Minnesota mortgages and home buyers, 2025
Incomes, down payments, rates, loan costs, denials and lenders across Minnesota's 87 counties, from official HMDA records.
HMDA 2025 data released June 23, 2026
In 2025, lenders reported 57,388 home-purchase mortgages for owner-occupied, single-family homes in Minnesota. The median buyer borrowed $305,000 on a home valued at $365,000 and reported a household income of $107,000.
Buyers financed a median 90% of the home's value (roughly 10% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $5,100.
Lenders denied 5.2% of completed home-purchase applications.
Key facts
- Median conventional loan costs ($5,100) were 8% lower than the U.S. median ($5,570).
- FHA loans made up 11.6% of purchase mortgages, versus 21.1% nationally.
- The most common age bracket among borrowers was 25–34 (36.6% of purchase loans).
- 49.5% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (36.1% of denials with a stated reason).
The 2026 conforming limit is $832,750 for a one-unit home in every Minnesota county. See every Minnesota county's 2026 FHA and conforming loan limits.
Minnesota counties compared
Click a column to sort. Medians shown with at least 30 loans.
| County | Purchase loans | Median loan | Buyer income | Down payment | 30-yr rate | Loan costs | Denial rate | FHA limit |
|---|---|---|---|---|---|---|---|---|
| Aitkin County | 133 | $245,000 | $83,000 | 10.0% | 6.625% | $5,150 | 6.3% | $541,287 |
| Anoka County | 4,148 | $325,000 | $105,000 | 10.0% | 6.625% | $5,320 | 4.9% | $552,000 |
| Becker County | 274 | $275,000 | $101,000 | 7.8% | 6.500% | $5,180 | 5.4% | $541,287 |
| Beltrami County | 193 | $235,000 | $85,000 | 5.0% | 6.500% | $5,270 | 8.0% | $541,287 |
| Benton County | 403 | $265,000 | $87,000 | 5.0% | 6.625% | $4,780 | 6.6% | $541,287 |
| Big Stone County | 32 | $155,000 | $75,000 | 20.0% | — | — | 8.3% | $541,287 |
| Blue Earth County | 514 | $255,000 | $94,000 | 8.0% | 6.623% | $5,240 | 3.0% | $541,287 |
| Brown County | 217 | $185,000 | $74,000 | 5.0% | 6.500% | $4,550 | 5.5% | $541,287 |
| Carlton County | 342 | $255,000 | $95,000 | 10.0% | 6.625% | $5,140 | 6.6% | $541,287 |
| Carver County | 1,547 | $405,000 | $149,000 | 20.0% | 6.575% | $5,420 | 3.4% | $552,000 |
| Cass County | 207 | $275,000 | $110,000 | 15.0% | 6.625% | $5,330 | 6.6% | $541,287 |
| Chippewa County | 83 | $175,000 | $70,000 | 3.5% | 6.625% | $4,240 | 8.6% | $541,287 |
| Chisago County | 637 | $335,000 | $109,000 | 6.6% | 6.625% | $5,360 | 5.3% | $552,000 |
| Clay County | 696 | $245,000 | $93,000 | 8.0% | 6.375% | $4,730 | 4.6% | $541,287 |
| Clearwater County | 52 | $185,000 | $70,000 | 3.5% | — | — | 3.6% | $541,287 |
| Cook County | 24 | — | — | — | — | — | — | $541,287 |
| Cottonwood County | 76 | $155,000 | $60,000 | 3.5% | 6.625% | $3,930 | 8.2% | $541,287 |
| Crow Wing County | 582 | $265,000 | $93,000 | 10.0% | 6.525% | $4,990 | 5.1% | $541,287 |
| Dakota County | 5,068 | $345,000 | $115,000 | 10.0% | 6.625% | $5,170 | 4.4% | $552,000 |
| Dodge County | 217 | $285,000 | $101,000 | 7.0% | 6.500% | $5,200 | 4.3% | $541,287 |
| Douglas County | 325 | $285,000 | $98,000 | 14.8% | 6.500% | $5,240 | 4.1% | $541,287 |
| Faribault County | 94 | $155,000 | $66,000 | 5.0% | 6.500% | $3,700 | 15.4% | $541,287 |
