Current Minnesota Mortgage and Refinance Rates
As of Thursday, February 2, 2023, current rates in Minnesota are 6.32% for a 30-year fixed and 5.61% for a 15-year fixed.
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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.
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Loans Above $726,200 May Have Different Loan Terms: If you are seeking a loan for more than $726,200, 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.
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Current mortgage rates in Minnesota
Refinance rates in Minnesota
How to find the best mortgage rate in Minnesota for you
Mortgage options in Minnesota
If you want to make Minnesota your home, 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.
- Credit score of at least 620
- Debt-to-income (DTI) ratio of no more than 43 percent
- Down payment of at least 3 percent of the loan amount
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 580 (or 500 with bigger down payment)
- 3.5 percent down payment with a credit score of at least 580
- 10 percent down payment if credit score is between 500-579
- DTI ratio of no more than 50 percent
Minnesota VA loans: Guaranteed 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 mortgage insurance 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, 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 ($372,600 in the 11-County Twin Cities Metro and $349,500 in all other counties as of 2022).
Minnesota down payment assistance
- Minnesota Housing Monthly Payment Loan: If you qualify for Start Up or another Minnesota Housing loan, you might be eligible for up to $17,000 towards your down payment or closing costs.
- Minnesota Housing Deferred Payment Loans: Deferred Payment and Deferred Payment Plus loans are also available to first-time homebuyers in Minnesota. The Deferred Payment loan offers up to $12,500 for a down payment or closing costs, while the Deferred Payment Plus option can offer as much as $15,000.