Minneapolis, MN Mortgage Rates Today

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Loan Type	Rate	APR	Points	Est. Monthly Payment
FHA 30-Year Fixed	6.875%	7.698%	1.901	$3,087
VA 30-Year Fixed	6.750%	7.144%	1.876	$3,046
Conventional 15-Year Fixed	6.625%	7.094%	2.099	$3,820
Conventional 30-Year Fixed	7.125%	7.412%	1.999	$3,105
Jumbo 30-Year Fixed	7.250%	7.461%	1.925	$8,050

Loan Type	Rate	APR	Points	Est. Monthly Payment
FHA 30-Year Refinance	7.000%	7.852%	2.336	$3,117
VA 30-Year Refinance	7.000%	7.270%	2.148	$3,088
Conventional 15-Year Refinance	6.875%	7.342%	2.260	$3,869
Conventional 30-Year Refinance	7.375%	7.655%	2.110	$3,165
Jumbo 30-Year Refinance	7.250%	7.502%	2.250	$8,050

Loan Type	Rate	APR	Points	Est. Monthly Payment

FHA 30-Year Fixed: Interest rate offered based on $356,125 loan amount with 7.698% APR and $3,087 monthly payment at 70% loan-to-value (LTV) and 1.901 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

VA 30-Year Fixed: Interest rate offered based on $354,375 loan amount with 7.144% APR and $3,046 monthly payment at 70% loan-to-value (LTV) and 1.876 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

Conventional 15-Year Fixed: Interest rate offered based on $350,000 loan amount with 7.094% APR and $3,820 monthly payment at 70% loan-to-value (LTV) and 2.099 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

Conventional 30-Year Fixed: Interest rate offered based on $350,000 loan amount with 7.412% APR and $3,105 monthly payment at 70% loan-to-value (LTV) and 1.999 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

Jumbo 30-Year Fixed: Interest rate offered based on $950,001 loan amount with 7.461% APR and $8,050 monthly payment at 70% loan-to-value (LTV) and 1.925 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 1, 2026.

Estimated property taxes are based on a 1.15% effective rate for Hennepin County, Minnesota, applied to the property value for each scenario shown. Rate is median real estate tax paid by households with a mortgage divided by median home value, per the American Community Survey 2020–2024. Taxes shown are an estimate only and vary by property.

Estimated homeowners insurance is based on an average annual premium of $3,224 for Minneapolis, MN, divided by twelve. That average covers existing homes of all values in the area, not the property value shown. Insurance shown is an estimate only and varies by property, coverage and carrier.

FHA 30-Year Refinance: Interest rate offered based on $356,125 loan amount with 7.852% APR and $3,117 monthly payment at 70% loan-to-value (LTV) and 2.336 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

VA 30-Year Refinance: Interest rate offered based on $351,750 loan amount with 7.270% APR and $3,088 monthly payment at 70% loan-to-value (LTV) and 2.148 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

Conventional 15-Year Refinance: Interest rate offered based on $350,000 loan amount with 7.342% APR and $3,869 monthly payment at 70% loan-to-value (LTV) and 2.260 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

Conventional 30-Year Refinance: Interest rate offered based on $350,000 loan amount with 7.655% APR and $3,165 monthly payment at 70% loan-to-value (LTV) and 2.110 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 13, 2026.

Jumbo 30-Year Refinance: Interest rate offered based on $950,001 loan amount with 7.502% APR and $8,050 monthly payment at 70% loan-to-value (LTV) and 2.250 discount points. Payment is Principal, Interest, estimated property taxes and estimated homeowners insurance example only. Rate shown is current as of October 1, 2026.

Estimated monthly payment includes principal, interest, estimated Minneapolis, MN property taxes, and estimated homeowners insurance.

Minneapolis housing market at a glance

September 2026 data

In Minneapolis, homes are selling in about 46 days (10 slower than a year ago), sales are up 18.7% from last year, and about 25% of listings have had a price cut.

Median sale price

$315,000

$220 per sq. ft.

Homes sold

1,590

▲ 18.7% vs. 1,340 last year

Days on market

vs. 36 days last year

Homes for sale

1,680

128 new listings

Listings with a price cut

25%

422 of 1,680 listings

Source: Movoto Minneapolis, MN market trends, September 2026. Last updated October 5, 2026.

What it costs to buy a home in Minneapolis

Monthly payments on Minneapolis's median home price of $315,000 (September 2026), at today's rates.

