Minnesota Refinance Rates - September 2026
Brian McKay
Brian McKay
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Current mortgage refinance rates in Minnesota include SharePoint Credit UnionSharePoint Credit Union10750 France Ave S, Andover, MN, 55304A+5.0 ★Texas Ratio: 3.97% at 6.38%, TruStone Financial Credit UnionTruStone Financial Credit Union1400 Riverwood Dr, Bloomington, MN, 55044A+5.0 ★Texas Ratio: 4.88% at 6.50%, Blaze Credit UnionBlaze Credit Union10 Northtown Dr NE, Blaine, MN, 55051 1525A+5.0 ★Texas Ratio: 2.92% at 6.88%, U.S. BankU.S. Bank1 Meridian Crossings Suite 160, Albert Lea, MN, 55013A5.0 ★Texas Ratio: 8.65% at 6.99%, and Wells FargoWells Fargo100 Coon Rapids Blvd Nw, Albert Lea, MN, 55008A5.0 ★Texas Ratio: 6.32% at 6.25%. Refinance rates as of September 14, 2026 according to verified data from MonitorBankRates.
Use the tabs below to compare refinance rates across all loan types in Minnesota side-by-side. Minnesota refinance rates currently start as low as 5.88% from Great Southern Bank at 10880 175th Ct W, Edina, MN, 55044. Rates are continually updated, so we recommend checking back frequently.
Refinance rates reflect actual verified offers from lenders actively lending to Minnesota homeowners. Your final approved rate will depend on your credit profile, loan-to-value ratio, cash-out amount, and daily market movements. Last Updated and Verified: September 14, 2026
Compare Refinance Rates Today in Minnesota
Rates shown are each lender’s posted rate for that loan type, which most lenders apply to purchase and refinance loans alike. Local Minnesota lenders are listed first in every tab. Among lenders that post both, refinance pricing currently runs about 0.025 points above the same lender’s purchase rate in Minnesota. That premium is shown for context only; every rate in the table is the lender’s posted rate.
Minnesota 30 Year Fixed Refinance Rates
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Learn how these rates and APRs are calculated. Plus, see a conforming fixed-rate estimated monthly payment and APR example. Get more details.
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Points are $3,240. Rates, terms, and fees as of 9/10/2026 10:15 AM Eastern Daylight Time and subject to change without notice.
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As Low As
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Rate as low as; Payment: 1,536.75 *
Rates may include points. See All Mortgage Rates for details.
Points are $2,800. Rates, terms, and fees as of 9/10/2026 10:15 AM Eastern Daylight Time and subject to change without notice.
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Purchase; Rate: starting at 6.875%; APR: as low as 7.011%
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Payment is based on a $240,000 loan at 80% loan-to-value, purchase of a single-family residence. The posted rates are subject to change without notice. The posted mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history.
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A fixed rate loan for lower monthly payments.
A popular choice for smaller down payments or lower credit scores.
Designed for Veterans and eligible surviving spouses to become homeowners, with little or no down payment on a primary residence purchase.
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A fixed rate loan for lower monthly payments.
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Designed for Veterans and eligible surviving spouses to become homeowners, with little or no down payment on a primary residence purchase.
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A popular choice for smaller down payments or lower credit scores.
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This loan is part of the Rural Development program and allows for closing costs and possible repairs to be financed within the loan.
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Minnesota 15 Year Fixed Refinance Rates
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$1,500+; Max $1,500+ Closing Costs
$1,500+
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Learn how these rates and APRs are calculated. Plus, see a conforming fixed-rate estimated monthly payment and APR example. Get more details.
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Get peace of mind with predictable monthly payments. Both traditional and short-term options available.
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Payment: 2,025.26*
As Low As
Points are $2,800. Rates, terms, and fees as of 9/10/2026 10:15 AM Eastern Daylight Time and subject to change without notice.
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Payment is based on a $240,000 loan at 80% loan-to-value, purchase of a single-family residence. The posted rates are subject to change without notice. The posted mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history.
