Minnesota Mortgage Rates & Closing Costs
30 Year Fixed Rate mortgages in Minnesota averaged
6.24%
for the week of 2024-08-29, compared to the national average of
6.35% for the same period.
The average rate for the prior week (2024-08-22) was
6.35% and
one month ago for the week of 2024-07-25, the
average rate was 6.67%.
Minnesota's average rate one year ago was 7.12%.
For refis of the same type during the week of 2024-08-29, the average rate
was 6.93%.
| Loan Type | Date | Rate |
|---|---|---|
| US 30 Year Fixed Rate | 2024-08-29 | 6.35% |
| Minnesota 30 Year Fixed Rate | 2024-08-29 | 6.24% |
| Minnesota 30 Year Fixed Rate Refi | 2024-08-29 | 6.93% |
| Minnesota 15 Year Fixed Rate | 2024-08-29 | 5.51% |
| Minnesota 15 Year Fixed Rate Refi | 2024-08-29 | 5.96% |
| Minnesota 30 Year FHA | 2024-08-29 | 5.94% |
| Minnesota 30 Year FHA Refi | 2024-08-29 | 5.65% |
| Minnesota 30 Year USDA | 2024-08-29 | 6.03% |
| Minnesota 30 Year USDA Refi | 2024-08-29 | 6.12% |
| Minnesota 30 Year VA | 2024-08-29 | 5.6% |
| Minnesota 30 Year VA Refi | 2024-08-29 | 4.86% |
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 429 lenders originated 105,359
loans during 2023. The total origination value was $27,071,825,000, with an average loan value of
$256,948.
Minnesota's average closing costs are $4,861.
The top Minnesota lender as defined by loan originations is Bell Bank, with
3,363 loans originated. Their average total fees are
$6,201, which is $1,107
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Minnesota lenders (with over 10 loans originated) are
Discover Bank ($0), DHI MORTGAGE COMPANY, LTD. ($773), SIRVA MORTGAGE, INC. ($1,324), PREMIA MORTGAGE, LLC ($2,061) and PULTE MORTGAGE LLC ($2,447).
The lowest rate Minnesota lenders (with over 10 loans originated) are
GREAT RIVER FEDERAL CREDIT UNION (5.12%), DIGITAL Federal Credit Union (5.37%), Raymond James Bank (5.63%), BNY Mellon (5.64%) and TOPLINE FEDERAL CREDIT UNION (5.65%).
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 | 2022 Loan Value | 2023 Loan Value | % Change | 2023 Market Share |
|---|---|---|---|---|
| Bell Bank | $2,478,305,000 | $1,737,070,000 | -29.9% | 6.4% |
| UNITED WHOLESALE MORTGAGE, LLC | $1,577,200,000 | $1,447,160,000 | -8.2% | 5.3% |
| U.S. Bank | $1,756,290,000 | $887,495,000 | -49.5% | 3.3% |
| CROSSCOUNTRY MORTGAGE, LLC | $1,170,810,000 | $827,775,000 | -29.3% | 3.1% |
| QUICKEN LOANS, LLC | $1,240,730,000 | $757,535,000 | -38.9% | 2.8% |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | $801,905,000 | $644,515,000 | -19.6% | 2.4% |
| TRUSTONE FINANCIAL FEDERAL CREDIT UNION | $889,490,000 | $640,040,000 | -28.0% | 2.4% |
| Wells Fargo Bank | $1,377,515,000 | $599,135,000 | -56.5% | 2.2% |
| Alerus Financial | $786,485,000 | $566,950,000 | -27.9% | 2.1% |
