Mortgage Rates in Monticello, Minnesota — March 2026
Updated March 2026 | Based on Monticello market data and regional lending conditions
Monticello is a growing city in Minnesota with a population of 15,287. The current 30-year fixed mortgage rate in Monticello is 6.77%, which is 0.12% above the national average. With a median home price of $298,000 and a 20% down payment of $59,600, homebuyers can expect a monthly principal and interest payment of approximately $1,549.
Current Mortgage Rates in Monticello, MN
Below are the current average mortgage rates available in the Monticello 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 | 6.77% | 6.65% | +0.12% |
| 15-Year Fixed | 6.01% | 5.89% | +0.12% |
| 5/1 ARM | 6.26% | 6.15% | +0.11% |
| FHA | 6.51% | 6.25% | +0.26% |
| VA | 6.26% | 6.05% | +0.21% |
| Jumbo | 7.02% | 6.85% | +0.17% |
Monticello Housing Market Overview
The Monticello housing market offers relatively affordable housing compared to many major cities. The median household income in Monticello is $77,300, and the cost of living index is 99 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $78,086 to comfortably afford the median-priced home in Monticello, which exceeds the current median household income.
Monthly Payment Breakdown for Monticello
Based on the median home price of $298,000 with 20% down ($59,600), here is what you can expect to pay monthly in Monticello:
15-Year vs. 30-Year Mortgage in Monticello
Choosing a 15-year mortgage in Monticello at 6.01% instead of a 30-year at 6.77% would save you $195,300 in total interest over the life of the loan. However, your monthly payment would be $2,013 instead of $1,549 — an increase of $464 per month.
Calculate Your Monticello 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 Monticello
What are the current mortgage rates in Monticello, MN?
As of March 2026, the average 30-year fixed mortgage rate in Monticello, Minnesota is 6.77%, while the 15-year fixed rate is 6.01%. FHA loans average 6.51% and VA loans 6.26%. These rates are 0.12% above the national average of 6.65%.
How much is a monthly mortgage payment in Monticello?
Based on the median home price of $298,000 with 20% down, the estimated monthly mortgage payment in Monticello is $1,549 for principal and interest. Including property taxes of $273/month, the total monthly housing cost is approximately $1,822.
What income do I need to buy a home in Monticello?
Using the 28% rule, you would need an annual income of approximately $78,086 to afford the median-priced home in Monticello at $298,000. The median household income in Monticello is $77,300. This means most households would need to either earn above the median or consider homes below $298,000.
Is Monticello a good place to buy a home in 2026?
Monticello offers a below-average cost of living with a cost of living index of 99 (national average = 100). The property tax rate in Minnesota is 1.1%, which is near the national average. Monticello has a population of 15,287 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 Monticello, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.