| Fillmore County | 185 | $205,000 | $80,000 | 5.0% | 6.500% | $4,270 | 5.5% | $541,287 |
| Freeborn County | 257 | $165,000 | $69,000 | 5.0% | 6.625% | $4,510 | 5.7% | $541,287 |
| Goodhue County | 484 | $265,000 | $99,000 | 10.0% | 6.525% | $5,240 | 3.9% | $541,287 |
| Grant County | 51 | $185,000 | $73,000 | 5.0% | — | $4,800 | 11.9% | $541,287 |
| Hennepin County | 12,898 | $335,000 | $124,000 | 15.0% | 6.625% | $5,240 | 5.0% | $552,000 |
| Houston County | 176 | $235,000 | $92,000 | 10.0% | 6.525% | $3,020 | 1.1% | $541,287 |
| Hubbard County | 120 | $295,000 | $101,000 | 6.0% | 6.525% | $5,180 | 11.0% | $541,287 |
| Isanti County | 496 | $305,000 | $100,000 | 5.0% | 6.625% | $5,480 | 7.3% | $552,000 |
| Itasca County | 348 | $235,000 | $94,000 | 7.7% | 6.624% | $5,210 | 8.6% | $541,287 |
| Jackson County | 71 | $145,000 | $65,000 | 4.0% | — | $3,950 | 12.6% | $541,287 |
| Kanabec County | 133 | $275,000 | $93,000 | 5.0% | 6.750% | $5,200 | 9.4% | $541,287 |
| Kandiyohi County | 325 | $235,000 | $90,000 | 5.0% | 6.625% | $4,810 | 4.9% | $541,287 |
| Kittson County | 20 | — | — | — | — | — | — | $541,287 |
| Koochiching County | 106 | $125,000 | $70,000 | 8.8% | 6.625% | $4,040 | 6.8% | $541,287 |
| Lac qui Parle County | 33 | $135,000 | $66,000 | 5.0% | — | — | 15.4% | $541,287 |
| Lake County | 125 | $225,000 | $89,000 | 10.0% | 6.500% | $4,420 | 9.3% | $541,287 |
| Lake of the Woods County | 25 | — | — | — | — | — | — | $541,287 |
| Le Sueur County | 286 | $265,000 | $104,000 | 6.5% | 6.500% | $4,900 | 8.5% | $552,000 |
| Lincoln County | 57 | $155,000 | $81,000 | 5.0% | 6.625% | $3,830 | 3.4% | $541,287 |
| Lyon County | 187 | $195,000 | $77,000 | 5.0% | 6.500% | $4,200 | 6.5% | $541,287 |
| McLeod County | 372 | $245,000 | $88,000 | 5.0% | 6.625% | $5,590 | 3.6% | $541,287 |
| Mahnomen County | 35 | $175,000 | $79,000 | 3.5% | — | — | 7.5% | $541,287 |
| Marshall County | 60 | $155,000 | $67,000 | 5.0% | — | — | 6.0% | $541,287 |
| Martin County | 154 | $165,000 | $75,000 | 5.0% | 6.500% | $4,420 | 7.7% | $541,287 |
| Meeker County | 185 | $235,000 | $87,000 | 5.0% | 6.625% | $5,140 | 6.0% | $541,287 |
| Mille Lacs County | 318 | $265,000 | $92,000 | 5.0% | 6.625% | $4,860 | 7.3% | $552,000 |
| Morrison County | 260 | $235,000 | $83,000 | 5.0% | 6.625% | $4,870 | 6.3% | $541,287 |
| Mower County | 398 | $185,000 | $74,000 | 5.0% | 6.625% | $4,840 | 7.1% | $541,287 |
| Murray County | 74 | $175,000 | $84,000 | 5.0% | 6.625% | $4,290 | 10.7% | $541,287 |
| Nicollet County | 339 | $245,000 | $98,000 | 10.0% | 6.575% | $5,410 | 3.6% | $541,287 |
| Nobles County | 142 | $225,000 | $76,000 | 3.5% | 6.625% | $4,600 | 8.8% | $541,287 |
| Norman County | 52 | $165,000 | $71,000 | 5.0% | — | $4,540 | 14.8% | $541,287 |
| Olmsted County | 1,772 | $295,000 | $109,000 | 10.0% | 6.500% | $5,020 | 4.2% | $541,287 |
| Otter Tail County | 396 | $225,000 | $91,000 | 10.0% | 6.500% | $4,730 | 6.3% | $541,287 |
| Pennington County | 87 | $175,000 | $71,000 | 3.5% | 6.500% | $4,320 | 4.3% | $541,287 |
| Pine County | 229 | $265,000 | $102,000 | 5.1% | 6.625% | $5,100 | 11.1% | $541,287 |
| Pipestone County | 69 | $165,000 | $59,000 | 5.1% | — | $4,680 | 18.6% | $541,287 |
| Polk County | 242 | $215,000 | $91,000 | 5.0% | 6.625% | $5,260 | 5.8% | $541,287 |
