Mortgage Rates in Rochester, Minnesota — April 2026
Updated April 2026 | Based on Rochester market data and regional lending conditions
With a population of 121,395, Rochester, Minnesota offers a cost of living close to the national average. The current 30-year fixed rate here is 6.69% (0.6% above the national average). The median home price of $295,000 translates to roughly $1,796/month with 20% down — requiring an income of about $76,971, which exceeds the local median of $72,250.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In Rochester, MN, the current 30-year rate is 6.69%. Shorter terms (15-year fixed at 5.93% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options include FHA loans (6.29%) and VA loans (6.09%), often available at lower rates with reduced down payment requirements.
Current Mortgage Rates in Rochester, MN
Below are the current average mortgage rates available in the Rochester area as of April 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 | 6.69% | 6.09% | +0.6% |
| 15-Year Fixed | 5.93% | 5.58% | +0.35% |
| 5/1 ARM | 6.19% | 5.95% | +0.24% |
| FHA | 6.29% | 5.85% | +0.44% |
| VA | 6.09% | 5.65% | +0.44% |
| Jumbo | 6.89% | 6.25% | +0.64% |
Rochester Housing Market Overview
At $295,000, Rochester offers more affordable housing than most U.S. metros. The local cost of living index is 97.5 (100 = national average), and the median household income of $72,250 still requires careful budgeting at current rate levels.
Monthly Payment Breakdown for Rochester
Based on the median home price of $295,000 with 20% down ($59,000), here is what you can expect to pay monthly in Rochester:
15-Year vs. 30-Year Mortgage in Rochester
Choosing a 15-year mortgage in Rochester at 5.93% instead of a 30-year at 6.69% would save you $190,620 in total interest over the life of the loan. However, your monthly payment would be $1,983 instead of $1,521 — an increase of $462 per month.
Calculate Your Rochester 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 Rochester
What are the current mortgage rates in Rochester, MN?
As of April 2026, the average 30-year fixed mortgage rate in Rochester, Minnesota is 6.69%, while the 15-year fixed rate is 5.93%. FHA loans average 6.29% and VA loans 6.09%. These rates are 0.6% above the national average of 6.09%.
How much is a monthly mortgage payment in Rochester?
Based on the median home price of $295,000 with 20% down, the estimated monthly mortgage payment in Rochester is $1,521 for principal and interest. Including property taxes of $275/month, the total monthly housing cost is approximately $1,796.
What income do I need to buy a home in Rochester?
Using the 28% rule, you would need an annual income of approximately $76,971 to afford the median-priced home in Rochester at $295,000. The median household income in Rochester is $72,250. This means most households would need to either earn above the median or consider homes below $295,000.
Is Rochester a good place to buy a home in 2026?
Rochester offers a below-average cost of living with a cost of living index of 97.5 (national average = 100). The property tax rate in Minnesota is 1.12%, which is near the national average. Rochester has a population of 121,395 and offers a balanced lifestyle.
Mortgage Rates in Other Minnesota Cities
Related Tools & Guides
📊 Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national average adjusted for Minnesota regional spread.
- Median home price: $295,000 sourced from Redfin / Zillow real estate listings (2026 data).
- Property tax rate: 1.12% effective rate per Tax Foundation 2026 state property tax data.
- Median household income: $72,250 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: April 2026. Rates are approximate averages based on regional lending data for the Rochester, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.