Mortgage Rates in St. Louis Park, Minnesota — March 2026
Updated March 2026 | Based on St. Louis Park market data and regional lending conditions
St. Louis Park is a growing city in Minnesota with a population of 50,010. The current 30-year fixed mortgage rate in St. Louis Park is 6.72%, which is 0.07% 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 $1,583.
Current Mortgage Rates in St. Louis Park, MN
Below are the current average mortgage rates available in the St. Louis Park 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 | 6.72% | 6.65% | +0.07% |
| 15-Year Fixed | 5.97% | 5.89% | +0.08% |
| 5/1 ARM | 6.23% | 6.15% | +0.08% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.97% | 6.85% | +0.12% |
St. Louis Park Housing Market Overview
The St. Louis Park housing market reflects moderate demand with prices near the national average. The median household income in St. Louis Park is $79,700, and the cost of living index is 100.4 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $79,757 to comfortably afford the median-priced home in St. Louis Park, which exceeds the current median household income.
Monthly Payment Breakdown for St. Louis Park
Based on the median home price of $306,000 with 20% down ($61,200), here is what you can expect to pay monthly in St. Louis Park:
15-Year vs. 30-Year Mortgage in St. Louis Park
Choosing a 15-year mortgage in St. Louis Park at 5.97% instead of a 30-year at 6.72% would save you $198,720 in total interest over the life of the loan. However, your monthly payment would be $2,062 instead of $1,583 — an increase of $479 per month.
Calculate Your St. Louis Park 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 St. Louis Park
What are the current mortgage rates in St. Louis Park, MN?
As of March 2026, the average 30-year fixed mortgage rate in St. Louis Park, Minnesota is 6.72%, while the 15-year fixed rate is 5.97%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.07% above the national average of 6.65%.
How much is a monthly mortgage payment in St. Louis Park?
Based on the median home price of $306,000 with 20% down, the estimated monthly mortgage payment in St. Louis Park is $1,583 for principal and interest. Including property taxes of $278/month, the total monthly housing cost is approximately $1,861.
What income do I need to buy a home in St. Louis Park?
Using the 28% rule, you would need an annual income of approximately $79,757 to afford the median-priced home in St. Louis Park at $306,000. The median household income in St. Louis Park is $79,700. This means most households would need to either earn above the median or consider homes below $306,000.
Is St. Louis Park a good place to buy a home in 2026?
St. Louis Park has a moderate cost of living with a cost of living index of 100.4 (national average = 100). The property tax rate in Minnesota is 1.09%, which is near the national average. St. Louis Park has a population of 50,010 and offers a balanced 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 St. Louis Park, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.