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Today's Refinance Rates5.0%5.3% APR Fixed Mortgage

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Minnesota Mortgage Rates

If embracing nature, affordable small-town living, and a thriving artist community are things you value in a community, then buying a home in Minnesota could be a perfect option for you.
Those homes might even come in at a great price once you factor in the mortgage rates in Minnesota. Let’s take a closer look at what it means to buy a home in the Land of 1,000 Lakes.

Common Minnesota Loan Types:

  • Minnesota conventional mortgages: Minnesota mortgage requirements and rates vary based on the area you live in, or want to live in, and your financial situation. Compare mortgage rates on FreeRateUpdate.com to find the option that's right for you.
  • Minnesota FHA loans: Home loans backed by the FHA are offered throughout the U.S. The FHA doesn't offer loans directly, you can find one through an FHA-approved lender in Minnesota on FreeRateUpdate.com today. FHA loans are typically offered to first-time homebuyers. FHA loans are designed for low- to moderate-income borrowers with lower credit scores.
  • Minnesota VA loans: VA loans are backed by the Department of Veterans Affairs; VA loans are offered to eligible active duty service members and veterans. The VA doesn't offer loans directly, but you can find one through a VA-approved lender in Minnesota through FreeRateUpdate.com. VA loans require no down payment and typically have lower interest rates than conventional mortgages.

Minnesota Mortgage Rates Compared to National Averages

Minnesota mortgage rates typically run right around the national averages, although they can rise slightly above those averages from time to time. This tends to hold true for 30-year fixed-rate mortgages, as well as 15-year fixed-rate mortgages and 5/1 adjustable-rate mortgages.
Current homeowners in the Gopher State will find that Minnesota refinance rates also fall right in line with the national averages.