| WINGS FINANCIAL | $799,300,000 | $522,625,000 | -34.6% | 1.9% |
| Bremer Bank | $721,095,000 | $513,290,000 | -28.8% | 1.9% |
| EAGLE HOME MORTGAGE, LLC | $367,740,000 | $505,545,000 | 37.5% | 1.9% |
| Prosperity Home Mortgage, LLC | $638,200,000 | $463,780,000 | -27.3% | 1.7% |
| BROKER SOLUTIONS, INC. | $643,725,000 | $456,850,000 | -29.0% | 1.7% |
| American Mortgage & Equity Consultants, Inc. | $422,120,000 | $401,470,000 | -4.9% | 1.5% |
| Royal Credit Union | $450,660,000 | $388,825,000 | -13.7% | 1.4% |
| LOANDEPOT.COM, LLC | $692,905,000 | $381,990,000 | -44.9% | 1.4% |
| The Huntington National Bank | $404,730,000 | $357,345,000 | -11.7% | 1.3% |
| Old National Bank | $441,120,000 | $347,905,000 | -21.1% | 1.3% |
| PENNYMAC LOAN SERVICES, LLC | $443,250,000 | $330,050,000 | -25.5% | 1.2% |
| GUARANTEED RATE, INC. | $471,310,000 | $322,510,000 | -31.6% | 1.2% |
| AFFINITY PLUS | $428,820,000 | $307,590,000 | -28.3% | 1.1% |
| Merchants Bank | $488,905,000 | $302,725,000 | -38.1% | 1.1% |
| Tradition Mortgage, LLC | $587,670,000 | $296,475,000 | -49.6% | 1.1% |
| DHI MORTGAGE COMPANY, LTD. | $260,190,000 | $266,360,000 | 2.4% | 1.0% |
| JONES LANG LASALLE MULTIFAMILY, LLC | $267,380,000 | $262,905,000 | -1.7% | 1.0% |
| GUARANTEED RATE AFFINITY, LLC | $405,285,000 | $260,345,000 | -35.8% | 1.0% |
| Summit Mortgage Corporation | $279,360,000 | $215,675,000 | -22.8% | 0.8% |
| Frandsen Bank & Trust | $239,105,000 | $205,705,000 | -14.0% | 0.8% |
| Mortgage Research Center, LLC | $278,635,000 | $203,605,000 | -26.9% | 0.8% |
| EVERETT FINANCIAL, INC. | $329,150,000 | $203,580,000 | -38.1% | 0.8% |
| BAY EQUITY LLC | $283,840,000 | $193,470,000 | -31.8% | 0.7% |
| JPMorgan Chase Bank | $459,705,000 | $191,950,000 | -58.2% | 0.7% |
| GREYSTONE SERVICING COMPANY LLC | $69,130,000 | $184,945,000 | 167.5% | 0.7% |
| MOVEMENT MORTGAGE, LLC | $207,235,000 | $170,475,000 | -17.7% | 0.6% |
| SPIRE Credit Union | $218,495,000 | $170,310,000 | -22.1% | 0.6% |
| Associated Bank | $585,665,000 | $156,985,000 | -73.2% | 0.6% |
| Flagstar Bank, FSB | $327,330,000 | $156,360,000 | -52.2% | 0.6% |
| CBRE MULTIFAMILY CAPITAL, INC. | $92,825,000 | $155,540,000 | 67.6% | 0.6% |
| PULTE MORTGAGE LLC | $201,880,000 | $152,125,000 | -24.6% | 0.6% |
| Minnwest Bank | $172,420,000 | $151,355,000 | -12.2% | 0.6% |
| Bank of America | $226,355,000 | $145,215,000 | -35.8% | 0.5% |
| Think Mutual Bank | $197,980,000 | $143,890,000 | -27.3% | 0.5% |
| North Shore Bank of Commerce | $146,000,000 | $139,800,000 | -4.2% | 0.5% |
| M/I FINANCIAL, LLC | $172,620,000 | $137,650,000 | -20.3% | 0.5% |
| Home Federal Savings Bank | $130,480,000 | $134,895,000 | 3.4% | 0.5% |
| Bridgewater Bank | $591,750,000 | $130,670,000 | -77.9% | 0.5% |
| HIWAY | $141,580,000 | $130,045,000 | -8.1% | 0.5% |
