Mortgage Rates in Lakeville, Minnesota — March 2026
Updated March 2026 | Based on Lakeville market data and regional lending conditions
Lakeville is a growing city in Minnesota with a population of 69,490. The current 30-year fixed mortgage rate in Lakeville is 6.8%, which is 0.15% 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 $1,596.
Current Mortgage Rates in Lakeville, MN
Below are the current average mortgage rates available in the Lakeville 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 | 6.8% | 6.65% | +0.15% |
| 15-Year Fixed | 6.03% | 5.89% | +0.14% |
| 5/1 ARM | 6.28% | 6.15% | +0.13% |
| FHA | 6.53% | 6.25% | +0.28% |
| VA | 6.28% | 6.05% | +0.23% |
| Jumbo | 7.05% | 6.85% | +0.2% |
Lakeville Housing Market Overview
The Lakeville housing market reflects moderate demand with prices near the national average. The median household income in Lakeville is $82,700, and the cost of living index is 96.3 (national average = 100). Based on the 28% affordability rule, the median income in Lakeville is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Lakeville
Based on the median home price of $306,000 with 20% down ($61,200), here is what you can expect to pay monthly in Lakeville:
15-Year vs. 30-Year Mortgage in Lakeville
Choosing a 15-year mortgage in Lakeville at 6.03% instead of a 30-year at 6.8% would save you $201,960 in total interest over the life of the loan. However, your monthly payment would be $2,070 instead of $1,596 — an increase of $474 per month.
Calculate Your Lakeville 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 Lakeville
What are the current mortgage rates in Lakeville, MN?
As of March 2026, the average 30-year fixed mortgage rate in Lakeville, Minnesota is 6.8%, while the 15-year fixed rate is 6.03%. FHA loans average 6.53% and VA loans 6.28%. These rates are 0.15% above the national average of 6.65%.
How much is a monthly mortgage payment in Lakeville?
Based on the median home price of $306,000 with 20% down, the estimated monthly mortgage payment in Lakeville is $1,596 for principal and interest. Including property taxes of $286/month, the total monthly housing cost is approximately $1,882.
What income do I need to buy a home in Lakeville?
Using the 28% rule, you would need an annual income of approximately $80,657 to afford the median-priced home in Lakeville at $306,000. The median household income in Lakeville is $82,700. The median income is currently sufficient to meet this threshold.
Is Lakeville a good place to buy a home in 2026?
Lakeville offers a below-average cost of living with a cost of living index of 96.3 (national average = 100). The property tax rate in Minnesota is 1.12%, which is near the national average. Lakeville has a population of 69,490 and offers a balanced 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 Lakeville, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.