Select your Scenario
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 | 6.991%APR 7.030% | 0 pts$0 | $1,676/moP&I $1,676 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.072%APR 6.845% | 0 pts$0 | $1,667/moP&I $1,550 · MI $118 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.249%APR 6.307% | 0 pts$0 | $1,552/moP&I $1,552 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 7.125%APR 7.196% | 0 pts$0 | $1,699/moP&I $1,699 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.719% | 0 pts$0 | $1,784/moP&I $1,784 · 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 | 6.249% | 6.307% | 0 pts ($0) | $2,162/mo | $44,307 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.257% | 6.328% | 0 pts ($0) | $2,703/mo | $61,602 |
Condo 10% Down | 10% | 720 credit score | 7.321% | 7.496% | 0 pts ($0) | $1,948/mo | $68,625 |
Conventional 10% Down | 10% | 720 credit score | 6.810% | 6.973% | 0 pts ($0) | $1,851/mo | $64,255 |
Conventional 20% Down | 20% | 740 credit score | 6.991% | 7.030% | 0 pts ($0) | $1,676/mo | $52,062 |
Conventional 5% Down | 5% | 700 credit score | 7.143% | 7.630% | 0 pts ($0) | $2,021/mo | $70,830 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.441% | 7.484% | 0 pts ($0) | $2,191/mo | $75,500 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,865/mo | $63,186 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.842% | 7.222% | 0 pts ($0) | $2,001/mo | $72,299 |
Conventional Rate/Term Refi | 0% | 740 credit score | 7.125% | 7.196% | 0 pts ($0) | $2,123/mo | $72,496 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $2,600/mo | $62,002 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.072% | 6.845% | 0 pts ($0) | $1,870/mo | $65,766 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,909/mo | $66,841 |
FHA Streamline Refi | 0% | 640 credit score | 6.267% | 7.044% | 0 pts ($0) | $1,978/mo | $70,032 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.096% | 7.345% | 0 pts ($0) | $2,011/mo | $73,100 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,972/mo | $38,601 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.719% | 0 pts ($0) | $1,673/mo | $53,329 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,699/mo | $53,081 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,832/mo | $56,186 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.436% | 7.215% | 0 pts ($0) | $1,943/mo | $69,154 |
Second Home 10% Down | 10% | 720 credit score | 6.077% | 6.655% | 0 pts ($0) | $1,715/mo | $57,999 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,658/mo | $51,249 |
VA 0% Down | 0% | 700 credit score | 6.076% | 6.323% | 0 pts ($0) | $1,946/mo | $64,386 |
VA Cash-Out Refi | 0% | 640 credit score | 6.080% | 6.452% | 0 pts ($0) | $1,947/mo | $64,424 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.086% | 6.241% | 0 pts ($0) | $1,948/mo | $64,482 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,734/mo | $54,860 |
Frequently Asked Questions
What are today's mortgage rates in Plainview-Elgin-Millville, MN across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Plainview-Elgin-Millville, MN is 6.991% (with an estimated monthly payment of $1,582). Active program rates also include FHA 30-year fixed loans at 6.072% and VA 0%-down fixed loans at 6.076%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Plainview-Elgin-Millville, 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 Plainview-Elgin-Millville, MN have fluctuated between a low of 6.886% and a high of 7.136%. 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 Plainview-Elgin-Millville, MN?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $315,136 in Plainview-Elgin-Millville, MN, a standard 20%-down Conventional loan requires an upfront cash down payment of $63,027 but keeps your monthly payment lower at $1,582/mo (at 6.991% interest) with no monthly PMI. In comparison, an FHA loan requires only $11,030 (3.5% down) but has an estimated payment of $1,765/mo (at 6.072% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $304,106 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 Plainview-Elgin-Millville before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Plainview-Elgin-Millville is $806,501. With a typical local home value of $315,136 in , a standard 20%-down mortgage requires a loan size of $252,109. 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 Plainview-Elgin-Millville, MN impact estimated mortgage payments?
The median home value in Plainview-Elgin-Millville, MN is estimated at $315,136. Buying a typical home here with a standard 20% down payment ($63,027) translates to an estimated starting monthly mortgage payment of $1,582 (principal and interest). Compared to the local area median household income of $87,671 ($7,306/mo), this basic housing payment represents approximately 21.7% 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.