| CMG MORTGAGE, INC. | $179,210,000 | $128,500,000 | -28.3% | 0.5% |
| Deerwood Bank | $131,980,000 | $126,515,000 | -4.1% | 0.5% |
| NEWREZ LLC | $157,890,000 | $125,885,000 | -20.3% | 0.5% |
| Servion, Inc. | $252,790,000 | $125,880,000 | -50.2% | 0.5% |
| First Bank & Trust | $245,000 | $122,790,000 | 50,018.4% | 0.5% |
| CARDINAL FINANCIAL | $229,160,000 | $116,990,000 | -48.9% | 0.4% |
| CENTRAL MINNESOTA Credit Union | $207,545,000 | $112,550,000 | -45.8% | 0.4% |
| Gate City Bank | $163,085,000 | $112,220,000 | -31.2% | 0.4% |
| BERKADIA COMMERCIAL MORTGAGE LLC | $43,465,000 | $111,460,000 | 156.4% | 0.4% |
| AMERICAN NEIGHBORHOOD MORTGAGE ACCEPTANCE COMPANY LLC | $78,455,000 | $106,865,000 | 36.2% | 0.4% |
| Cambria Financial Group, LLC | $143,555,000 | $103,755,000 | -27.7% | 0.4% |
| AMERICAN PACIFIC MORTGAGE CORPORATION | $37,235,000 | $102,825,000 | 176.2% | 0.4% |
| BMO Harris Bank | $175,865,000 | $97,390,000 | -44.6% | 0.4% |
| Tradition Capital Bank | $202,180,000 | $96,355,000 | -52.3% | 0.4% |
| ALTRA | $153,805,000 | $93,060,000 | -39.5% | 0.3% |
| TOPLINE FEDERAL CREDIT UNION | $118,490,000 | $92,875,000 | -21.6% | 0.3% |
| PLAZA HOME MORTGAGE, INC. | $143,625,000 | $88,965,000 | -38.1% | 0.3% |
| National Bank of Commerce | $103,745,000 | $87,840,000 | -15.3% | 0.3% |
| PRIMELENDING, A PLAINSCAPITAL COMPANY | $179,175,000 | $84,740,000 | -52.7% | 0.3% |
| PNC Bank | $99,305,000 | $79,140,000 | -20.3% | 0.3% |
| FREEDOM MORTGAGE CORPORATION | $210,735,000 | $78,410,000 | -62.8% | 0.3% |
| Sunrise Banks | $168,155,000 | $76,915,000 | -54.3% | 0.3% |
| NAVY FEDERAL CREDIT UNION | $109,035,000 | $76,340,000 | -30.0% | 0.3% |
| Barrington Bank & Trust Company, N.A. | $132,475,000 | $75,630,000 | -42.9% | 0.3% |
| Mr. Cooper ( Nationstar Mortgage ) | $217,395,000 | $75,465,000 | -65.3% | 0.3% |
| MEGASTAR FINANCIAL CORP. | $114,790,000 | $75,100,000 | -34.6% | 0.3% |
| Bank Forward | $21,560,000 | $74,380,000 | 245.0% | 0.3% |
| Baxter Credit Union | $150,880,000 | $74,095,000 | -50.9% | 0.3% |
| Ixonia Bank | $97,665,000 | $72,615,000 | -25.6% | 0.3% |
| Plains Commerce Bank | $90,250,000 | $72,570,000 | -19.6% | 0.3% |
| First Western Bank & Trust | $121,490,000 | $70,340,000 | -42.1% | 0.3% |
| COMPEER FINANCIAL, FLCA | $106,070,000 | $69,780,000 | -34.2% | 0.3% |
| WALKER & DUNLOP, LLC | $81,260,000 | $69,770,000 | -14.1% | 0.3% |
| HOMEOWNERS FINANCIAL GROUP USA, LLC | $77,505,000 | $68,860,000 | -11.2% | 0.3% |
| MEMBERS COOPERATIVE | $118,230,000 | $68,100,000 | -42.4% | 0.3% |
| MidWestOne Bank | $76,630,000 | $67,205,000 | -12.3% | 0.2% |
| Morgan Stanley Private Bank | $92,515,000 | $61,195,000 | -33.9% | 0.2% |
| Liberty Bank Minnesota | $83,840,000 | $60,515,000 | -27.8% | 0.2% |
| USAA Federal Savings Bank | $71,825,000 | $60,360,000 | -16.0% | 0.2% |
