Minnesota Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Minnesota averaged
6.82%
for the week of 2023-09-21, compared to the national average of
7.19% for the same period.
The average rate for the prior week (2023-09-14) was
6.81% and
one month ago for the week of 2023-08-17, the
average rate was 6.62%.
Minnesota's average rate one year ago was 5.95%.
For refis of the same type during the week of 2023-09-21, the average rate
was 6.31%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2023-09-21 | 7.19% |
| Minnesota 30 Year Fixed Rate | 2023-09-21 | 6.82% |
| Minnesota 30 Year Fixed Rate Refi | 2023-09-21 | 6.31% |
| Minnesota 15 Year Fixed Rate | 2023-09-21 | 6.29% |
| Minnesota 15 Year Fixed Rate Refi | 2023-09-21 | 5.78% |
| Minnesota 30 Year FHA | 2023-09-21 | 6.56% |
| Minnesota 30 Year FHA Refi | 2023-09-21 | 5.45% |
| Minnesota 30 Year USDA | 2023-09-21 | 6.41% |
| Minnesota 30 Year USDA Refi | 2023-09-21 | 7.02% |
| Minnesota 30 Year VA | 2023-09-21 | 6.57% |
| Minnesota 30 Year VA Refi | 2023-09-21 | 4.64% |
Minnesota Top Lenders by Rates & Fees
The below table looks at the consensus average rates and fees provided by each lender, for only loans originated in the Minnesota market. This includes FHA, Conventional, USDA and VA loans, as well as refis. All terms in the below chart are 30 year fixed rate. Unless noted otherwise, other data is all inclusive (FHA, ARM, 15-yr, etc.).
Minnesota Average Closing Costs & Other Stats
Minnesota's 520 lenders originated 148,977
loans during 2022. The total origination value was $40,486,015,000, with an average loan value of
$271,760.
Minnesota's average closing costs are $4,680.
The top Minnesota lender as defined by loan originations is Bell Bank, with
4,757 loans originated. Their average total fees are
$5,742, which is $428
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Minnesota lenders (with over 10 loans originated) are
Discover Bank ($0), CHERRY CREEK MORTGAGE, LLC ($634), DHI MORTGAGE COMPANY, LTD. ($1,584), PREMIA MORTGAGE, LLC ($2,163) and SIRVA MORTGAGE, INC. ($2,263).
The lowest rate Minnesota lenders (with over 10 loans originated) are
Deere Employees Credit Union (3.37%), Chicago Mortgage Solutions LLC (3.57%), Citibank (3.69%), Stifel Bank and Trust (3.75%) and City National Bank (3.80%).
Minnesota Mortgage Market Share & Volume
Loan origination value is a good proxy for a lender's prominence within the market. The general assumption is that larger lenders will have more resources, but may spend more (and therefore charge more) on marketing and overhead expenses.
| Name | 2021 Loan Value | 2022 Loan Value | % Change | 2022 Market Share |
|---|---|---|---|---|
| Bell Bank | $4,391,145,000 | $2,478,305,000 | -43.6% | 6.1% |
| U.S. Bank | $3,457,655,000 | $1,756,290,000 | -49.2% | 4.3% |
| UNITED WHOLESALE MORTGAGE, LLC | $2,716,600,000 | $1,577,200,000 | -41.9% | 3.9% |
