Edited by Samuel MountjoyMinnesota Mortgage and Refinance Rates: What Will You Pay?
Edited by Samuel Mountjoy
Quick Answer
The average 30-year fixed mortgage rate in Minnesota is 6.91%, which puts the monthly payment at about $1,827 for a $347,000 home with 20% down.
The average 30-year fixed mortgage rate in Minnesota is 6.91% as of July 2026, according to data from Curinos LLC. That's 2 basis points higher than the national average mortgage rate. This means the monthly mortgage payment for a $347,000 Minnesota home (close to the average home price in Minnesota) purchased with a 20% down payment would be $1,827.
"While the Federal Reserve's recent rate cuts signal a more accommodative stance, it's important to remember that mortgage rates don't always follow suit," says Susan Allen, chief product officer for Experian Housing. "Over the next six to 12 months, we may see modest declines in mortgage rates, but they'll continue to respond to broader economic factors like inflation and bond market trends."
| Mortgage | Rate | Annual Percentage Rate (APR) | Monthly Payment |
|---|---|---|---|
| 30-year fixed, conventional | 6.91% | 7.15% | $1,827 |
| 15-year fixed, conventional | 6.09% | 6.48% | $2,354 |
| 5-year, 6-month adjustable-rate mortgage (ARM) | 6.38% | 6.62% | $1,732 |
Source: Curinos LLC, July 2026; assumes a 720 FICO ® ScoreΘ
Note: Monthly payment based on APR, typical home value for the state and 20% down; ARM payments can change after five years
Minnesota Mortgage Rate Trends
The average 30-year fixed mortgage interest rate in Minnesota is 6.91% as of July 2026. That's 3 basis points lower than last month, when the rate averaged 6.94%.
As of July 2026, the average 15-year fixed mortgage rate in Minnesota is 6.09%. That's 1 basis point higher than last month's average rate of 6.08%. The current average five-year ARM rate in MN is 6.38%, 10 basis points lower than last month’s average rate, which was 6.48%.
Minnesota Mortgage Rate Trends
Minnesota Refinance Rates
The current average refinance rate for a 30-year fixed mortgage in Minnesota is 7.07%. That's 3 basis points higher than the national average refinance rate of 7.04%.
| Mortgage | Rate | Annual Percentage Rate (APR) | Monthly Payment |
|---|---|---|---|
| 30-year fixed, conventional | 7.07% | 7.32% | $1,858 |
| 15-year fixed, conventional | 6.17% | 6.56% | $2,366 |
Source: Curinos LLC, July 2026; assumes a 720 FICO® Score
Note: Monthly payment based on APR, typical home value for the state and 20% down
Minnesota Housing Market Trends
The average price of homes, the inventory of available properties and the income required to buy a house in your desired area can all impact your decision to buy a home.
The estimated monthly mortgage payment for the typical Minnesota home, which is valued at $347,000, would be $1,827 if you put 20% down.
Compare mortgage rates
Check today’s rates to find the best loan offers. Staying updated on current rates helps you secure a competitive mortgage and save more over time.
How Are Minnesota Home Prices Changing?
Although home prices are just one element in the total cost of homeownership, changes in prices impact home affordability and buyers' purchasing power. The chart below shows trends in the typical Minnesota home value over time.
Minnesota Home Values, 2014 to 2026
How Many Homes Are for Sale in Minnesota?
The inventory of available homes in your area impacts both your ability to buy and the buying strategies that are likely to work best. The chart below shows changes in the number of homes for sale in key Minnesota metro areas.
Minnesota Homes for Sale Inventory, 2020 to 2026
What Income Do You Need to Buy a Home in Minnesota?
How much house you can afford depends on a variety of factors, including interest rates, your credit score and your income. According to Reventure App data, $101,135 is the annual income a homebuyer in Minnesota would need to spend less than 30% of their monthly income on a typical mortgage payment.
The chart below shows the annual household income needed to buy a home in Minnesota's five largest metro areas: Minneapolis, Duluth, Rochester, St. Cloud and Mankato.
Income Required to Buy a Home in Minnesota
You can use the Experian mortgage calculator below to see how different interest rates and other expenses may impact your monthly payment.
At a minimum, you'll need to know your approximate home price, down payment, repayment term and an estimated interest rate (not the APR) based on your creditworthiness and the rates above.
Mortgage calculator
To get a more precise estimate of your monthly costs, you can also include the following expenses in our calculator's advanced options:
- Property taxes: You may be able to estimate your annual property taxes based on your offer amount and the local tax rates.
- Home insurance premiums: Estimate your homeowners insurance premium and input the annual amount.
- Mortgage insurance: You may need to pay mortgage insurance if you have a government-backed mortgage or you put less than 20% down on a conventional mortgage.
- Homeowners association (HOA) dues: Budget for HOA fees if you plan to purchase a home or condo that's in an HOA.
Minnesota Homebuyer Programs
Homebuyer assistance programs are designed to help overcome barriers to homeownership. The programs vary from state to state, but often include things like low-cost mortgages, down payment assistance and help with closing costs.
States may offer programs for repeat and first-time homebuyers, income-based programs and programs for special groups such as veterans or active service members, health care workers, first responders, educators, recent college graduates and first-generation Americans. Learn more about homebuyer programs in Minnesota.
Frequently Asked Questions
Build and Maintain Your Credit for the Best Rates
"Rate volatility is part of today's housing landscape, but it doesn't have to be intimidating," says Allen. "The best way to prepare is to know your budget, get pre-approved, and check rates and listings regularly. Mortgage rates can vary significantly between lenders—even for the exact same loan—so it pays to compare offers."
A good credit score can help you qualify for the best mortgage interest rates and offers, whether you're buying a home or refinancing. You can check your FICO® Score for free from Experian. Mortgage lenders use a different version of the FICO® Score than the version you'll receive, but you can also review your credit reports and get insights into actions that could increase all your credit scores.
Mortgage and Refinance Rates by State
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- West Virginia
- Wisconsin
- Wyoming
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About the author
Karen Axelton
Karen Axelton is Experian’s in-house senior personal finance writer. She has over 20 years of experience as a journalist and has written or ghostwritten content for a variety of financial services companies.
Read more from Karen