| Goldwater Bank, N.A. | $348,790,000 | $59,540,000 | -82.9% | 0.2% |
| Choice Financial Group | $78,675,000 | $59,465,000 | -24.4% | 0.2% |
| SWBC MORTGAGE CORPORATION | $59,235,000 | n/a | 0.2% | |
| Citizens Bank | $35,890,000 | $58,760,000 | 63.7% | 0.2% |
| IDEAL | $54,485,000 | $57,190,000 | 5.0% | 0.2% |
| RiverWood Bank | $65,780,000 | $50,570,000 | -23.1% | 0.2% |
| PROVIDENT FUNDING ASSOCIATES, L.P. | $44,010,000 | $50,400,000 | 14.5% | 0.2% |
| Falcon National Bank | $49,820,000 | n/a | 0.2% | |
| First International Bank & Trust | $57,540,000 | $49,285,000 | -14.3% | 0.2% |
| HomeTown Bank | $66,780,000 | $46,700,000 | -30.1% | 0.2% |
| Century Mortgage Company DBA Century Lending Company | $13,910,000 | $45,950,000 | 230.3% | 0.2% |
| Paramount Residential Mortgage Group, Inc. | $74,595,000 | $45,725,000 | -38.7% | 0.2% |
| BankVista | $43,140,000 | $45,245,000 | 4.9% | 0.2% |
| AMERISAVE MORTGAGE CORPORATION | $174,405,000 | $44,825,000 | -74.3% | 0.2% |
| MUTUAL OF OMAHA MORTGAGE, INC. | $69,020,000 | $44,615,000 | -35.4% | 0.2% |
| Neighborhood Loans, Inc. | $14,055,000 | $44,420,000 | 216.0% | 0.2% |
| ST. CLOUD FINANCIAL | $49,630,000 | $43,310,000 | -12.7% | 0.2% |
| Flagship Banks Minnesota | $36,765,000 | $43,225,000 | 17.6% | 0.2% |
| Northview Bank | $61,405,000 | $42,285,000 | -31.1% | 0.2% |
| Highland Bank | $42,180,000 | n/a | 0.2% | |
| Mortgages Unlimited Inc. | $232,310,000 | $42,075,000 | -81.9% | 0.2% |
| ARK-LA-TEX FINANCIAL SERVICES, LLC. | $60,185,000 | $41,420,000 | -31.2% | 0.2% |
| First National Bank of Omaha | $145,390,000 | $41,305,000 | -71.6% | 0.2% |
| MASON MCDUFFIE MORTGAGE CORPORATION | $12,720,000 | $40,845,000 | 221.1% | 0.2% |
| Discover Bank | $28,195,000 | $39,915,000 | 41.6% | 0.1% |
| Park State Bank | $38,930,000 | n/a | 0.1% | |
| MAYO EMPLOYEES FEDERAL CREDIT UNION | $49,590,000 | $38,380,000 | -22.6% | 0.1% |
| Nations Lending Corporation | $6,970,000 | $38,170,000 | 447.6% | 0.1% |
| Sherburne State Bank | $39,905,000 | $37,860,000 | -5.1% | 0.1% |
| Foresight Bank | $33,925,000 | $36,640,000 | 8.0% | 0.1% |
| American Heritage National Bank | $61,015,000 | $36,365,000 | -40.4% | 0.1% |
| M&T Realty Capital Corporation | $36,235,000 | n/a | 0.1% | |
| Coulee Bank | $54,665,000 | $34,545,000 | -36.8% | 0.1% |
| VERIDIAN CREDIT UNION | $6,870,000 | $34,470,000 | 401.7% | 0.1% |
| First Federal Bank | $35,235,000 | $34,270,000 | -2.7% | 0.1% |
| Midwest Bank | $44,815,000 | $33,595,000 | -25.0% | 0.1% |
| SOUTHPOINT FINANCIAL | $39,990,000 | $33,555,000 | -16.1% | 0.1% |
| UBS Bank USA | $60,915,000 | $33,520,000 | -45.0% | 0.1% |
| CORTRUST MORTGAGE, INC. | $50,500,000 | $33,025,000 | -34.6% | 0.1% |
| First Financial Bank | $33,005,000 | n/a | 0.1% | |
