Mortgage Refinance Rates in Minnesota (2026)
With Minnesota's median value near $345,000, a homeowner refinancing a typical $235,000 balance from about 7.50% to 6.25% saves roughly $196/month — breaking even on ~$5,875 of costs near month 30.
Whether you want a smaller payment or cash from your Minnesota equity, the break-even is what decides if it is worth it. Minnesota uses the $806,500 conforming baseline statewide.
Refinance snapshot by Minnesota county
| County | Est. Value | 2026 Conforming Limit | Tier |
|---|---|---|---|
| Hennepin County | $360,000 | $806,500 | Baseline |
| Ramsey County | $345,000 | $806,500 | Baseline |
| Dakota County | $345,000 | $806,500 | Baseline |
| Anoka County | $345,000 | $806,500 | Baseline |
| Washington County | $345,000 | $806,500 | Baseline |
| Stearns County | $345,000 | $806,500 | Baseline |
| St. Louis County | $345,000 | $806,500 | Baseline |
| Olmsted County | $345,000 | $806,500 | Baseline |
| Scott County | $345,000 | $806,500 | Baseline |
| Wright County | $345,000 | $806,500 | Baseline |
| Carver County | $345,000 | $806,500 | Baseline |
| Sherburne County | $345,000 | $806,500 | Baseline |
| Rice County | $345,000 | $806,500 | Baseline |
| Blue Earth County | $345,000 | $806,500 | Baseline |
| Crow Wing County | $345,000 | $806,500 | Baseline |
| Clay County | $345,000 | $806,500 | Baseline |
| Chisago County | $345,000 | $806,500 | Baseline |
| Otter Tail County | $345,000 | $806,500 | Baseline |
| Carlton County | $345,000 | $806,500 | Baseline |
| Goodhue County | $345,000 | $806,500 | Baseline |
| Itasca County | $345,000 | $806,500 | Baseline |
| Kandiyohi County | $345,000 | $806,500 | Baseline |
| Isanti County | $345,000 | $806,500 | Baseline |
| Winona County | $345,000 | $806,500 | Baseline |
| Mower County | $345,000 | $806,500 | Baseline |
Should you refinance in Minnesota?
It comes down to your break-even. Take your closing costs (often 2-5% of the balance) and divide by your monthly savings — if you will stay in the home past that month count, refinancing usually wins. Cash-out makes sense when the rate and use of funds beat your other borrowing options.
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Frequently Asked Questions
- How much can refinancing save in Minnesota?
- On a $235,000 balance near the Minnesota median, dropping from ~7.50% to 6.25% saves about $196/month. Your figure depends on your current rate and balance.
- What is the conforming loan limit in Minnesota for 2026?
- Most Minnesota counties use the $806,500 baseline; high-cost counties go up to $1,209,750. Above that, refinances are jumbo loans.