Mortgage Rates in Minnesota

As of Monday, April 19, 2021, current rates in Minnesota are 3.12% for a 30-year fixed, 2.43% for a 15-year fixed, and 3.00% for a 5/1 adjustable-rate mortgage (ARM).

We’ll help you find Minnesota mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Customers: Advertisers may have different loan terms on their own website from those advertised through To receive the rate, you must identify yourself to the Advertiser as a customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Compare today's average mortgage rates in the state of Minnesota. Bankrate aggregates mortgage rates from multiple sources to provide averages for Minnesota.

Minnesota Mortgage Interest Rates Monday, April 19
Loan Term Interest Rate Change 1 Day Rate Last Week
30-year fixed mortgage rate 3.12% trend-up-red 0.10% 3.22%
15-year fixed mortgage rate 2.43% trend-up-red 0.05% 2.48%
5/1 ARM mortgage rate 3.00% trend-up-red 0.06% 3.06%
30-year fixed jumbo mortgage rate 3.11% trend-up-red 0.11% 3.22%
30-year fixed refinance rate 3.19% trend-up-red 0.12% 3.31%

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to help consumers in their mortgage process. To learn more about the different rate averages Bankrate publishes above, see Understanding Bankrate's Rate Averages.

Minnesota mortgage overview

By Zach Wichter

If you want to take out a mortgage to buy a home in Minnesota, you have several options to choose from. Before you do, make sure you find the type of mortgage that works best for you.

Minnesota conventional mortgages: To qualify for a conventional mortgage, you generally must meet the following requirements.

Minnesota FHA loans: If you don’t meet conventional loan requirements, you may qualify for an FHA loan. These are backed by the Federal Housing Administration, and the requirements include:

  • Credit score of at least 500
  • 10 percent down payment if credit score is between 500-579
  • 3.5 percent down payment if credit score is 580 or higher
  • DTI between 31 percent and 41 percent

Minnesota VA loans: Insured by the Department of Veterans Affairs, VA loans are offered to qualifying veterans and active duty members of the armed forces. VA loans don’t require a down payment or PMI, and can be obtained through a VA-approved lender.

First-time homebuyer programs in Minnesota

Minnesota offers first-time homebuyer programs that can help those who haven’t owned a home in the past three years find low-interest mortgages. State programs also offer smaller loans to help pay fees and closing costs.

Minnesota Housing Start Up

If you’re a first-time homebuyer or haven’t owned a home in the past three years, you may be eligible for the Minnesota Housing Start Up program, which includes fixed-interest mortgages with as little as 3 percent down required, along with closing cost and down payment assistance loans up to $17,000.

To help lower your monthly mortgage payment, the Start Up program also includes low- or no-mortgage insurance options.

To qualify:

  • You must meet Minnesota Housing income limits and purchase price limits ($340,000 in the Twin Cities metro and $294,600 in the remainder of the state, as of June 2020); and
  • You must meet minimum credit score requirements

Minnesota mortgage refinancing

For homeowners looking to refinance, Minnesota Housing offers the Step Up program, which includes affordable fixed-rate mortgages. To apply for a refinance through Step Up, contact a participating lender for specific requirements.