Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Mortgage rates in Minnesota

Minnesota mortgage rates don’t vary too much across loan types, and closely follow the national average.

Mortgage rates in the North Star State average 4.672% for 30-year loans and 4.205% for 15-year options. And they are expected to stay at the 4% level in the coming year.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
(NMLS #1121636)
Conventional, Home equity, Refinance
Not available in: AK, HI, MO, NH, NM, NY, SD, WV
No hidden fees, multiple loan terms, and member discounts available.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
(NMLS #524995)
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
(NMLS #1136)
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
Connect with vetted home loan lenders quickly through this online marketplace.

Compare up to 4 providers

How much do Minnesota rates vary by loan type?

Average mortgage rates in Minnesota range from 4.099% to 4.746 % in 2018. Lenders use several factors, like the length of your term to calculate your rate. For instance, 15-year loans typically have a lower interest rate than the 30-year option.

2018 average rates in Minnesota by loan type

Loan type15-year average rate30-year average rate
USDANot available4.626%

Based on data from

Let’s say your mortgage is $175,000. With a 30-year term, your monthly payment might be around $910, excluding taxes and other fees specific to your mortgage. But, with a 15-year option, your monthly payment increases by about $400 to $1,320.

Though 15-year home loans have higher monthly payments, shorter terms could translate to a savings of $89,640 in interest payments over the life of the loan.

Average mortgage rates in Minnesota are predicted to stay at or below the 4% mark in 2020.
US housing authorities anticipate nationwide mortgage rates to range from 3.55% to 3.90% in 2020. Minnesota rates have historically followed the national average and should stay below 4% in the upcoming year.

Compare mortgage rates throughout Minnesota

The North Star State has multiple metropolitan areas within its borders, but mortgage rates don’t change too much. So you can see home prices and monthly loan payments slightly fluctuate between $800 and $1,000.

We scoured data from the Home Mortgage Disclosure Act and determined what you might pay on the average 30-year fixed-rate mortgage in particular metropolitan areas throughout Minnesota. These estimated costs do not include any taxes or fees unique to your mortgage.

Metropolitan statistical area (MSA)Average mortgage rateMedian loan amountEstimated monthly cost
Duluth MSA (Carlton, Lake and St. Louis Counties, MN)4.763%$155,000$810
Fargo MSA (Clay County, MN)4.553%$175,000$890
Grand Forks MSA (Polk County, MN)4.698%$165,000$860
La Crosse MSA (Houston County, MN)4.749%$155,000$810
Minneapolis MSA (Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Washington and Wright Counties, MN)4.716%$235,000$1,220
St. Cloud4.731%$165,000$860

Based on data from

How to get the best mortgage rate in Minnesota

Follow these suggestions to help yourself get a better rate on your mortgage.

  1. Compare loan products. Many lenders have multiple loan products with different interest rates. See what loans and rates you qualify for.
  2. Become a credit rockstar. Paying down debts can boost your credit score and strengthen your overall credit profile. Lenders give better rates to borrowers with stronger credit.
  3. Factor in closing costs. Some lenders advertise a lower rate on the mortgage but tack on high closing costs. Average closing costs in Minnesota are approximately 0.91% to 1.21% of the final purchase price. Knowing about the fees beforehand can give you a more accurate picture of the total cost of your loan.

Historical mortgage interest rates in Minnesota

Bottom line

Historically, Minnesota follows the national average for mortgage rates and should stay around 4% in 2020. But ultimately, lenders charge their own rates. Shop around and compare home loans and lenders to find the right mortgage for you.

Frequently asked questions

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site