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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 | 7.006%APR 7.046% | 0 pts$0 | $1,543/moP&I $1,543 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.075%APR 6.849% | 0 pts$0 | $1,534/moP&I $1,426 · MI $108 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.268%APR 6.327% | 0 pts$0 | $1,430/moP&I $1,430 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.159%APR 7.232% | 0 pts$0 | $1,567/moP&I $1,567 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.727% | 0 pts$0 | $1,641/moP&I $1,641 · 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 | 6.268% | 6.327% | 0 pts ($0) | $1,990/mo | $40,871 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.272% | 6.345% | 0 pts ($0) | $2,488/mo | $56,773 |
Condo 10% Down | 10% | 720 credit score | 7.340% | 7.516% | 0 pts ($0) | $1,795/mo | $63,254 |
Conventional 10% Down | 10% | 720 credit score | 6.824% | 6.987% | 0 pts ($0) | $1,704/mo | $59,197 |
Conventional 20% Down | 20% | 740 credit score | 7.006% | 7.046% | 0 pts ($0) | $1,543/mo | $47,979 |
Conventional 5% Down | 5% | 700 credit score | 7.182% | 7.670% | 0 pts ($0) | $1,865/mo | $65,456 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.459% | 7.502% | 0 pts ($0) | $2,018/mo | $69,584 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,715/mo | $58,103 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.847% | 7.227% | 0 pts ($0) | $1,841/mo | $66,525 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.159% | 7.232% | 0 pts ($0) | $1,959/mo | $66,962 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,391/mo | $57,014 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.075% | 6.849% | 0 pts ($0) | $1,720/mo | $60,502 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,756/mo | $61,464 |
FHA Streamline Refi | 0% | 640 credit score | 6.270% | 7.047% | 0 pts ($0) | $1,819/mo | $64,425 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.118% | 7.367% | 0 pts ($0) | $1,853/mo | $67,403 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,813/mo | $35,496 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.727% | 0 pts ($0) | $1,538/mo | $49,039 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,562/mo | $48,811 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,685/mo | $51,666 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.439% | 7.219% | 0 pts ($0) | $1,787/mo | $63,617 |
Second Home 10% Down | 10% | 720 credit score | 6.084% | 6.663% | 0 pts ($0) | $1,578/mo | $53,388 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,524/mo | $47,127 |
VA 0% Down | 0% | 700 credit score | 6.082% | 6.330% | 0 pts ($0) | $1,790/mo | $59,260 |
VA Cash-Out Refi | 0% | 640 credit score | 6.084% | 6.456% | 0 pts ($0) | $1,791/mo | $59,278 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.093% | 6.249% | 0 pts ($0) | $1,793/mo | $59,358 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,595/mo | $50,447 |
Frequently Asked Questions
What are today's mortgage rates in Glencoe-Silver Lake, MN across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Glencoe-Silver Lake, MN is 7.006% (with an estimated monthly payment of $1,506). Active program rates also include FHA 30-year fixed loans at 6.075% and VA 0%-down fixed loans at 6.082%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Glencoe-Silver Lake, 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 Glencoe-Silver Lake, MN have fluctuated between a low of 6.903% and a high of 7.157%. 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 Glencoe-Silver Lake, MN?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $289,786 in Glencoe-Silver Lake, MN, a standard 20%-down Conventional loan requires an upfront cash down payment of $57,957 but keeps your monthly payment lower at $1,506/mo (at 7.006% interest) with no monthly PMI. In comparison, an FHA loan requires only $10,143 (3.5% down) but has an estimated payment of $1,678/mo (at 6.075% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $279,643 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 Glencoe-Silver Lake before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Glencoe-Silver Lake is $806,501. With a typical local home value of $289,786 in , a standard 20%-down mortgage requires a loan size of $231,829. 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 Glencoe-Silver Lake, MN impact estimated mortgage payments?
The median home value in Glencoe-Silver Lake, MN is estimated at $289,786. Buying a typical home here with a standard 20% down payment ($57,957) translates to an estimated starting monthly mortgage payment of $1,506 (principal and interest). Compared to the local area median household income of $82,807 ($6,901/mo), this basic housing payment represents approximately 21.8% 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.