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Refinance; Rate: starting at 6.375%; APR: as low as 6.594%
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A shorter term fixed rate loan. It means less money spent on interest, but higher monthly payments.
A shorter term fixed rate loan. It means less money spent on interest, but higher monthly payments.
Minnesota 5/1 ARM Refinance Rates
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$1,500+
$1,500+; Max $1,500+ Closing Costs
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Purchase; Rate: starting at 5.250%; APR: as low as 5.374%
Refinance; Rate: starting at 5.250%; APR: as low as 5.374%
First Mortgage (up to 80% LTV); Rates as low as*
Junior Mortgage (up to 80% LTV); Rates as low as*
Enjoy a low initial rate that adjusts with the market. Various terms and options available.
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Rate as low as; Payment: 1,343.93 *
Initial Interest Rate: 5.500%. Fully Indexed Rate: 6.985%. Maximum Interest Rate: 10.500%. Months to First Rate Adjustment: 60 Months. Interest Only Term: 0 Months. Payment is based on a $240,000 loan at 80% loan-to-value, purchase of a single-family residence. The posted rates are subject to change without notice. The posted mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history.
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Land Loans (up to 80% LTV); Rates as low as*
Multi-Family Rental Property (First Mortgage - up to 75% LTV); Rates as low as*
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Minnesota 30-Year Jumbo Refinance Rates
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Rate as low as; **Rate as low as 6.250%
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Finance higher-priced homes without a large down payment or multiple mortgages.
Payment is based on a $726,300 loan at 80% loan-to-value, purchase of a single-family residence. The posted rates are subject to change without notice. The posted mortgage rates are based upon a variety of assumptions and conditions, which include a consumer credit score that may be higher or lower than your individual score. Your loan's interest rate will depend upon the specific characteristics of your loan transaction and your credit history.
ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term. Learn how these rates, APRs and monthly payments are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.
Payment Example: For a $900,000 Loan $5,912.36
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ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term. Learn how these rates, APRs and monthly payments are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.
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Minnesota 15-Year Jumbo Refinance Rates
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Minnesota 5/1 Jumbo ARM Refinance Rates
ARM rates, APRs and monthly payments are subject to increase after the initial fixed-rate period of five, seven, or 10 years and assume a 30-year term. Learn how these rates, APRs and monthly payments are calculated. Plus, see an ARM estimated monthly payment and APR example. Get more details.
Minnesota FHA Loan Rates
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As low as
A popular choice for smaller down payments or lower credit scores.
A popular choice for smaller down payments or lower credit scores.
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Minnesota VA Loan Rates
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Points are $3,240. Rates, terms, and fees as of 9/10/2026 10:15 AM Eastern Daylight Time and subject to change without notice.
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Purchase; Rate: starting at; APR: as low as
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Designed for Veterans and eligible surviving spouses to become homeowners, with little or no down payment on a primary residence purchase.
Designed for Veterans and eligible surviving spouses to become homeowners, with little or no down payment on a primary residence purchase.
Purchase; Rate: starting at; APR: as low as
Purchase; Rate: starting at; APR: as low as
Banks and Credit Unions: If you need to update your rate data or request removal from MonitorBankRates.com, please contact us here.
National Refinance Rate Averages
Daily averages of posted rates across every lender we track, as of September 12, 2026. Use these as the benchmark for the Minnesota quotes above; lenders that price refinances separately currently run about 0.025 points higher.
Minnesota Refinance Rate Trends
Compare local Minnesota refinance quotes against the statewide average
Daily averages of posted first-mortgage rates across our lender network, updated every evening. Because most lenders price purchase and refinance loans identically, this is the benchmark a Minnesota refinance quote should be measured against, plus roughly 0.025 points at lenders that price refinances separately.
Minnesota 30-year fixed rates rose 0.001 points over the past 7 days to 6.706%.
Minnesota 15-year fixed rates rose 0.001 points over the past 7 days to 6.237%.
