Today’s Refinance Rates in Minnesota

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Edited byMorgan Hull

Updated: January 18, 2024

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Current Refinance Rates in Minnesota

The table below shows the most up-to-date refinance rates in Minnesota so that you can easily decide which loan option is the best for you.


Mortgage Refinance Rates From Top Lenders


What Is a Good Refinance Rate in Minnesota?

Minnesota's current average interest rate for a 15-year FRM is 4.33%, which is slightly lower than the national average rate of 4.45%. The same holds true for a 30-year FRM; the state’s current average rate of 5.05% is less than the national average rate of 5.30%. However, the state's average rate of 4.35% for a 5/1 ARM is more than the national average rate of 4.19%.

Although a "good" rate is subjective — rates vary based on an individual's credit score, previous debt and loan details — you can make sure you’re getting the best rate for you by comparing multiple lenders’ rates.

While shopping around for different lenders, it’s important to keep in mind that the mortgage rate you receive today may vary from the one you get tomorrow. This is because mortgage rates regularly fluctuate with the market.

Estimate Your New Monthly Mortgage Payment

MoneyGeek's mortgage calculator below can help you calculate your new monthly mortgage payment. Simply input your mortgage information and MoneyGeek's current refinance rates for Minnesota. This estimate may differ from your actual monthly payment amount due to fluctuating interest rates and other factors like your credit history or loan amount.


Frequently Asked Questions About Refinance Rates in Minnesota

Refinancing a mortgage needs much deliberation and analysis. Those seeking a mortgage refinance in Minnesota may find the answers to the frequently asked questions below useful.

A “good” rate varies by homeowner profile. Comparing rates from different lenders will help you find the best rate for your unique situation.

If the refinance rate is higher than your existing mortgage rate and your mortgage payment isn’t reduced, it is a bad rate.

You should look for rates that are comparable to or lower than Minnesota’s current average rate for a 30-year FRM of 5.05%.

A good rate will be less than or equal to Minnesota's current average interest rate on a 15-year FRM of 4.33%.

The average rate for a 5/1 adjustable-rate mortgage in Minnesota is 4.35%. Rates similar to or lower than this may be favorable.