| Pope County | 68 | $205,000 | $80,000 | 10.0% | 6.500% | $4,190 | 4.0% | $541,287 |
| Ramsey County | 4,609 | $295,000 | $98,000 | 10.0% | 6.625% | $4,990 | 4.7% | $552,000 |
| Red Lake County | 24 | — | — | — | — | — | — | $541,287 |
| Redwood County | 122 | $145,000 | $71,000 | 5.0% | 6.500% | $3,790 | 9.5% | $541,287 |
| Renville County | 105 | $155,000 | $64,000 | 5.0% | 6.500% | $4,130 | 10.3% | $541,287 |
| Rice County | 586 | $285,000 | $100,000 | 10.0% | 6.625% | $5,120 | 5.3% | $541,287 |
| Rock County | 94 | $225,000 | $85,000 | 5.0% | 6.473% | $4,560 | 6.7% | $541,287 |
| Roseau County | 98 | $195,000 | $91,000 | 3.5% | — | — | 3.0% | $541,287 |
| St. Louis County | 1,735 | $225,000 | $89,000 | 7.5% | 6.625% | $4,950 | 4.7% | $541,287 |
| Scott County | 1,858 | $375,000 | $125,000 | 13.7% | 6.525% | $5,230 | 5.5% | $552,000 |
| Sherburne County | 1,287 | $335,000 | $108,000 | 6.9% | 6.625% | $5,590 | 5.1% | $552,000 |
| Sibley County | 155 | $235,000 | $89,000 | 5.0% | 6.625% | $4,370 | 9.6% | $541,287 |
| Stearns County | 1,449 | $255,000 | $88,000 | 5.0% | 6.625% | $4,700 | 5.3% | $541,287 |
| Steele County | 350 | $255,000 | $94,000 | 5.0% | 6.625% | $5,360 | 4.7% | $541,287 |
| Stevens County | 59 | $155,000 | $80,000 | 10.0% | 6.500% | $4,300 | 6.2% | $541,287 |
| Swift County | 70 | $155,000 | $75,000 | 3.5% | 6.625% | $4,200 | 11.3% | $541,287 |
| Todd County | 178 | $185,000 | $71,000 | 5.0% | 6.625% | $4,540 | 8.5% | $541,287 |
| Traverse County | 29 | — | — | — | — | — | 3.3% | $541,287 |
| Wabasha County | 207 | $265,000 | $91,000 | 10.0% | 6.500% | $4,820 | 7.3% | $541,287 |
| Wadena County | 76 | $185,000 | $70,000 | 5.0% | 6.500% | $4,180 | 8.3% | $541,287 |
| Waseca County | 168 | $205,000 | $77,000 | 5.0% | 6.500% | $4,970 | 5.6% | $541,287 |
| Washington County | 3,674 | $375,000 | $126,000 | 12.8% | 6.625% | $5,210 | 4.4% | $552,000 |
| Watonwan County | 70 | $165,000 | $66,000 | 3.5% | — | — | 11.3% | $541,287 |
| Wilkin County | 51 | $185,000 | $73,000 | 5.0% | — | — | 7.1% | $541,287 |
| Winona County | 374 | $215,000 | $83,000 | 10.0% | 6.525% | $4,060 | 3.1% | $541,287 |
| Wright County | 2,342 | $345,000 | $115,000 | 10.0% | 6.589% | $5,420 | 5.7% | $552,000 |
| Yellow Medicine County | 60 | $155,000 | $73,000 | 5.0% | 6.500% | $3,930 | 13.0% | $541,287 |
Who bought homes in Minnesota
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Minnesota
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Minnesota | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.500% | 6.250% |
| 30-year fixed rate · VA | 6.250% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.15 pts | +0.13 pts |
| Total loan costs · conventional | $5,100 | $5,570 |
| Total loan costs · FHA | $10,780 | $11,310 |
| Total loan costs · VA | $5,760 | $6,490 |
| Origination charges (all loan types) | $2,360 | $1,860 |
| Borrowers paying discount points | 54.9% | 51.3% |
| Points paid, when paid (% of loan) | 0.79% | 0.87% |
| Borrowers receiving lender credits | 35.3% | 33.1% |
| Adjustable-rate mortgages | 5.4% | 7.4% |
| Jumbo loans (above conforming limit) | 1.9% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Minnesota: 3,238 of 61,746 completed home-purchase applications were denied (5.2%).
