Mortgage Rates in Richfield, Minnesota — March 2026
Updated March 2026 | Based on Richfield market data and regional lending conditions
Richfield is a growing city in Minnesota with a population of 36,396. The current 30-year fixed mortgage rate in Richfield is 6.87%, which is 0.22% above the national average. With a median home price of $302,000 and a 20% down payment of $60,400, homebuyers can expect a monthly principal and interest payment of approximately $1,586.
Current Mortgage Rates in Richfield, MN
Below are the current average mortgage rates available in the Richfield 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% |
Richfield Housing Market Overview
The Richfield housing market reflects moderate demand with prices near the national average. The median household income in Richfield is $76,800, and the cost of living index is 94.3 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $80,271 to comfortably afford the median-priced home in Richfield, which exceeds the current median household income.
Monthly Payment Breakdown for Richfield
Based on the median home price of $302,000 with 20% down ($60,400), here is what you can expect to pay monthly in Richfield:
15-Year vs. 30-Year Mortgage in Richfield
Choosing a 15-year mortgage in Richfield at 6.09% instead of a 30-year at 6.87% would save you $201,780 in total interest over the life of the loan. However, your monthly payment would be $2,051 instead of $1,586 — an increase of $465 per month.
Calculate Your Richfield 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 Richfield
What are the current mortgage rates in Richfield, MN?
As of March 2026, the average 30-year fixed mortgage rate in Richfield, 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 Richfield?
Based on the median home price of $302,000 with 20% down, the estimated monthly mortgage payment in Richfield is $1,586 for principal and interest. Including property taxes of $287/month, the total monthly housing cost is approximately $1,873.
What income do I need to buy a home in Richfield?
Using the 28% rule, you would need an annual income of approximately $80,271 to afford the median-priced home in Richfield at $302,000. The median household income in Richfield is $76,800. This means most households would need to either earn above the median or consider homes below $302,000.
Is Richfield a good place to buy a home in 2026?
Richfield offers a below-average cost of living with a cost of living index of 94.3 (national average = 100). The property tax rate in Minnesota is 1.14%, which is near the national average. Richfield has a population of 36,396 and offers a very affordable 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 Richfield, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.