Mortgage Rates in Minnesota — June 2026
Compare mortgage rate benchmarks across 93 cities in Minnesota. Amortio's estimated state average for a 30-year fixed loan is 6.72%, which is 0.24% above the Freddie Mac national benchmark of 6.48% from June 4, 2026. These figures are informational estimates, not lender quotes or APR offers.
What is the current Minnesota mortgage-rate benchmark?
Amortio's Minnesota state table shows an estimated 6.72% 30-year benchmark across 93 cities, versus Freddie Mac's 6.48% national 30-year PMMS benchmark from June 4, 2026. Use it to compare city payments, then request same-day lender Loan Estimates for APR, points, fees, lock period, and cash-to-close.
How to Read Minnesota Mortgage Rates
Minnesota is not one uniform mortgage market. The rate table below covers 93 cities, but the real payment difference comes from home price, income, property taxes, loan size, and whether a borrower fits conventional, FHA, VA, or jumbo pricing. Use this page to compare cities first, then use lender quotes for final APR and fee decisions.
- At the state-average payment of $1,526 per month and median income of $70,351, Minnesota looks close to the traditional affordability line for many households.
- The observed city-level 30-year benchmark spread is 0.44 percentage points, from 6.45% to 6.89%. Even small rate differences matter more in expensive cities because they apply to larger loan balances.
- Property taxes are material but not the only factor; rate, loan size, and insurance assumptions can move the final payment just as much.
- For buyers comparing down payment choices, pair this state page with the PMI calculator, affordability calculator, and closing cost estimator before assuming the lowest advertised rate creates the lowest total cost.
Payment-Efficient Minnesota Cities
| City | P&I / Income | Monthly P&I | Median Income | 30-Year Rate |
|---|---|---|---|---|
| Robbinsdale | 15.5% | $1,092 | $84,500 | 6.77% |
| Hastings | 20.8% | $1,311 | $75,800 | 6.7% |
| Austin | 20.9% | $730 | $42,000 | 6.45% |
| Faribault | 20.9% | $1,314 | $75,600 | 6.72% |
| Fairmont | 21.1% | $1,158 | $66,000 | 6.89% |
Highest-Priced Minnesota Markets to Stress-Test
Minnesota Mortgage Quote Comparison Worksheet
Use this checklist before choosing between lender quotes, state assistance, builder credits, or a temporary buydown. It is built to catch the costs that do not show up in a simple rate table.
| Line Item | What to Compare |
|---|---|
| Rate vs APR | APR exposes points, lender fees, and credits that can hide inside a lower advertised rate. |
| Cash to close | Compare down payment, closing costs, prepaid taxes, insurance escrow, and any assistance or seller credit. |
| Payment after escrow | Minnesota buyers should compare principal, interest, property tax, insurance, HOA or condo dues, and mortgage insurance together. |
| Assistance terms | Down payment assistance can be a grant, forgivable second, deferred second, or repayable loan; the repayment rule changes the real cost. |
| Rate lock and buydown | Temporary buydowns and lender credits can improve the first-year payment while leaving a higher long-run payment. |
A strong Minnesota mortgage comparison should include at least two lender Loan Estimates plus one program or assistance check where available. Pair this worksheet with the affordability calculator, PMI calculator, and closing cost estimator.
Minnesota Mortgage Rate & Homebuyer Program Notes
Minnesota borrowers should compare the current MN mortgage-rate benchmark with city prices, state program purchase caps, down payment assistance rules, and refinance protections. This page is built for rate-shopping research, not as a lender quote or APR offer.
- Freddie Mac PMMS reported 6.37% for the 30-year fixed and 5.72% for the 15-year fixed on May 7, 2026; Amortio anchors Minnesota comparisons to that national benchmark and then shows city-level planning estimates.
- The Minnesota table covers 93 cities, including Minneapolis, Saint Paul, Rochester, Duluth, Bloomington, Brooklyn Park, Plymouth, Maple Grove, Woodbury, St. Cloud, Blaine, and Lakeville.
- Minnesota Housing Start Up is aimed at first-time buyers and may include income limits up to $152,200 by county, purchase-price limits up to $659,550 in the 11-county Metro area, and down payment or closing cost loan options up to $18,000 for eligible borrowers.
- Minnesota Housing Step Up can serve repeat buyers, some first-time buyers above Start Up caps, and refinance borrowers; state guidance lists income limits up to $197,900 by county and down payment or closing cost loan options up to $14,000.
- Minnesota Commerce tells borrowers to compare loan offers and notes that a new refinance loan must provide a reasonable and tangible net benefit to the borrower under Minnesota law.
