Compare today's rates for Mortgage Refinance in MN
Mortgage rates for Minneapolis, Minnesota on Lender411 for 30-year fixed-rate mortgages are at 2.71%. That dropped from 3.00% to 2.71%. The 15-year fixed rates are now at 2.56%. The 5/1 ARM mortgage for Minneapolis, Minnesota is now at 4.56%.
If you’re searching for Minneapolis mortgage rates or Minneapolis refinance rates to price out a home loan, you’ll find any data and information you need here. Further resources are available through our network of Minneapolis lenders.
Minneapolis is the largest city in the state of Minnesota. It’s a major center for finance and technology and has won numerous accolades, including being ranked as one of the nation’s healthiest cities and one of the best cities in which to start a business.
The Federal Housing Administration (FHA) insures loans that have long been favorites of first time buyers and those with smaller cash reserves thanks to its low down payment requirement and relaxed credit standards. If you qualify, you'll be subject to the following requirements:
Annual mortgage insurance premiums of varying percentage are also required, and paid monthly. New FHA borrowers, however, will receive annual MIP rates of half a percent lower than the original rate, typically 1.35%.
If you’re buying a home in Minneapolis for the first time, there are several different programs for you to use to help out with the financial cost. These programs include CityLiving, Home Stretch, and the mortgage tax credit certificate. To learn more about these options and your eligibility, visit Lender411's page for Minneapolis first mortgage.
The Minnesota Housing Finance Agency has first time home buyer solutions including grants just for state residents:
Monthly and deferred payment loans are available through the Start Up program, which requires a 640 credit score or above. Income caps apply. Find more information and assess your eligibility by visiting the Start Up program page.
First time home buyers can also take advantage of the Minnesota Mortgage Credit Certificate program, which enables participants to receive tax credits by claiming 35% of the annual mortgage interest paid as federal income tax. Income limits apply. Visit the MCC tax credit program page for more information.
Featured Lenders
RBS Citizens
Clifton Park, NY
Whitman Met, Inc.
Sacramento, CA
Vision One Mortgage
Huntington Beach, CA