| Wells Fargo Bank | $4,033,500,000 | $1,377,515,000 | -65.8% | 3.4% |
| QUICKEN LOANS, LLC | $3,899,370,000 | $1,240,730,000 | -68.2% | 3.1% |
| CROSSCOUNTRY MORTGAGE, LLC | $2,093,425,000 | $1,170,810,000 | -44.1% | 2.9% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $1,237,260,000 | $889,490,000 | -28.1% | 2.2% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $1,301,945,000 | $801,905,000 | -38.4% | 2.0% |
| WINGS FINANCIAL | $1,082,805,000 | $799,300,000 | -26.2% | 2.0% |
| Alerus Financial | $1,603,510,000 | $786,485,000 | -51.0% | 1.9% |
| Bremer Bank | $1,185,350,000 | $721,095,000 | -39.2% | 1.8% |
| LOANDEPOT.COM, LLC | $1,618,060,000 | $692,905,000 | -57.2% | 1.7% |
| BROKER SOLUTIONS, INC. | $1,227,040,000 | $643,725,000 | -47.5% | 1.6% |
| Prosperity Home Mortgage, LLC | $1,068,370,000 | $638,200,000 | -40.3% | 1.6% |
| Bridgewater Bank | $757,880,000 | $591,750,000 | -21.9% | 1.5% |
| Tradition Mortgage, LLC | $1,439,345,000 | $587,670,000 | -59.2% | 1.5% |
| Associated Bank | $623,535,000 | $585,665,000 | -6.1% | 1.4% |
| Merchants Bank | $666,835,000 | $488,905,000 | -26.7% | 1.2% |
| GUARANTEED RATE, INC. | $1,000,255,000 | $471,310,000 | -52.9% | 1.2% |
| JPMorgan Chase Bank | $959,920,000 | $459,705,000 | -52.1% | 1.1% |
| Royal Credit Union | $218,765,000 | $450,660,000 | 106.0% | 1.1% |
| PENNYMAC LOAN SERVICES, LLC | $1,292,650,000 | $443,250,000 | -65.7% | 1.1% |
| Old National Bank | $534,030,000 | $441,120,000 | -17.4% | 1.1% |
| AFFINITY PLUS | $967,560,000 | $428,820,000 | -55.7% | 1.1% |
| American Mortgage & Equity Consultants, Inc. | $620,485,000 | $422,120,000 | -32.0% | 1.0% |
| GUARANTEED RATE AFFINITY, LLC | $789,465,000 | $405,285,000 | -48.7% | 1.0% |
| The Huntington National Bank | $260,455,000 | $404,730,000 | 55.4% | 1.0% |
| EAGLE HOME MORTGAGE, LLC | $416,060,000 | $367,740,000 | -11.6% | 0.9% |
| Goldwater Bank, N.A. | $458,895,000 | $348,790,000 | -24.0% | 0.9% |
| EVERETT FINANCIAL, INC. | $174,965,000 | $329,150,000 | 88.1% | 0.8% |
| Flagstar Bank, FSB | $785,155,000 | $327,330,000 | -58.3% | 0.8% |
| BAY EQUITY LLC | $621,845,000 | $283,840,000 | -54.4% | 0.7% |
| Summit Mortgage Corporation | $643,480,000 | $279,360,000 | -56.6% | 0.7% |
| Mortgage Research Center, LLC | $373,315,000 | $278,635,000 | -25.4% | 0.7% |
| JONES LANG LASALLE MULTIFAMILY, LLC | $195,505,000 | $267,380,000 | 36.8% | 0.7% |
| DHI MORTGAGE COMPANY, LTD. | $232,210,000 | $260,190,000 | 12.0% | 0.6% |
| Servion, Inc. | $581,765,000 | $252,790,000 | -56.5% | 0.6% |
| Frandsen Bank & Trust | $368,750,000 | $239,105,000 | -35.2% | 0.6% |
| Mortgages Unlimited Inc. | $499,830,000 | $232,310,000 | -53.5% | 0.6% |
| CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP | $686,265,000 | $229,160,000 | -66.6% | 0.6% |
| Bank of America | $354,920,000 | $226,355,000 | -36.2% | 0.6% |
| SPIRE Credit Union | $323,180,000 | $218,495,000 | -32.4% | 0.5% |
