Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Fergus Falls
What are the current mortgage rates in Fergus Falls, MN?
As of March 2026, the average 30-year fixed mortgage rate in Fergus Falls, Minnesota is 6.65%, while the 15-year fixed rate is 5.91%. FHA loans average 6.45% and VA loans 6.2%. These rates are at the national average of 6.65%.
How much is a monthly mortgage payment in Fergus Falls?
Based on the median home price of $312,000 with 20% down, the estimated monthly mortgage payment in Fergus Falls is $1,602 for principal and interest. Including property taxes of $309/month, the total monthly housing cost is approximately $1,911.
What income do I need to buy a home in Fergus Falls?
Using the 28% rule, you would need an annual income of approximately $81,900 to afford the median-priced home in Fergus Falls at $312,000. The median household income in Fergus Falls is $74,800. This means most households would need to either earn above the median or consider homes below $312,000.
Is Fergus Falls a good place to buy a home in 2026?
Fergus Falls offers a below-average cost of living with a cost of living index of 99.6 (national average = 100). The property tax rate in Minnesota is 1.19%, which is near the national average. Fergus Falls has a population of 14,003 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 Fergus Falls, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.