What Minnesota Homeowners Actually Pay to Refinance
Posted refinance rates from our lender network alongside the rates borrowers closed at, from federal HMDA filings
Two different measures. The refinance premium is computed nightly from lenders that publish separate purchase and refinance pricing. HMDA figures are median note rates on loans that actually closed.
Minnesota Refinance Rate Forecast, Next 12 Months
Where are Minnesota refinance rates headed through September 2027?
Based on Fed funds rate futures, 10-year Treasury path, and historical mortgage spread model. If the forecast shows rates falling, waiting may beat refinancing today; the break-even calculator below shows what each scenario is worth. Not financial advice.
What Forecast Rates Mean for Minnesota Homeowners Refinancing
Monthly principal & interest on a 30-year refinance of the loan of $263,440 (80% of the state median home value). Payment differences show what waiting for the forecast rate would be worth each month.
| Scenario | Rate | Mo. Payment | vs. Today | % of Income |
|---|---|---|---|---|
| Today (MN avg) | 6.706% | $1,701 | — | 22.9% |
| 6-Month Forecast | 6.706% (6.36–7.01%) | $1,701 | +$0/mo | 22.9% |
| 12-Month Forecast | 6.956% (6.61–7.26%) | $1,745 | +$44/mo | 23.5% |
Income column = annual mortgage payment as % of Minnesota median household income ($89,062). Above 30% is generally considered cost-burdened.
Minnesota Refinance Break-Even Calculator
Enter your current loan and the refinance rate you have been quoted. The calculator shows the new payment, monthly savings, and how many months it takes for those savings to pay back the closing costs. Click a current Minnesota rate on the right to test it instantly.
Principal and interest only. Excludes escrow, mortgage insurance, and any prepayment penalty on the current loan. Lifetime interest compares the remaining interest on the current loan to total interest on the new loan. Estimates are for informational purposes only.
Run the Numbers on Your Minnesota Refinance
The rate is only part of the decision. Use these calculators to turn current Minnesota refinance rates into monthly savings, break-even months, and total interest before you talk to a lender.
If you already own a home, enter your current rate, remaining loan balance, and the rate you’ve been quoted to refinance. The calculator shows your new monthly payment, how much you’d save each month, and the break-even point, the number of months it takes for your savings to cover the closing costs of refinancing.
CalculateEnter your loan amount, interest rate, and term length to see your estimated monthly principal and interest payment. Adjust any variable to model different scenarios: a larger down payment, a shorter term, or a rate a quarter-point lower than what you were quoted.
CalculateIf your goal is cash rather than a lower rate, compare current Minnesota home equity loan and HELOC rates against a cash-out refinance. Keeping a low existing first mortgage and adding a second lien is often the cheaper path, especially for loans originated between 2020 and 2022.
CompareTell us your gross income, monthly debt obligations, and how much you have for a down payment. We’ll show you the home price range you’re likely to qualify for at current Minnesota rates, so you can shop with a realistic number in mind rather than discovering your ceiling after you’ve fallen in love with a property.
CalculateTypes of Refinance Loans Available in Minnesota
Homeowners across Minnesota can choose from several refinance programs. The right one depends on what you are trying to do: lower the rate, shorten the term, pull cash out, or drop mortgage insurance. Pricing, appraisal requirements, and eligibility differ across each, and the cheapest program is not always the lowest posted rate once fees are counted.
Rate-and-Term Refinance
The standard refinance. You replace your existing mortgage with a new loan for about the same balance, changing only the rate, the term, or both. It is the lowest-priced refinance product at nearly every Minnesota lender because the loan-to-value ratio does not rise.
Best for homeowners whose rate is at least half a point above today’s Minnesota average and who plan to stay past the break-even point. Choosing a term that matches your remaining years, rather than resetting to 30, keeps the payoff date where it is.