| Mr. Cooper ( Nationstar Mortgage ) | $621,280,000 | $217,395,000 | -65.0% | 0.5% |
| FREEDOM MORTGAGE CORPORATION | $1,293,420,000 | $210,735,000 | -83.7% | 0.5% |
| CENTRAL MINNESOTA Credit Union | $281,050,000 | $207,545,000 | -26.2% | 0.5% |
| MOVEMENT MORTGAGE, LLC | $192,155,000 | $207,235,000 | 7.8% | 0.5% |
| Tradition Capital Bank | $100,015,000 | $202,180,000 | 102.1% | 0.5% |
| PULTE MORTGAGE LLC | $180,470,000 | $201,880,000 | 11.9% | 0.5% |
| Think Mutual Bank | $406,015,000 | $197,980,000 | -51.2% | 0.5% |
| CALIBER HOME LOANS, INC. | $492,475,000 | $187,420,000 | -61.9% | 0.5% |
| CMG MORTGAGE, INC. | $319,795,000 | $179,210,000 | -44.0% | 0.4% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $379,900,000 | $179,175,000 | -52.8% | 0.4% |
| BMO Harris Bank | $118,390,000 | $175,865,000 | 48.5% | 0.4% |
| AMERISAVE MORTGAGE CORPORATION | $592,010,000 | $174,405,000 | -70.5% | 0.4% |
| M/I FINANCIAL, LLC | $211,590,000 | $172,620,000 | -18.4% | 0.4% |
| Minnwest Bank | $113,705,000 | $172,420,000 | 51.6% | 0.4% |
| RESULTS MORTGAGE, LLC | $291,490,000 | $169,405,000 | -41.9% | 0.4% |
| HOME POINT FINANCIAL CORPORATION | $498,440,000 | $168,735,000 | -66.1% | 0.4% |
| Sunrise Banks | $94,280,000 | $168,155,000 | 78.4% | 0.4% |
| Gate City Bank | $262,355,000 | $163,085,000 | -37.8% | 0.4% |
| NEWREZ LLC | $552,250,000 | $157,890,000 | -71.4% | 0.4% |
| ALTRA | $214,320,000 | $153,805,000 | -28.2% | 0.4% |
| Baxter Credit Union | $386,265,000 | $150,880,000 | -60.9% | 0.4% |
| North Shore Bank of Commerce | $214,185,000 | $146,000,000 | -31.8% | 0.4% |
| First National Bank of Omaha | $55,285,000 | $145,390,000 | 163.0% | 0.4% |
| PLAZA HOME MORTGAGE, INC. | $287,400,000 | $143,625,000 | -50.0% | 0.4% |
| Cambria Financial Group, LLC | $388,815,000 | $143,555,000 | -63.1% | 0.4% |
| HIWAY | $248,190,000 | $141,580,000 | -43.0% | 0.3% |
| NORTHMARQ CAPITAL FINANCE, L.L.C. | $38,780,000 | $139,940,000 | 260.9% | 0.3% |
| Lend Smart Mortgage, LLC | $314,220,000 | $139,430,000 | -55.6% | 0.3% |
| Barrington Bank & Trust Company, N.A. | $407,245,000 | $132,475,000 | -67.5% | 0.3% |
| Deerwood Bank | $214,905,000 | $131,980,000 | -38.6% | 0.3% |
| Home Federal Savings Bank | $237,865,000 | $130,480,000 | -45.1% | 0.3% |
| First Western Bank & Trust | $195,185,000 | $121,490,000 | -37.8% | 0.3% |
| AXIA FINANCIAL, LLC | $341,005,000 | $119,020,000 | -65.1% | 0.3% |
| TOPLINE FEDERAL CREDIT UNION | $194,540,000 | $118,490,000 | -39.1% | 0.3% |
| MEMBERS COOPERATIVE | $146,560,000 | $118,230,000 | -19.3% | 0.3% |
| MEGASTAR FINANCIAL CORP. | $276,305,000 | $114,790,000 | -58.5% | 0.3% |
| Hometown Lenders, Inc. | $150,025,000 | $112,040,000 | -25.3% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $130,245,000 | $109,035,000 | -16.3% | 0.3% |
| COMPEER FINANCIAL, FLCA | $179,520,000 | $106,070,000 | -40.9% | 0.3% |
| National Bank of Commerce | $154,160,000 | $103,745,000 | -32.7% | 0.3% |