| NBKC BANK | $41,860,000 | $32,765,000 | -21.7% | 0.1% |
| Citizens Bank Minnesota | $47,795,000 | $32,565,000 | -31.9% | 0.1% |
| UIF CORPORATION | $39,860,000 | $32,340,000 | -18.9% | 0.1% |
| DRAPER AND KRAMER MORTGAGE CORP. | $14,135,000 | $32,265,000 | 128.3% | 0.1% |
| CITY-COUNTY CREDIT UNION | $51,080,000 | $32,165,000 | -37.0% | 0.1% |
| Community Bank Mankato | $88,950,000 | $31,075,000 | -65.1% | 0.1% |
| Bank of England | $73,755,000 | $31,070,000 | -57.9% | 0.1% |
| Vermillion State Bank | $45,945,000 | $30,930,000 | -32.7% | 0.1% |
| American Federal Bank | $33,840,000 | $30,845,000 | -8.9% | 0.1% |
| West Bank | $21,880,000 | $30,685,000 | 40.2% | 0.1% |
| Union State Bank of Fargo | $48,710,000 | $30,415,000 | -37.6% | 0.1% |
| Bank Midwest | $30,990,000 | $30,315,000 | -2.2% | 0.1% |
| AXIA FINANCIAL, LLC | $119,020,000 | $30,070,000 | -74.7% | 0.1% |
| American National Bank of Minnesota | $50,130,000 | $28,290,000 | -43.6% | 0.1% |
| Citizens Alliance Bank | $25,450,000 | $27,685,000 | 8.8% | 0.1% |
| Waterstone Mortgage Corporation | $90,125,000 | $27,395,000 | -69.6% | 0.1% |
| North Shore Federal Credit Union | $22,080,000 | $27,325,000 | 23.8% | 0.1% |
| IOWA BANKERS MORTGAGE CORPORATION | $33,135,000 | $27,015,000 | -18.5% | 0.1% |
| GOLD STAR MORTGAGE FINANCIAL GROUP, CORPORATION | $22,870,000 | $26,585,000 | 16.2% | 0.1% |
| The Bank of Elk River | $24,135,000 | $25,035,000 | 3.7% | 0.1% |
| UNION HOME MORTGAGE CORP. | $38,050,000 | $24,480,000 | -35.7% | 0.1% |
| Citibank | $21,695,000 | $24,140,000 | 11.3% | 0.1% |
| Heritage Bank | $39,225,000 | $23,925,000 | -39.0% | 0.1% |
| Pioneer Bank | $23,055,000 | n/a | 0.1% | |
| Lake Elmo Bank | $51,145,000 | $22,750,000 | -55.5% | 0.1% |
| GUILD MORTGAGE COMPANY | $14,105,000 | $22,465,000 | 59.3% | 0.1% |
| Merchants Bank of Indiana | $6,310,000 | $22,460,000 | 255.9% | 0.1% |
| CALIBER HOME LOANS, INC. | $187,420,000 | $22,440,000 | -88.0% | 0.1% |
| ZILLOW HOME LOANS, LLC | $26,790,000 | $22,285,000 | -16.8% | 0.1% |
| Figure Lending LLC | $23,650,000 | $22,280,000 | -5.8% | 0.1% |
| Charles Schwab Bank, SSB | $33,005,000 | $21,925,000 | -33.6% | 0.1% |
| TOWN AND COUNTRY Credit Union | $21,160,000 | $21,855,000 | 3.3% | 0.1% |
| BETTER MORTGAGE CORPORATION | $90,095,000 | $21,715,000 | -75.9% | 0.1% |
| The Federal Savings Bank | $31,720,000 | $21,230,000 | -33.1% | 0.1% |
| Community Resource Bank | $35,655,000 | $20,900,000 | -41.4% | 0.1% |
| First Resource Bank | $65,125,000 | $20,665,000 | -68.3% | 0.1% |
| Sentry Bank | $26,030,000 | $20,600,000 | -20.9% | 0.1% |
| Security State Bank of Marine | $20,540,000 | n/a | 0.1% | |
| Peoples State Bank of Plainview | $28,110,000 | $20,435,000 | -27.3% | 0.1% |
| RIVERLAND BANK | $20,090,000 | n/a | 0.1% | |
| ONB Bank | $20,000,000 | n/a | 0.1% | |