Minnesota 2026 One-Unit Loan Limits & Program Caps
| Area | Conforming | FHA | Why It Matters |
|---|---|---|---|
| Most Minnesota conventional one-unit loans | $832,750 | County-specific HUD lookup | The FHFA baseline is the main conventional planning threshold before jumbo pricing becomes relevant. |
| Minnesota Housing 11-county Metro cap | Program purchase cap: $659,550 | Check HUD county limit | Start Up and Step Up purchase caps can matter before the federal conforming limit. |
| Minnesota Housing Greater MN caps | Start Up $604,400 / Step Up $637,950 | Check HUD county limit | Program caps are separate eligibility rules for Minnesota Housing products. |
| FHA national floor and ceiling | N/A | $541,287 to $1,249,125 | HUD sets FHA county limits annually; do not assume every Minnesota county has the same FHA maximum. |
Official Minnesota Mortgage Sources
Minnesota Housing Highlights
All 93 Cities in Minnesota
| City | 30-Yr Rate | Home Price | Monthly P&I | Population |
|---|---|---|---|---|
| Minneapolis | 6.69% | $325,000 | $1,676 | 429,954 |
| Saint Paul | 6.69% | $285,000 | $1,470 | 311,527 |
| Rochester | 6.69% | $295,000 | $1,521 | 121,395 |
| Duluth | 6.69% | $225,000 | $1,160 | 90,880 |
| Bloomington | 6.69% | $315,000 | $1,624 | 89,987 |
| Brooklyn Park | 6.69% | $295,000 | $1,521 | 86,478 |
| Plymouth | 6.74% | $319,000 | $1,654 | 81,026 |
| Maple Grove | 6.84% | $341,000 | $1,786 | 76,853 |
| Woodbury | 6.87% | $318,000 | $1,670 | 75,102 |
| St. Cloud | 6.81% | $326,000 | $1,702 | 70,243 |
| Blaine | 6.64% | $286,000 | $1,467 | 70,222 |
| Lakeville | 6.8% | $306,000 | $1,596 | 69,490 |
| Eagan | 6.73% | $289,000 | $1,496 | 68,010 |
| Eden Prairie | 6.76% | $324,000 | $1,683 | 64,198 |
| Coon Rapids | 6.83% | $325,000 | $1,700 | 63,975 |
| Burnsville | 6.83% | $306,000 | $1,601 | 62,500 |
| Apple Valley | 6.76% | $355,000 | $1,844 | 55,135 |
| Minnetonka | 6.83% | $508,000 | $2,658 | 53,781 |
| Edina | 6.64% | $347,000 | $1,780 | 53,494 |
| St. Louis Park | 6.72% | $306,000 | $1,583 | 50,010 |
| Zumbrota | 6.64% | $315,000 | $1,616 | 49,395 |
| Moorhead | 6.84% | $313,000 | $1,639 | 44,505 |
| Mankato | 6.63% | $297,000 | $1,522 | 44,488 |
| Shakopee | 6.8% | $289,000 | $1,507 | 44,091 |
| Maplewood | 6.83% | $290,000 | $1,517 | 41,008 |
| Inver Grove Heights | 6.74% | $318,000 | $1,648 | 37,880 |
| Sleepy Eye | 6.76% | $335,000 | $1,740 | 37,777 |
| Cottage Grove | 6.67% | $308,000 | $1,585 | 37,400 |
| Wells | 6.74% | $325,000 | $1,685 | 37,364 |
| Roseville | 6.76% | $289,000 | $1,501 | 36,600 |
| Richfield | 6.87% | $302,000 | $1,586 | 36,396 |
| Andover | 6.81% | $277,000 | $1,446 | 35,413 |
| Jackson | 6.6% | $295,000 | $1,507 | 34,442 |
| Savage | 6.63% | $269,000 | $1,379 | 32,800 |
| Brooklyn Center | 6.7% | $322,000 | $1,662 | 31,954 |
| Rogers | 6.67% | $275,000 | $1,415 | 31,811 |
| Melrose | 6.77% | $415,000 | $2,158 | 29,020 |
| Fridley | 6.7% | $330,000 | $1,704 | 28,702 |
| Ely | 6.64% | $205,000 | $1,052 | 28,349 |
| Chaska | 6.72% | $297,000 | $1,536 | 28,259 |
| 53 more Minnesota city mortgage-rate pages are available as individual pages and in the XML sitemap. | ||||
Minnesota Mortgage Rates Guide — 2026
Minnesota homebuyers can use an estimated 30-year fixed benchmark of 6.72%, with median home prices around $294,817. At these rates, the typical monthly mortgage payment (principal and interest with 20% down) is $1,526.
The most affordable city for homebuyers in Minnesota is Austin, where the median home price is $145,000. On the other end, Minnetonka has the highest prices at $508,000. Property tax rates across the state average 1.12%.
