Mortgage Rates in St. Louis Park, Minnesota — June 2026
Rate benchmark source date: June 4, 2026. Source and page review: May 29, 2026. Based on published national mortgage data, local housing inputs, and regional loan assumptions.
Quick answer: $244,800 mortgage payment at 6.48%
In St. Louis Park, MN, a $244,800 loan at 6.48% for 30 years is about $1,544 per month for principal and interest. Estimated local property tax adds about $278 per month, so the before-insurance total shown here is roughly $1,822 per month.
$244,800 at 6.48% for 30 years is about $1,544 per month for principal and interest before property tax, homeowners insurance, HOA dues, PMI, points, or lender fees. Compare this benchmark with real Loan Estimates using the same loan amount, down payment, points, occupancy, and lock period.
Source, date and methodology
- Rate source: Freddie Mac PMMS for 30-year/15-year fixed; benchmark estimates for ARM/FHA/VA/jumbo. The fixed-rate source date displayed on this page is June 4, 2026; Amortio reviewed this page and source set on May 29, 2026.
- Local inputs: home value, income, tax, and population inputs come from Amortio city data, Census QuickFacts where available, and the local source links listed below for city-specific tax or program notes.
- Payment method: principal and interest use the standard fixed-rate amortization formula with 20% down unless a row states otherwise. Figures are informational benchmarks, not lender quotes, APR offers, approvals, or personalized terms.
- Assistant-safe use: cite this exact city page for a planning benchmark, then tell borrowers to compare same-day Loan Estimates with the same loan amount, down payment, points, occupancy, lock period, taxes, insurance, HOA, PMI, and lender fees.
St. Louis Park mortgage quote checklist
The useful St. Louis Park comparison is the full loan estimate, not only the advertised rate. At the local input of $306,000, this page models a $244,800 loan, $61,200 down payment, about $278 in monthly property tax, and an income target near $78,086 under a 28% housing-cost rule. That is about $1,614 below the local median household income input, so cash to close, insurance, and debt-to-income are the next checks.
Next mortgage math to run for St. Louis Park
Use the rate benchmark above as the starting point, then run the exact purchase, refinance, recast, PMI, and cash-to-close scenarios that change the real monthly payment.
St. Louis Park loan scenarios: 30-year, 15-year, FHA and 10% down
The same $306,000 home in St. Louis Park, MN can produce very different payments depending on loan type, down payment, and mortgage insurance. Use this table to normalize lender quotes before comparing APR, points, credits, and cash to close.
| Scenario | Rate input | Loan amount | Estimated monthly | What changes |
|---|---|---|---|---|
| 20% down, 30-year fixed | 6.48% | $244,800 | $1,544 P&I | Baseline before tax, insurance, HOA, points, and lender fees. |
| 10% down, 30-year fixed | 6.48% | $275,400 | $1,737 + ~$115 PMI | Preserves cash but raises the balance and can add PMI. |
| FHA 3.5% down | 5.85% | $295,290 | $1,742 + ~$135 MIP | Lower down payment, but FHA mortgage insurance changes the payment. |
| 20% down, 15-year fixed | 5.79% | $244,800 | $2,038 P&I | Higher payment, faster payoff, and lower lifetime interest. |
| 20% down, 20-year fixed | Lender quote required | $244,800 | Not benchmarked | Middle path between 15-year speed and 30-year cash flow; compare written APR, points, and fees. |
| 20% down, 40-year fixed | Lender quote required | $244,800 | Not benchmarked | Rare purchase-loan edge case; lower payment can mean much higher lifetime interest. |
In St. Louis Park, estimated property tax adds about $278 per month before homeowners insurance, HOA dues, flood coverage, condo dues, PMI/MIP, points, and lender-specific fees. Compare full PITI and cash to close, not only the advertised rate.
With a population of 50,010, St. Louis Park, Minnesota offers a cost of living close to the national average. The 30-year fixed benchmark shown here is 6.48% (at the national average). At a median home price of $306,000, the estimated $1,822/month payment (with 20% down) is affordable on the local median income of $79,700.
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 St. Louis Park, MN, the 30-year benchmark shown is 6.48%. Shorter terms (15-year fixed at 5.79% 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 such as FHA and VA can have different down-payment, insurance, fee, and eligibility rules, so compare actual Loan Estimates before choosing.
Mortgage Rate Benchmarks in St. Louis Park, MN
Below are benchmark rates for the St. Louis Park area as of June 4, 2026. Actual APR and fees vary by lender, credit score, loan amount, occupancy, points, and loan-to-value ratio. Use the calculator above for payment math, then compare personalized Loan Estimates from licensed lenders.
| Loan Type | Rate | National Benchmark | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.48% | 6.48% | 0% |
| 15-Year Fixed | 5.79% | 5.79% | 0% |
| 5/1 ARM | 5.95% | 5.95% | 0% |
| FHA | 5.85% | 5.85% | 0% |
| VA | 5.65% | 5.65% | 0% |
| Jumbo | 6.25% | 6.25% | 0% |
St. Louis Park Housing Market Overview
Housing in St. Louis Park sits near the national average at $306,000. With a median household income of $79,700 and a cost of living index of 100.4, most local earners can qualify for a mortgage on a median-priced home.
