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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.998%APR 7.038% | 0 pts$0 | $1,801/moP&I $1,801 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.076%APR 6.850% | 0 pts$0 | $1,791/moP&I $1,665 · MI $126 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.262%APR 6.320% | 0 pts$0 | $1,669/moP&I $1,669 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.948%APR 6.988% | 0 pts$0 | $1,792/moP&I $1,792 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.725% | 0 pts$0 | $1,916/moP&I $1,916 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.262% | 6.320% | 0 pts ($0) | $2,323/mo | $47,681 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.175% | 6.234% | 0 pts ($0) | $2,888/mo | $65,346 |
Condo 10% Down | 10% | 720 credit score | 7.334% | 7.510% | 0 pts ($0) | $2,095/mo | $73,812 |
Conventional 10% Down | 10% | 720 credit score | 6.820% | 6.983% | 0 pts ($0) | $1,990/mo | $69,092 |
Conventional 20% Down | 20% | 740 credit score | 6.998% | 7.038% | 0 pts ($0) | $1,801/mo | $55,964 |
Conventional 5% Down | 5% | 700 credit score | 7.170% | 7.657% | 0 pts ($0) | $2,176/mo | $76,322 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.453% | 7.496% | 0 pts ($0) | $2,355/mo | $81,198 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $2,003/mo | $67,852 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.846% | 7.226% | 0 pts ($0) | $2,150/mo | $77,677 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.948% | 6.988% | 0 pts ($0) | $2,240/mo | $76,044 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,792/mo | $66,580 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.076% | 6.850% | 0 pts ($0) | $2,008/mo | $70,663 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,050/mo | $71,777 |
FHA Streamline Refi | 0% | 640 credit score | 6.271% | 7.048% | 0 pts ($0) | $2,125/mo | $75,245 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.111% | 7.360% | 0 pts ($0) | $2,163/mo | $78,644 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $2,117/mo | $41,452 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.725% | 0 pts ($0) | $1,796/mo | $57,267 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,824/mo | $57,001 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,968/mo | $60,335 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.440% | 7.220% | 0 pts ($0) | $2,087/mo | $74,301 |
Second Home 10% Down | 10% | 720 credit score | 6.082% | 6.661% | 0 pts ($0) | $1,842/mo | $62,327 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,780/mo | $55,034 |
VA 0% Down | 0% | 700 credit score | 6.080% | 6.327% | 0 pts ($0) | $2,090/mo | $69,182 |
VA Cash-Out Refi | 0% | 640 credit score | 6.085% | 6.457% | 0 pts ($0) | $2,091/mo | $69,234 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.091% | 6.247% | 0 pts ($0) | $2,093/mo | $69,296 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,862/mo | $58,911 |
Frequently Asked Questions
What are today's mortgage rates in 56688, , MN across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 56688, , MN is 6.998% (with an estimated monthly payment of $1,527). Active program rates also include FHA 30-year fixed loans at 6.076% and VA 0%-down fixed loans at 6.080%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 56688, , MN?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 56688, , MN have fluctuated between a low of 6.898% and a high of 7.150%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 56688, , MN?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $338,407 in 56688, , MN, a standard 20%-down Conventional loan requires an upfront cash down payment of $67,681 but keeps your monthly payment lower at $1,527/mo (at 6.998% interest) with no monthly PMI. In comparison, an FHA loan requires only $11,844 (3.5% down) but has an estimated payment of $1,704/mo (at 6.076% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $326,563 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 56688 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 56688 is $806,501. With a typical local home value of $338,407 in , a standard 20%-down mortgage requires a loan size of $270,726. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 56688, , MN impact estimated mortgage payments?
The median home value in 56688, , MN is estimated at $338,407. Buying a typical home here with a standard 20% down payment ($67,681) translates to an estimated starting monthly mortgage payment of $1,527 (principal and interest). Compared to the local area median household income of $65,395 ($5,450/mo), this basic housing payment represents approximately 28.0% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.