Denial rate
| Application | Minnesota | U.S. |
|---|---|---|
| Home purchase | 5.2% | 8.5% |
| Conventional | 4.2% | 7.1% |
| FHA | 10.7% | 12.5% |
| VA | 7.2% | 8.0% |
| USDA | 10.2% | 12.5% |
| Refinance | 15.3% | 17.9% |
| Cash-out refinance | 31.1% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Minnesota
Top mortgage lenders in Minnesota
| # | Lender | Loans | Share | Denial rate | 30-yr rate* | Spread* | Costs* |
|---|---|---|---|---|---|---|---|
| 1 | United Wholesale Mortgage (UWM) | 6,172 | 8.2% | 6.3% | 6.599% | +0.18 | $6,280 |
| 2 | Bell Bank | 4,713 | 6.2% | 1.4% | 6.625% | +0.16 | $5,100 |
| 3 | Rocket Mortgage, LLC | 4,060 | 5.4% | 9.0% | 6.625% | +0.18 | $5,310 |
| 4 | CrossCountry Mortgage, Inc. | 2,836 | 3.8% | 1.4% | 6.625% | +0.31 | $6,250 |
| 5 | Fairway Independent Mortgage Corporation | 2,203 | 2.9% | 2.1% | 6.750% | +0.35 | $5,370 |
| 6 | U.S. Bank, N.A. | 1,763 | 2.3% | 6.0% | 6.625% | +0.05 | $4,150 |
| 7 | Prosperity Home Mortgage, LLC | 1,572 | 2.1% | 2.0% | 6.625% | +0.21 | $4,900 |
| 8 | New American Funding | 1,533 | 2.0% | 2.0% | 6.750% | +0.39 | $6,000 |
| 9 | Pennymac Loan Services, LLC | 1,527 | 2.0% | 7.7% | 6.624% | +0.13 | $5,430 |
| 10 | Wells Fargo Bank, N.A. | 1,308 | 1.7% | 12.5% | 6.500% | −0.06 | $4,070 |
| 11 | Rate | 1,292 | 1.7% | 4.0% | 6.600% | +0.25 | $5,150 |
| 12 | Lennar Mortgage, LLC | 1,282 | 1.7% | 4.2% | 6.125% | −0.20 | $4,500 |
| 13 | Luminate Bank | 1,148 | 1.5% | 1.8% | 6.625% | +0.29 | $7,040 |
| 14 | Granite Bank | 1,116 | 1.5% | 3.5% | 6.625% | +0.29 | $5,730 |
| 15 | Veterans United Home Loans | 1,106 | 1.5% | 8.3% | 6.375% | +0.09 | $3,790 |
| 16 | Tradition Mortgage, LLC | 1,030 | 1.4% | 0.2% | 6.625% | +0.16 | $5,060 |
| 17 | Royal Credit Union | 1,025 | 1.4% | 2.5% | 6.500% | +0.21 | $6,300 |
| 18 | Old National Bank | 915 | 1.2% | 4.3% | 6.500% | −0.03 | $4,250 |
| 19 | Trustone Financial Credit Union | 912 | 1.2% | 7.5% | 6.625% | +0.05 | $4,010 |
| 20 | Alerus Financial, N.A. | 906 | 1.2% | 1.9% | 6.625% | +0.07 | $4,190 |
| 21 | loanDepot.com, LLC | 860 | 1.1% | 11.0% | 6.625% | +0.28 | $6,460 |
| 22 | Everett Financial, Inc. | 796 | 1.1% | 1.8% | 6.875% | +0.51 | $7,130 |
| 23 | Newrez LLC | 787 | 1.0% | 8.8% | 6.625% | +0.19 | $5,300 |
| 24 | Wings Financial Credit Union | 757 | 1.0% | 1.0% | 6.375% | −0.11 | $3,970 |
| 25 | Freedom Mortgage Corporation | 748 | 1.0% | 16.5% | — | — | — |
Largest lenders in Minnesota by 2025 originations. Loans = home-purchase, refinance and cash-out originations (2025); share = share of those loans here; denial rate = home-purchase applications. *Medians for conventional home-purchase loans, shown with at least 20 loans; spread = APR minus the average prime offer rate at rate lock (percentage points); costs = total loan costs (section D).
Metro areas in Minnesota
- Minneapolis-St. Paul-Bloomington, MN-WI · 40,670 purchases
- Sioux Falls, SD-MN · 3,607 purchases
- Duluth, MN-WI · 2,472 purchases
- Fargo, ND-MN · 2,648 purchases
- Rochester, MN · 2,381 purchases
- St. Cloud, MN · 1,852 purchases
- La Crosse-Onalaska, WI-MN · 1,401 purchases
- Mankato, MN · 853 purchases
- Grand Forks, ND-MN · 834 purchases
Source: FFIEC/CFPB HMDA 2025 public LAR; FHFA and HUD 2026 loan limits. Methodology