Cash-Out Refinance
A cash-out refinance replaces your mortgage with a larger one and hands you the difference at closing. Conventional lenders cap the new loan at 80% of appraised value; VA cash-out loans go to 90%. Rates run above rate-and-term pricing.
If you hold a low rate from 2020 to 2022, a home equity loan or HELOC in Minnesota usually costs less than refinancing the whole balance at today’s rate to pull out cash.
FHA Streamline Refinance
For homeowners already in an FHA loan. No appraisal, no income verification, and limited credit review, as long as the new loan produces a net tangible benefit (generally a rate at least 0.5% lower, or a move from an ARM to a fixed rate). You need 210 days since the first payment and six on-time payments.
The upfront mortgage insurance premium is reduced to 0.01% and annual MIP continues, so FHA borrowers with 20% equity and good credit should also price a conventional rate-and-term refinance, which drops mortgage insurance entirely.
VA IRRRL (Streamline Refinance)
The Interest Rate Reduction Refinance Loan lets veterans refinance an existing VA loan with no appraisal, no income documentation, and a funding fee of just 0.5% (waived for borrowers with a service-connected disability). Closing costs can be rolled into the loan.
The new rate must be lower than the current one unless you are moving from an ARM to a fixed rate, and you must recoup closing costs within 36 months. VA lenders in Minnesota quote IRRRL pricing separately, so ask for it by name.
USDA Streamlined-Assist Refinance
For homeowners with an existing USDA Rural Development loan. No appraisal or credit review in most cases, and the new payment must be at least $50 a month lower than the current one. The property no longer has to meet the rural eligibility map.
Twelve months of on-time payments are required, and the 1% upfront guarantee fee plus the annual fee apply to the new loan.
Jumbo Refinance
The 2026 FHFA conforming baseline in Minnesota is $832,750 for most counties, higher in designated high-cost areas. A refinance above the county limit is a jumbo loan, priced and underwritten lender by lender.
Jumbo refinances usually require a 700 or higher credit score, reserves of six to twelve months of payments, and a loan-to-value of 80% or less. Because balances are large, even a quarter-point rate difference is worth thousands a year, so compare the 30-Year Jumbo and 15-Year Jumbo tabs above closely. If paying the balance down to the conforming limit at closing is possible, conforming refinance pricing is often noticeably better.
Methodology & Data Sources
Independent, Free, and Unbiased Rate Comparisons: MonitorBankRates.com is an independent rate comparison service. Our Minnesota refinance rate tables are free for consumers to use, and we do not receive payment from any lender to be included or to be ranked in any particular order. Listings are based solely on the rates each lender publicly advertises on its own website.
A Note on Third-Party Rate Tools: Some pages on our site also feature rate comparison widgets and tools provided by third-party partners. These tools may include sponsored listings or affiliate links, and we may receive compensation when users click through them. We clearly label these widgets so you can tell at a glance which rates come from our independent MonitorBankRates.com tables and which come from our advertising partners.
Direct-Sourced & Verified Refinance Rate Data: We aggregate mortgage and refinance rates for Minnesota directly from the official websites of local lenders, credit unions, and national mortgage originators using our proprietary rate aggregation technology and a dedicated team of rate updaters. Where a lender publishes a product specifically for refinancing, that product is listed by name; where a lender publishes one rate sheet for purchase and refinance loans, that rate is shown as the refinance rate, which is how the lender itself quotes it.
Refinance Premium and HMDA Figures: The refinance premium is the average difference between a lender’s refinance-labeled product and the same lender’s standard product of the same term, computed nightly across lenders that publish both. It is shown for context and is never added to any rate in the tables. HMDA figures are median note rates on first-lien, owner-occupied, one-to-four-unit loans originated in the most recent reporting year, from the Consumer Financial Protection Bureau’s public Loan/Application Register.
Local, Regional, and National Coverage: Our systems constantly monitor the market to provide a complete picture of available home loan products in Minnesota. We feature a comprehensive mix of licensed NMLS financial institutions, from neighborhood credit unions and competitive regional banks to large national originators available to borrowers in MN.
