Mortgage Rates in Faribault, Minnesota — March 2026
Updated March 2026 | Based on Faribault market data and regional lending conditions
Faribault is a growing city in Minnesota with a population of 24,062. The current 30-year fixed mortgage rate in Faribault is 6.72%, which is 0.07% above the national average. With a median home price of $254,000 and a 20% down payment of $50,800, homebuyers can expect a monthly principal and interest payment of approximately $1,314.
Current Mortgage Rates in Faribault, MN
Below are the current average mortgage rates available in the Faribault 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 | 6.72% | 6.65% | +0.07% |
| 15-Year Fixed | 5.97% | 5.89% | +0.08% |
| 5/1 ARM | 6.23% | 6.15% | +0.08% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.97% | 6.85% | +0.12% |
Faribault Housing Market Overview
The Faribault housing market offers relatively affordable housing compared to many major cities. The median household income in Faribault is $75,600, and the cost of living index is 94 (national average = 100). Based on the 28% affordability rule, the median income in Faribault is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Faribault
Based on the median home price of $254,000 with 20% down ($50,800), here is what you can expect to pay monthly in Faribault:
15-Year vs. 30-Year Mortgage in Faribault
Choosing a 15-year mortgage in Faribault at 5.97% instead of a 30-year at 6.72% would save you $165,060 in total interest over the life of the loan. However, your monthly payment would be $1,711 instead of $1,314 — an increase of $397 per month.
Calculate Your Faribault Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Faribault
What are the current mortgage rates in Faribault, MN?
As of March 2026, the average 30-year fixed mortgage rate in Faribault, Minnesota is 6.72%, while the 15-year fixed rate is 5.97%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.07% above the national average of 6.65%.
How much is a monthly mortgage payment in Faribault?
Based on the median home price of $254,000 with 20% down, the estimated monthly mortgage payment in Faribault is $1,314 for principal and interest. Including property taxes of $229/month, the total monthly housing cost is approximately $1,543.
What income do I need to buy a home in Faribault?
Using the 28% rule, you would need an annual income of approximately $66,129 to afford the median-priced home in Faribault at $254,000. The median household income in Faribault is $75,600. The median income is currently sufficient to meet this threshold.
Is Faribault a good place to buy a home in 2026?
Faribault offers a below-average cost of living with a cost of living index of 94 (national average = 100). The property tax rate in Minnesota is 1.08%, which is near the national average. Faribault has a population of 24,062 and offers a very affordable 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 Faribault, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.