| First Bank & Trust | $460,000 | $102,000,000 | 22,073.9% | 0.3% |
| PNC Bank | $52,110,000 | $99,305,000 | 90.6% | 0.2% |
| Ixonia Bank | $122,330,000 | $97,665,000 | -20.2% | 0.2% |
| CBRE MULTIFAMILY CAPITAL, INC. | $67,800,000 | $92,825,000 | 36.9% | 0.2% |
| Morgan Stanley Private Bank | $70,565,000 | $92,515,000 | 31.1% | 0.2% |
| Plains Commerce Bank | $259,620,000 | $90,250,000 | -65.2% | 0.2% |
| Waterstone Mortgage Corporation | $183,420,000 | $90,125,000 | -50.9% | 0.2% |
| BETTER MORTGAGE CORPORATION | $421,925,000 | $90,095,000 | -78.6% | 0.2% |
| Community Bank Mankato | $102,395,000 | $88,950,000 | -13.1% | 0.2% |
| Truist | $51,610,000 | $87,785,000 | 70.1% | 0.2% |
| Liberty Bank Minnesota | $239,975,000 | $83,840,000 | -65.1% | 0.2% |
| WALKER & DUNLOP, LLC | $234,320,000 | $81,260,000 | -65.3% | 0.2% |
| Choice Financial Group | $115,185,000 | $78,675,000 | -31.7% | 0.2% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $141,500,000 | $78,455,000 | -44.6% | 0.2% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $152,755,000 | $77,505,000 | -49.3% | 0.2% |
| GUARANTY HOME MORTGAGE CORPORATION | $219,250,000 | $77,425,000 | -64.7% | 0.2% |
| MidWestOne Bank | $158,245,000 | $76,630,000 | -51.6% | 0.2% |
| Paramount Residential Mortgage Group, Inc. | $141,810,000 | $74,595,000 | -47.4% | 0.2% |
| Bank of England | $126,655,000 | $73,755,000 | -41.8% | 0.2% |
| ENVOY MORTGAGE, LTD | $125,325,000 | $73,650,000 | -41.2% | 0.2% |
| USAA Federal Savings Bank | $120,220,000 | $71,825,000 | -40.3% | 0.2% |
| LAKEVIEW LOAN SERVICING, LLC | $272,230,000 | $71,050,000 | -73.9% | 0.2% |
| Capital One | $24,080,000 | $69,725,000 | 189.6% | 0.2% |
| Great Southern Bank | $54,555,000 | $69,270,000 | 27.0% | 0.2% |
| GREYSTONE SERVICING COMPANY LLC | $63,850,000 | $69,130,000 | 8.3% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $126,810,000 | $69,020,000 | -45.6% | 0.2% |
| KeyBank | $105,500,000 | $68,255,000 | -35.3% | 0.2% |
| HomeTown Bank | $143,565,000 | $66,780,000 | -53.5% | 0.2% |
| RiverWood Bank | $109,620,000 | $65,780,000 | -40.0% | 0.2% |
| First Resource Bank | $56,605,000 | $65,125,000 | 15.1% | 0.2% |
| The Northwestern Mutual Life Insurance Company | $65,005,000 | n/a | 0.2% | |
| Northview Bank | $106,685,000 | $61,405,000 | -42.4% | 0.2% |
| American Heritage National Bank | $36,495,000 | $61,015,000 | 67.2% | 0.2% |
| UBS Bank USA | $82,560,000 | $60,915,000 | -26.2% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $32,840,000 | $60,185,000 | 83.3% | 0.1% |
| KELLER MORTGAGE, LLC | $188,290,000 | $58,825,000 | -68.8% | 0.1% |
| First International Bank & Trust | $233,380,000 | $57,540,000 | -75.3% | 0.1% |
| Coulee Bank | $78,570,000 | $54,665,000 | -30.4% | 0.1% |
| IDEAL | $150,490,000 | $54,485,000 | -63.8% | 0.1% |
| Lake Elmo Bank | $75,150,000 | $51,145,000 | -31.9% | 0.1% |