Daily Updates & Time-Stamped Accuracy: Our rate updaters verify and update mortgage and refinance rates daily. Because rates and APRs can fluctuate rapidly based on bond markets and economic conditions, every loan product features its own “last updated” date for full transparency.
Proprietary Lender Health & Safety Grades: Beyond tracking rates, MonitorBankRates evaluates the financial stability of every listed institution. Our Health Grades (A+ to F) and Star Ratings are composite metrics calculated using objective regulatory data, including the Texas Ratio, ensuring you compare rates from secure, reliable lenders.
How a Mortgage Refinance Works in Minnesota
A refinance pays off your current mortgage with a new loan on the same Minnesota home. The new lender wires the payoff to the old lender at closing, and from that point you make payments on the new loan only. Because it is a brand-new mortgage, you go through an application, credit check, and usually an appraisal, and you pay closing costs, just as you did when you bought the home.
How Minnesota Refinance Rates Compare to Purchase Rates
Most Minnesota banks and credit unions post one rate sheet that applies to purchase and refinance loans alike, which is why the tables above show the same lenders you will find on our Minnesota mortgage rates page. For example, SharePoint Credit Union is listing a VA IRRRL 30-Year Fixed at 6.38% for either purpose. Some lenders price refinances separately and list them by name, such as TruStone Financial Credit Union’s 15-Year Fixed Rate Refinance at 5.88%. Across lenders that post both, refinance pricing currently runs about 0.025 points above the same lender’s purchase rate in Minnesota. Cash-out refinances, investment properties, and second homes carry pricing add-ons at every lender.
Finding Your Break-Even Point in Minnesota
Divide total closing costs by the monthly payment savings and you get the number of months until the refinance has paid for itself. A Minnesota homeowner who expects to sell before that month should not refinance, no matter how good the rate looks. The calculator above runs this math with today’s local rates. A shorter break-even, under three years, is a comfortable margin; anything past five years needs a long stay to pay off.
Refinance Closing Costs and No-Closing-Cost Loans in Minnesota
Refinance closing costs in Minnesota typically run two to five percent of the loan and include the lender’s origination fee, appraisal, title search and lender’s title policy, recording fees, and prepaid interest. Discount points are optional and buy the rate down. A no-closing-cost refinance rolls the fees into a higher rate or the loan balance. It is not free, but it can be the better choice for a homeowner likely to move or refinance again within a few years, because there is nothing to recoup.
When Minnesota Homeowners Should Wait
Refinancing rarely pays when the new rate is less than half a point below the current one, when you are more than ten years into a 30-year loan and would reset the clock, or when your credit score has dropped since the original loan. Homeowners holding a rate from 2020 to 2022 are usually better served by keeping that loan and using a home equity loan or HELOC for cash needs. Our Minnesota refinance rate trends above show where rates have been over the past 90 days, and the forecast gives a sense of where they may head, so you can decide whether to lock now or wait.
Frequently Asked Questions about Refinance Rates in Minnesota
Are refinance rates higher than purchase mortgage rates in Minnesota?
When does refinancing make sense in Minnesota?
How soon can I refinance a mortgage in Minnesota?
What is a rate-and-term refinance?
What is a cash-out refinance?
Does refinancing reset my 30-year term?
What are typical refinance closing costs in Minnesota?
What is the difference between interest rate and APR on a refinance?
Should I lock my refinance rate?
How do I find the best refinance lender in Minnesota?
What are the best refinance rates in Minnesota?
- SharePoint Credit Union: 6.38% (VA IRRRL 30-Year Fixed)
- TruStone Financial Credit Union: 6.50% (30-Year Fixed Rate Refinance)
- Blaze Credit Union: 6.88% (30 Year Fixed Refi)
- U.S. Bank: 6.99% (30-year fixed refinance)
- Wells Fargo: 6.25% (30-Year Fixed-Rate VA)
Refinance Rates by City in Minnesota
