Current mortgage rates · week of July 23, 2026
| Week | 30-yr / 15-yr fixed |
| July 23, 2026 | 6.58% / 5.96% |
| July 16, 2026 | 6.55% / 5.93% |
| July 9, 2026 | 6.49% / 5.82% |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
Minnesota Mortgage Overview
Minnesota is a beautiful and cultural state. With over 10,000 lakes in the state, there's plenty of outdoor recreation and beauty to go around. Minnesota has decent summers and very cold winters, but 5.6 million people love it, as that's the population in Minnesota.
If you're thinking of buying a home in Minnesota here are your loan options:
Minnesota FHA loans
Do you not have great credit? The Minnesota FHA loan is a great option for first-time and subsequent homebuyers. With just a 580 credit score and a 3.5 percent down payment, you can stop renting. FHA loans have flexible underwriting guidelines but require mortgage insurance for the life of the loan.
Minnesota VA loans
Veterans of the military have the distinct advantage of 100 percent financing from a VA loan. The flexible underwriting guidelines including a 620 credit score and 50 percent debt ratio make it easy for veterans to secure financing. VA loans don't have mortgage insurance, but they do have an upfront funding fee.
Minnesota USDA loans
If you don't mind living in the rural areas of Minnesota and you have at least a 640 credit score, the USDA loan may be a good option. Your household income must be less than 115 percent of the area's income, but you'll get 100 percent financing if you're eligible. USDA loans require mortgage insurance for the life of the loan.
Minnesota conventional loans
If you have great credit and a low debt ratio, a conventional loan may be a great option. It's the traditional loan most people think about when talking about a mortgage. First-time homebuyers need just 3 percent down and subsequent buyers need 5 percent. You'll pay PMI if you put less than 20 percent down, but you can cancel it once you owe less than 80 percent of the home's value.
First-Time Homebuyer Programs in Minnesota
Start-up for First-Time Homebuyers
If you've never owned a home or haven't owned one in the last 3 years the Start-Up Program may be a great option. You can get up to $17,000 down payment and closing cost assistance. The program needs just 3 percent down and there are options without mortgage insurance.
Down payment assistance
If you use the Start-Up Program, you may also be eligible for down payment assistance. The loan may be up to $17,000 and the rate will be the same as the rate on your first mortgage with a 10-year term.
Down payment Deferred Payment Loan
If you can't make monthly payments on the down payment assistance, you may apply for a deferred payment loan if your income qualifies. You won't owe any payments on the second loan until you sell the home or refinance.
Minnesota mortgage FAQ
- Which mortgage programs are available to Minnesota buyers?
- Options include FHA loans with a 580 credit score and 3.5 percent down, VA loans giving veterans 100 percent financing with a 620 score and up to a 50 percent debt ratio, USDA loans with zero down for rural households earning under 115 percent of area income, and conventional loans needing 3 percent down for first-time homebuyers or 5 percent for repeat buyers.
- How does Minnesota help first-time homebuyers?
- Minnesota's Start-Up Program serves buyers who haven't owned a home in the last three years, requiring just 3 percent down with options that skip mortgage insurance. Start-Up borrowers can add down payment and closing cost assistance as a 10-year loan at the same rate as the first mortgage, or a Deferred Payment Loan with nothing owed until they sell or refinance.
- What's the minimum down payment for a house in Minnesota?
- First-time homebuyers can put down as little as 3 percent on a conventional loan, and FHA borrowers need 3.5 percent with a 580 credit score. Eligible veterans and rural buyers can skip the down payment entirely through VA and USDA loans, while the Start-Up Program requires only 3 percent down with down payment assistance available on top.