Mortgage Rates in Shakopee, Minnesota — March 2026
Updated March 2026 | Based on Shakopee market data and regional lending conditions
Shakopee is a growing city in Minnesota with a population of 44,091. The current 30-year fixed mortgage rate in Shakopee is 6.8%, which is 0.15% above the national average. With a median home price of $289,000 and a 20% down payment of $57,800, homebuyers can expect a monthly principal and interest payment of approximately $1,507.
Current Mortgage Rates in Shakopee, MN
Below are the current average mortgage rates available in the Shakopee 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% |
Shakopee Housing Market Overview
The Shakopee housing market offers relatively affordable housing compared to many major cities. The median household income in Shakopee is $75,600, and the cost of living index is 98.4 (national average = 100). Based on the 28% affordability rule, the median income in Shakopee is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Shakopee
Based on the median home price of $289,000 with 20% down ($57,800), here is what you can expect to pay monthly in Shakopee:
15-Year vs. 30-Year Mortgage in Shakopee
Choosing a 15-year mortgage in Shakopee at 6.03% instead of a 30-year at 6.8% would save you $190,620 in total interest over the life of the loan. However, your monthly payment would be $1,955 instead of $1,507 — an increase of $448 per month.
Calculate Your Shakopee 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 Shakopee
What are the current mortgage rates in Shakopee, MN?
As of March 2026, the average 30-year fixed mortgage rate in Shakopee, 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 Shakopee?
Based on the median home price of $289,000 with 20% down, the estimated monthly mortgage payment in Shakopee is $1,507 for principal and interest. Including property taxes of $253/month, the total monthly housing cost is approximately $1,760.
What income do I need to buy a home in Shakopee?
Using the 28% rule, you would need an annual income of approximately $75,429 to afford the median-priced home in Shakopee at $289,000. The median household income in Shakopee is $75,600. The median income is currently sufficient to meet this threshold.
Is Shakopee a good place to buy a home in 2026?
Shakopee offers a below-average cost of living with a cost of living index of 98.4 (national average = 100). The property tax rate in Minnesota is 1.05%, which is near the national average. Shakopee has a population of 44,091 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 Shakopee, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.