Mortgage Rates in Hopkins, Minnesota — March 2026
Updated March 2026 | Based on Hopkins market data and regional lending conditions
Hopkins is a growing city in Minnesota with a population of 18,929. The current 30-year fixed mortgage rate in Hopkins is 6.73%, which is 0.08% above the national average. With a median home price of $294,000 and a 20% down payment of $58,800, homebuyers can expect a monthly principal and interest payment of approximately $1,522.
Current Mortgage Rates in Hopkins, MN
Below are the current average mortgage rates available in the Hopkins 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 | 6.73% | 6.65% | +0.08% |
| 15-Year Fixed | 5.98% | 5.89% | +0.09% |
| 5/1 ARM | 6.24% | 6.15% | +0.09% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.98% | 6.85% | +0.13% |
Hopkins Housing Market Overview
The Hopkins housing market offers relatively affordable housing compared to many major cities. The median household income in Hopkins is $71,200, and the cost of living index is 100.4 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $76,586 to comfortably afford the median-priced home in Hopkins, which exceeds the current median household income.
Monthly Payment Breakdown for Hopkins
Based on the median home price of $294,000 with 20% down ($58,800), here is what you can expect to pay monthly in Hopkins:
15-Year vs. 30-Year Mortgage in Hopkins
Choosing a 15-year mortgage in Hopkins at 5.98% instead of a 30-year at 6.73% would save you $191,160 in total interest over the life of the loan. However, your monthly payment would be $1,982 instead of $1,522 — an increase of $460 per month.
Calculate Your Hopkins 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 Hopkins
What are the current mortgage rates in Hopkins, MN?
As of March 2026, the average 30-year fixed mortgage rate in Hopkins, Minnesota is 6.73%, while the 15-year fixed rate is 5.98%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.08% above the national average of 6.65%.
How much is a monthly mortgage payment in Hopkins?
Based on the median home price of $294,000 with 20% down, the estimated monthly mortgage payment in Hopkins is $1,522 for principal and interest. Including property taxes of $265/month, the total monthly housing cost is approximately $1,787.
What income do I need to buy a home in Hopkins?
Using the 28% rule, you would need an annual income of approximately $76,586 to afford the median-priced home in Hopkins at $294,000. The median household income in Hopkins is $71,200. This means most households would need to either earn above the median or consider homes below $294,000.
Is Hopkins a good place to buy a home in 2026?
Hopkins has a moderate cost of living with a cost of living index of 100.4 (national average = 100). The property tax rate in Minnesota is 1.08%, which is near the national average. Hopkins has a population of 18,929 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 Hopkins, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.