To comfortably afford a home at the state average price, a household income of approximately $65,400 is recommended, following the standard guideline that housing costs should not exceed 28% of gross income.
For searches such as current mortgage rates MN, Minnesota mortgage rates, 30-year mortgage rates MN, and 15-year mortgage rates Minnesota, start with the statewide benchmark and then compare local pages for Minneapolis, Saint Paul, Rochester, Duluth, Bloomington, Brooklyn Park, Maple Grove, and other cities where home prices change the payment math.
A lower advertised rate is not automatically the best Minnesota mortgage if it requires heavy points, higher lender fees, or misses a Minnesota Housing Start Up or Step Up option. Compare the rate, APR, points, cash-to-close, monthly payment, and whether the program cap fits your county and purchase price.
Use our free loan calculator to see your estimated monthly payments and amortization schedule, or browse individual city pages below for localized rate data and market insights.
Methodology & Mortgage Rate Data Sources
How we calculate Minnesota mortgage rates: Our rate estimates start with weekly mortgage-rate benchmarks and then compare city-level housing assumptions. They are designed for planning and comparison, not as a guarantee of lender pricing.
- Benchmark mortgage rates from Freddie Mac Primary Mortgage Market Survey (PMMS) — the most-cited weekly survey of 30-year and 15-year fixed conforming rates.
- Federal Reserve rate policy tracked via FRED — Federal Reserve Economic Data — the St. Louis Fed's authoritative database of interest rate series.
- Conforming loan limits set annually by the FHFA Conforming Loan Limit announcements (Minnesota 2026: $832,750 baseline, with higher one-unit limits in high-cost counties).
- State lending regulation context from HUD State Information pages covering FHA, down payment assistance, and housing finance agency programs in Minnesota.
- Mortgage market trends tracked via Mortgage Bankers Association (MBA) Weekly Applications Survey — the industry benchmark for mortgage demand and rate sensitivity.
Authoritative mortgage rate data sources:
- Freddie Mac PMMS — weekly 30yr and 15yr fixed rate benchmark
- FRED — Federal Reserve Economic Data — interest rate and housing series
- FHFA — Federal Housing Finance Agency — conforming loan limits and HPI
- HUD — Housing and Urban Development — FHA programs and state assistance
- Minnesota Housing — Minnesota Start Up, Step Up, and down payment or closing cost loan programs
- CFPB Mortgage Rate Checker — personalized rate comparison tool
- VA Home Loan Program — zero down payment loan for eligible veterans
Rate Disclaimer: Rates shown are estimates based on current market surveys and may not reflect actual lender quotes. Your rate depends on credit score, loan-to-value ratio, down payment, property type, and lender. Always obtain personalized rate quotes from multiple lenders. Rates change daily.
Reviewed by Brazora Monk · Last updated May 2026 · Freddie Mac PMMS data current as of June 4, 2026
Frequently Asked Questions — Minnesota Mortgages
What are current mortgage rates in Minnesota?
As of June 4, 2026, Freddie Mac's national benchmark was 6.48% for the 30-year fixed and 5.79% for the 15-year fixed. Amortio's Minnesota city comparison shows an estimated 30-year benchmark average of 6.72% and 15-year average of 5.97%. Rates vary by city, lender, lock date, fees, and borrower qualification.
What is the average home price in Minnesota?
The median home price across 93 cities in Minnesota is $294,817. Prices range from $145,000 in Austin to $508,000 in Minnetonka.
How much income do I need to buy a house in Minnesota?
Based on the 28% debt-to-income guideline, you would need a household income of approximately $65,400 to comfortably afford the average home in Minnesota. The median household income in the state is approximately $70,351.
Are Minnesota mortgage rates different from national mortgage rates?
Minnesota lender quotes can track the national market closely, but the final rate and APR can move with credit score, points, loan-to-value ratio, property type, lender fees, program eligibility, and lock date. Amortio uses Freddie Mac PMMS as the benchmark and then compares Minnesota city-level planning assumptions.
Can Minnesota Housing Start Up or Step Up beat a regular conventional loan?
It can for eligible borrowers, especially when down payment or closing cost assistance changes cash-to-close. It is not always better than a conventional quote, so compare Minnesota Housing program terms, lender fees, mortgage insurance, APR, and resale or refinance plans before choosing.
Do Minnesota buyers use the same FHA and conforming loan limits statewide?
The 2026 conforming baseline is $832,750 for most one-unit loans, while FHA limits are county based and can range from the national floor to the high-cost ceiling. Minnesota Housing program purchase caps are separate from federal loan limits and can matter first for eligible borrowers.
Minnesota Mortgage Rates by ZIP Code
Explore mortgage rates for specific ZIP codes in Minnesota. Rates can vary by neighborhood based on local property values and lending conditions.
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