Question 1

What are current mortgage rates in Minnesota?

Accepted Answer

As of March 2026, mortgage rates in Minnesota are in line with national averages. The 30-year fixed rate ranges from 6.5% to 7.2%, the 15-year fixed from 5.9% to 6.5%, and the 5/1 ARM from 5.8% to 6.4% for borrowers with good credit (700+). The best rates (starting at 6.5% for 30-year fixed) are available to borrowers with 750+ credit scores and 20%+ down payments.

Question 2

What is the Minnesota housing market like?

Accepted Answer

Minnesota's Twin Cities metro (Minneapolis-St. Paul) is the dominant housing market, with competitive suburbs and a strong job market in healthcare, finance, and tech. Median prices are above the national average but below coastal metros. Seasonal weather affects buyer timing, with spring traditionally the most competitive season. Greater Minnesota offers exceptional affordability for buyers willing to relocate.

Question 3

How do I get the best mortgage rate in Minnesota?

Accepted Answer

To get the best mortgage rate in Minnesota, compare quotes from at least 3–5 lenders including local banks, credit unions, and online lenders. A credit score of 750 or higher, a down payment of 20% or more, and a low debt-to-income ratio will qualify you for the lowest rates. Use our Loan Finder tool to identify which loan type best fits your situation.

Mortgage Rates in Minnesota Today

Current Rate Ranges in Minnesota

Minnesota Housing Market Overview