| CITY-COUNTY CREDIT UNION | $78,465,000 | $51,080,000 | -34.9% | 0.1% |
| CORTRUST MORTGAGE, INC. | $161,170,000 | $50,500,000 | -68.7% | 0.1% |
| American National Bank of Minnesota | $77,205,000 | $50,130,000 | -35.1% | 0.1% |
| ST. CLOUD FINANCIAL | $94,680,000 | $49,630,000 | -47.6% | 0.1% |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $46,225,000 | $49,590,000 | 7.3% | 0.1% |
| Citywide Banks | $49,425,000 | n/a | 0.1% | |
| Union State Bank of Fargo | $64,995,000 | $48,710,000 | -25.1% | 0.1% |
| American National Bank | $51,000,000 | $47,925,000 | -6.0% | 0.1% |
| Citizens Bank Minnesota | $93,180,000 | $47,795,000 | -48.7% | 0.1% |
| CAPITAL CREDIT UNION | $19,985,000 | $46,610,000 | 133.2% | 0.1% |
| Vermillion State Bank | $82,460,000 | $45,945,000 | -44.3% | 0.1% |
| Ally Bank | $9,975,000 | $45,520,000 | 356.3% | 0.1% |
| Midwest Bank | $74,915,000 | $44,815,000 | -40.2% | 0.1% |
| Citizens Community Federal | $110,310,000 | $44,700,000 | -59.5% | 0.1% |
| BERKELEY POINT CAPITAL LLC | $30,620,000 | $44,410,000 | 45.0% | 0.1% |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $130,715,000 | $44,010,000 | -66.3% | 0.1% |
| BERKADIA COMMERCIAL MORTGAGE LLC | $110,895,000 | $43,465,000 | -60.8% | 0.1% |
| BankVista | $88,075,000 | $43,140,000 | -51.0% | 0.1% |
| CRESCENT MORTGAGE COMPANY | $123,005,000 | $42,940,000 | -65.1% | 0.1% |
| NBKC BANK | $119,275,000 | $41,860,000 | -64.9% | 0.1% |
| BOKF | $11,425,000 | $41,695,000 | 264.9% | 0.1% |
| SOUTHPOINT FINANCIAL | $132,435,000 | $39,990,000 | -69.8% | 0.1% |
| Sherburne State Bank | $57,200,000 | $39,905,000 | -30.2% | 0.1% |
| UIF CORPORATION | $56,655,000 | $39,860,000 | -29.6% | 0.1% |
| BELLWETHER ENTERPRISE REAL ESTATE CAPITAL, LLC | $102,440,000 | $39,450,000 | -61.5% | 0.1% |
| Heritage Bank | $95,555,000 | $39,225,000 | -59.0% | 0.1% |
| GSF Mortgage Corporation | $57,885,000 | $39,085,000 | -32.5% | 0.1% |
| CHERRY CREEK MORTGAGE, LLC | $118,125,000 | $38,845,000 | -67.1% | 0.1% |
| WaterStone Bank, SSB | $1,195,000 | $38,395,000 | 3,113.0% | 0.1% |
| UNION HOME MORTGAGE CORP. | $61,895,000 | $38,050,000 | -38.5% | 0.1% |
| Carrington Mortgage Services, LLC | $80,185,000 | $38,015,000 | -52.6% | 0.1% |
| City National Bank | $57,685,000 | $37,675,000 | -34.7% | 0.1% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $20,565,000 | $37,235,000 | 81.1% | 0.1% |
| Flagship Banks Minnesota | $36,765,000 | n/a | 0.1% | |
| Citizens Bank | $86,595,000 | $35,890,000 | -58.6% | 0.1% |
| Community Resource Bank | $68,770,000 | $35,655,000 | -48.2% | 0.1% |
| First Federal Bank | $129,365,000 | $35,235,000 | -72.8% | 0.1% |
| Foresight Bank | $46,220,000 | $33,925,000 | -26.6% | 0.1% |
| American Federal Bank | $47,730,000 | $33,840,000 | -29.1% | 0.1% |
| IOWA BANKERS MORTGAGE CORPORATION | $52,350,000 | $33,135,000 | -36.7% | 0.1% |
| Charles Schwab Bank, SSB | $83,180,000 | $33,005,000 | -60.3% | 0.1% |