Mortgage Rates in Ely, Minnesota — March 2026
Updated March 2026 | Based on Ely market data and regional lending conditions
Ely is a smaller Minnesota community of 28,349 where the housing market reflects local economic conditions. The current 30-year fixed rate here is 6.64% (0.01% below the national average). The median home price of $205,000 translates to roughly $1,266/month with 20% down — requiring an income of about $54,257, which exceeds the local median of $52,000.
Current Mortgage Rates in Ely, MN
Below are the current average mortgage rates available in the Ely area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.64% | 6.65% | -0.01% |
| 15-Year Fixed | 5.9% | 5.89% | +0.01% |
| 5/1 ARM | 6.18% | 6.15% | +0.03% |
| FHA | 6.45% | 6.25% | +0.2% |
| VA | 6.2% | 6.05% | +0.15% |
| Jumbo | 6.89% | 6.85% | +0.04% |
Ely Housing Market Overview
At $205,000, Ely offers more affordable housing than most U.S. metros. The local cost of living index is 97.2 (100 = national average), and the median household income of $52,000 still requires careful budgeting at current rate levels.
Monthly Payment Breakdown for Ely
Based on the median home price of $205,000 with 20% down ($41,000), here is what you can expect to pay monthly in Ely:
15-Year vs. 30-Year Mortgage in Ely
Choosing a 15-year mortgage in Ely at 5.9% instead of a 30-year at 6.64% would save you $131,220 in total interest over the life of the loan. However, your monthly payment would be $1,375 instead of $1,052 — an increase of $323 per month.
Calculate Your Ely Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Ely
What are the current mortgage rates in Ely, MN?
As of March 2026, the average 30-year fixed mortgage rate in Ely, Minnesota is 6.64%, while the 15-year fixed rate is 5.9%. FHA loans average 6.45% and VA loans 6.2%. These rates are 0.01% below the national average of 6.65%.
How much is a monthly mortgage payment in Ely?
Based on the median home price of $205,000 with 20% down, the estimated monthly mortgage payment in Ely is $1,052 for principal and interest. Including property taxes of $214/month, the total monthly housing cost is approximately $1,266.
What income do I need to buy a home in Ely?
Using the 28% rule, you would need an annual income of approximately $54,257 to afford the median-priced home in Ely at $205,000. The median household income in Ely is $52,000. This means most households would need to either earn above the median or consider homes below $205,000.
Is Ely a good place to buy a home in 2026?
Ely offers a below-average cost of living with a cost of living index of 97.2 (national average = 100). The property tax rate in Minnesota is 1.25%, which is near the national average. Ely has a population of 28,349 and offers a balanced lifestyle.
Mortgage Rates in Other Minnesota Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Ely, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.