Today's Mortgage Rates

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Are you searching for a low-rate mortgage loan in Minnesota? Whether you live in urban Minneapolis, or the quiet Alba Township, you deserve to have the lowest cost mortgage available. Follow these tips to get it done:

  • Learn all about mortgages.
  • Choose how you want to save, either on the payment or on total interest costs.
  • Bargain hunt.
  • Analyze the numbers.

You'll find the resources you need at Friendly articles and interest rate tables provide the context. The Minnesota broker directory and rate request page give you the contact information. And a complete assortment of mortgage calculators empowers you to crunch numbers like an experienced accountant.

Conforming Mortgages

Fannie Mae and Freddie Mac are federally chartered organizations that provide liquidity to private U.S. lenders. Fannie and Freddie specifically support the homeownership needs of low- and middle-income households. As such, they've devised a set of standards to identify mortgages that are appropriate for these families, also known as conforming mortgages. With the support of Fannie Mae and Freddie Mac, conforming mortgages carry lower interest rates than non-conforming mortgages. If your lender recommends a non-conforming mortgage, find out why. You might hold off on the loan until you can qualify for a better rate later. Often the most restrictive criteria, however, is the maximum loan limit. This limit is reviewed and reset annually by the Office of Federal Housing Enterprise Oversight (OFHEO).

Second Mortgages

A finance dictionary might explain that a second mortgage is a loan holding a second lien position on the collateral property. To put this in layman's terms, the second mortgage is a home equity loan, or home equity line of credit (HELOC), that can be funded without changing or refinancing your first mortgage. Second mortgage interest rates are slightly higher than first mortgage rates, but the amount borrowed is much less. Second mortgage lenders can foreclose, and this is a risk to be considered seriously. You might pursue a second mortgage if you need to raise funds for home improvement, large household purchases, or business start-up costs.

Comparing Loans

As a Minnesota resident, you have many financing options for your purchase or refinance: FRMs, ARMs, second mortgages, HELOCs, etc. If you aren't sure what it all means, turn to's articles, definitions, or interest rate table to learn more. You can also reference our Minnesota broker directory, where you'll find contact information for the lenders who are ready to answer your questions. If you already know what you need, simply request a personalized quote to obtain several competing offers.

Don't discount the importance of analyzing your mortgage offers thoroughly with's mortgage calculators. Check on total interest costs, tax savings, any potential expense associated with rising interest rates, and more. Crunching the numbers is a necessary step in making an informed mortgage decision. Since the tools are free and easy to use, there's no reason not to go through this process.