Mortgage Rates in Minnesota: Today's Averages & 2026 Outlook
Minnesota 30-year fixed rates are running around 6.86% — roughly 1 bps above the national average of 6.85%. Here's how MN rates stack up, what drives the spread, and the programs that can price you lower.
Today's Minnesota rates by loan type
Estimates for Minnesota based on the current national 30-year average of 6.85% plus the state's typical spread (+1 bps). Live national rate sourced daily from Freddie Mac PMMS via our rate feed. Your actual quote will depend on your credit, down payment, and lender.
What drives Minnesota mortgage rates
National rates set the floor — Freddie Mac's weekly PMMS average is the benchmark almost every Minnesota lender starts from. But MN typically prices about 1 basis points above that national average because of three local dynamics: the mix of loan types written in the state, lender density and competition, and how expensive the state is to close in.
Loan mix. Conventional dominant; VA share solid in Twin Cities metro. The mix matters because FHA, VA, and USDA loans price differently than conventional — states with heavier government-loan share tend to show tighter buyer rates but higher fees.
Median loan size. The typical Minnesota loan is around $300,000 on a $335,000 home. That size sits well inside conforming loan limits, so most MN buyers get standard agency pricing.
Refi activity. Refi activity moderate — recent buyers with 7%+ rates are the primary pool.
What a typical Minnesota payment looks like
| Line item | Estimate |
|---|---|
| Median home price | $335,000 |
| Median loan amount (typical LTV) | $300,000 |
| 30-yr rate (state avg) | 6.86% |
| Monthly principal & interest | $1,968 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$2,558 |
Directional math for Minnesota in 2026. Add property taxes, homeowners insurance, PMI (if putting less than 20% down), and any HOA dues for a full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
What's unique about financing in Minnesota
What most MN borrowers use
Conventional dominant; VA share solid in Twin Cities metro.
Below-market MN rate options
Minnesota Housing Start Up program pairs a competitive rate with DPA up to $18K.
Is a refi worth it in MN?
Refi activity moderate — recent buyers with 7%+ rates are the primary pool.
Rate + grants + closing costs
A below-market rate is only one lever. Stack it with MN down-payment assistance and seller-paid closing costs. See MN grants → · MN closing costs →
Get matched with a Minnesota lender — free
We'll match you with vetted MN lenders competing for your loan. Compare real Loan Estimates side-by-side — the same Minnesota buyer can save $2,000–$5,000+ over the life of the loan by shopping three quotes.
Minnesota mortgage rates: FAQ
What is today's mortgage rate in Minnesota?▾
The average 30-year fixed mortgage rate in Minnesota is around 6.86% — roughly 1 bps above the current national average of 6.85%. 15-year fixed loans run about 6.11%, FHA around 6.61%, and VA around 6.51%. Your actual rate depends on credit score, down payment, loan type, and lender competition — always compare Loan Estimates from at least three lenders.
How do Minnesota mortgage rates compare to the national average?▾
Minnesota rates typically sit slightly above (about 1 bps higher than) the US 30-year average. The spread reflects local lender competition, loan mix (conventional dominant; va share solid in twin cities metro.), and state-level closing-cost dynamics.
What monthly payment can I expect on a Minnesota home?▾
On the median Minnesota loan of $300,000 at 6.86% for 30 years, principal and interest run about $1,968/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues. Add roughly 25–35% to that P&I number to estimate a full PITI payment.
Are there special first-time homebuyer rate programs in Minnesota?▾
Yes. Minnesota Housing Start Up program pairs a competitive rate with DPA up to $18K. These state-agency programs typically pair a below-market rate with down payment assistance — worth comparing against a standard conventional loan before locking.
Should I refinance my Minnesota mortgage right now?▾
Refi activity moderate — recent buyers with 7%+ rates are the primary pool. The break-even math: divide your total refi closing costs by your monthly payment savings — if you'll stay in the home longer than the payback period, refinancing pays off. Our free Refi Optimizer runs the numbers for you.