20% down · Conventional

$2,268/mo

Down payment: $63,000
Loan amount: $252,000
Rate: 7.125%
Principal & interest: $1,698
Est. property tax: $302
Est. homeowners insurance: $269

5% down · Conventional

$2,587/mo

Down payment: $15,750
Loan amount: $299,250
Rate: 7.125%
Principal & interest: $2,016
Est. property tax: $302
Est. homeowners insurance: $269

3.5% down · FHA

$2,602/mo

Down payment: $11,025
Loan amount: $309,295
Rate: 6.875%
Principal & interest: $2,032
Est. property tax: $302
Est. homeowners insurance: $269

Payments include principal, interest, estimated Minneapolis property taxes, and estimated homeowners insurance. They do not include mortgage insurance (PMI or FHA monthly MIP), which applies with less than 20% down, or HOA dues. The FHA loan amount includes the 1.75% upfront mortgage insurance premium. These are examples based on the median price, not the sample loan used in the rate table above.

How much income do you need to buy a home in Minneapolis?

A common lender guideline is to keep your total housing payment (principal, interest, estimated Minneapolis property taxes, and estimated homeowners insurance) at or below 28% of your gross monthly income. Gross income is what you earn before taxes and other deductions come out of your paycheck. Based on that guideline, here's the yearly household income needed for Minneapolis's $315,000 median home:

20% down · Conventional$2,268/mo payment $97,217/yrabout $8,101/mo before taxes

5% down · Conventional$2,587/mo payment $110,859/yrabout $9,238/mo before taxes

3.5% down · FHA$2,602/mo payment $111,534/yrabout $9,295/mo before taxes

Why this matters: Keeping housing costs near 28% of your income leaves room for other bills, savings and the upkeep that comes with owning a home. It's a planning guideline, not a hard limit.

What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.

Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.

How rates change your payment

Principal and interest on a $252,000 loan (the Minneapolis median price with 20% down). Every 0.25% is worth about $42/mo.

Rate	6.13%	6.38%	6.63%	6.88%	7.13% today	7.38%
Monthly P&I	$1,531	$1,572	$1,614	$1,655	$1,698	$1,741

Ways to make a Minneapolis home more affordable

Negotiate on price. About 25% of Minneapolis listings have had a price cut, so many sellers are open to offers.
Ask for seller concessions. Homes take 46 days to sell, 10 more than last year. Sellers may cover closing costs or pay for a rate buydown.
Consider buying down your rate. On this example loan, a rate 0.5% lower saves about $84 a month.
Compare loan types. FHA rates are at 6.875% vs. 7.125% for conventional, with as little as 3.5% down. Compare by APR, including mortgage insurance.

Minneapolis mortgage and home buying FAQs

What are mortgage rates in Minneapolis today?

As of October 13, 2026, Lower’s 30-year fixed conventional rate in Minneapolis is 7.125% (7.412% APR), and the 30-year FHA rate is 6.875% (7.698% APR). Your rate depends on your credit, down payment, loan type and any points you pay. See the rate table above for points and full details.

What is the monthly payment on a median-priced home in Minneapolis?

On Minneapolis’s $315,000 median home price (September 2026), a 30-year conventional loan with 20% down at 7.125% comes to about $2,268 a month, including principal, interest, estimated Minneapolis property taxes, and estimated homeowners insurance. With an FHA loan and 3.5% down, it’s about $2,602 a month before monthly mortgage insurance.

How much income do I need to buy a house in Minneapolis?

To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $97,217 a year to buy Minneapolis’s $315,000 median home with 20% down, or about $111,534 with an FHA loan and 3.5% down. Lenders also consider your other debts, so the income you need may be higher or lower.

How much do I need for a down payment in Minneapolis?

On the $315,000 median home, 20% down is $63,000, 5% down is $15,750, and the FHA minimum of 3.5% is $11,025. Putting less than 20% down usually means paying mortgage insurance. You’ll also need money for closing costs.

Is it a buyer’s or seller’s market in Minneapolis right now?

In September 2026, Minneapolis homes sold in about 46 days, 10 days slower than a year earlier. 1590 homes sold, up from 1340 the year before, and about 25% of the 1680 homes for sale have had a price cut. Slower sales and frequent price cuts generally give buyers more room to negotiate than a year ago.

How much does a quarter-point rate change affect payments in Minneapolis?

On a $252,000 loan (the median Minneapolis home with 20% down), each 0.25% change in rate moves the principal and interest payment by about $42 a month, or about $508 a year.

How much are property taxes in Minneapolis?

Lower estimates Minneapolis property taxes at about 1.15% of a home’s value per year. On the $315,000 median home, that’s roughly $3,622 a year, or $302 a month. Your actual bill depends on your assessed value and any exemptions.

Market data: Movoto, September 2026. Homeowners insurance estimates are based on average annual premiums in Minneapolis from The Zebra; your quote will vary. Rates as of October 13, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

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September 9, 2026

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Minneapolis, MN Mortgage Rates Today

Current Mortgage Rates in Minneapolis

Minneapolis housing market at a glance

What it costs to buy a home in Minneapolis

How much income do you need to buy a home in Minneapolis?

How rates change your payment

Ways to make a Minneapolis home more affordable

Minneapolis mortgage and home buying FAQs

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