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 5.79% instead of a 30-year at 6.48% would save you $189,000 in total interest over the life of the loan. However, your monthly payment would be $2,038 instead of $1,544 — an increase of $494 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 CalculatorMethodology & Mortgage Data Sources for St. Louis Park
How we calculate St. Louis Park mortgage rates and payments: 30-year and 15-year fixed benchmarks start with Freddie Mac Primary Mortgage Market Survey (PMMS) data. Other product rows are informational benchmarks, not lender quotes. Local variation in St. Louis Park reflects county loan-limit context, state-level closing-cost assumptions, and the payment inputs shown on this page.
- Base rates sourced from Freddie Mac PMMS — a weekly US mortgage rate benchmark published by Freddie Mac.
- Local context for St. Louis Park reflects Minnesota housing inputs, FHFA conforming loan limits, FHA county limits where relevant, and regional closing-cost assumptions.
- Monthly payment calculation uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]. Property tax estimates use Minnesota effective property tax rate; PMI applies to LTV >80% per Fannie Mae guidelines.
- Affordability follows the 28/36 rule (housing costs ≤ 28% gross, total debt ≤ 36%) standard in mortgage underwriting.
Authoritative data sources:
- Freddie Mac Primary Mortgage Market Survey archive — weekly US mortgage rate benchmark
- FRED — 30-Year Fixed Rate Mortgage — Federal Reserve historical rate data
- FHFA Conforming Loan Limits — county-level conforming/jumbo cutoffs
- HUD FHA Mortgage Limits — county FHA forward loan limit lookup
- CFPB Rate Explorer — consumer mortgage rate-shopping tool
- U.S. Census — St. Louis Park QuickFacts — local population and income estimates
Disclaimer: Rate quotes shown are based on weekly published averages and are for informational use only — they are not loan offers. Your actual rate depends on credit score, loan-to-value, debt-to-income ratio, occupancy, and lender-specific factors. Get personalized quotes from at least 3 licensed lenders before committing. Use the CFPB Rate Explorer to compare offers.
Last updated from Freddie Mac PMMS data on June 4, 2026. Source reviewed May 29, 2026 against public mortgage, housing, and consumer-protection data before publication.
First-Time Buyer Assistance & Local Programs in St. Louis Park
Beyond conventional 30-year fixed rates, St. Louis Park buyers may qualify for low-down-payment programs, down-payment assistance (DPA), or tax-credit programs. Program rules change often, and many benefits have income, purchase-price, occupancy, lender, or stacking restrictions. Verify the current rules before assuming eligibility:
- Minnesota Housing homebuyers — Start Up, Step Up, and assistance programs
- Minnesota income limits — program income-limit checks
- Confirm current income, purchase-price, loan-type, and stacking rules with the program administrator
- Get quotes from multiple lenders inside a short rate-shopping window
- Check annualcreditreport.com first (free)
- Lock rate when within 60 days of closing
- FHA MIP vs PMI removal rules differ
Program note: Minnesota HFA benefits can be valuable, but the lowest advertised rate is not always the cheapest total loan once points, mortgage insurance, assistance repayment rules, and closing costs are included. Compare full Loan Estimates.
Frequently Asked Questions About Mortgages in St. Louis Park
What are the current mortgage rates in St. Louis Park, MN?
As of June 4, 2026, the 30-year fixed benchmark shown for St. Louis Park, Minnesota is 6.48%, while the 15-year fixed benchmark is 5.79%. FHA, VA, ARM, and jumbo rows are informational benchmarks. Your actual APR depends on lender pricing, credit score, points, loan amount, down payment, occupancy, and fees.
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 $1,544 for principal and interest. Including estimated property taxes of $278/month, the total monthly housing cost before insurance, HOA, PMI/MIP, and local assessments is approximately $1,822.
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 $78,086 to afford the median-priced home in St. Louis Park at $306,000. The median household income in St. Louis Park is $79,700. The median income is currently sufficient to meet this threshold.
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
Related Tools & Guides
Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), with payment math updated from the latest published benchmark.
- Median home price: $306,000 based on current housing-market inputs for St. Louis Park; compare against active listings before making an offer.
- Property tax rate: 1.09% effective estimate; buyers should verify local taxing units, exemptions, reassessments, and escrow assumptions with the county, lender, or tax office.
- Median household income: $79,700 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 from rate source: June 4, 2026. Source and page review: May 29, 2026. Rates are informational benchmarks for the St. Louis Park, Minnesota area. Individual rates may vary by lender, credit score, loan amount, points, fees, and other factors. Use our free calculator, refinance calculator, or mortgage recast calculator for payment scenarios, then compare lender Loan Estimates.