Mortgage Rates in Inver Grove Heights, Minnesota — March 2026
Updated March 2026 | Based on Inver Grove Heights market data and regional lending conditions
Inver Grove Heights is a growing city in Minnesota with a population of 37,880. The current 30-year fixed mortgage rate in Inver Grove Heights is 6.74%, which is 0.09% above the national average. With a median home price of $318,000 and a 20% down payment of $63,600, homebuyers can expect a monthly principal and interest payment of approximately $1,648.
Current Mortgage Rates in Inver Grove Heights, MN
Below are the current average mortgage rates available in the Inver Grove Heights 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 | 6.74% | 6.65% | +0.09% |
| 15-Year Fixed | 5.98% | 5.89% | +0.09% |
| 5/1 ARM | 6.24% | 6.15% | +0.09% |
| FHA | 6.49% | 6.25% | +0.24% |
| VA | 6.24% | 6.05% | +0.19% |
| Jumbo | 6.99% | 6.85% | +0.14% |
Inver Grove Heights Housing Market Overview
The Inver Grove Heights housing market reflects moderate demand with prices near the national average. The median household income in Inver Grove Heights is $75,500, and the cost of living index is 94.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $82,886 to comfortably afford the median-priced home in Inver Grove Heights, which exceeds the current median household income.
Monthly Payment Breakdown for Inver Grove Heights
Based on the median home price of $318,000 with 20% down ($63,600), here is what you can expect to pay monthly in Inver Grove Heights:
15-Year vs. 30-Year Mortgage in Inver Grove Heights
Choosing a 15-year mortgage in Inver Grove Heights at 5.98% instead of a 30-year at 6.74% would save you $207,360 in total interest over the life of the loan. However, your monthly payment would be $2,144 instead of $1,648 — an increase of $496 per month.
Calculate Your Inver Grove Heights Mortgage Payment
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Open Free CalculatorFrequently Asked Questions About Mortgages in Inver Grove Heights
What are the current mortgage rates in Inver Grove Heights, MN?
As of March 2026, the average 30-year fixed mortgage rate in Inver Grove Heights, Minnesota is 6.74%, while the 15-year fixed rate is 5.98%. FHA loans average 6.49% and VA loans 6.24%. These rates are 0.09% above the national average of 6.65%.
How much is a monthly mortgage payment in Inver Grove Heights?
Based on the median home price of $318,000 with 20% down, the estimated monthly mortgage payment in Inver Grove Heights is $1,648 for principal and interest. Including property taxes of $286/month, the total monthly housing cost is approximately $1,934.
What income do I need to buy a home in Inver Grove Heights?
Using the 28% rule, you would need an annual income of approximately $82,886 to afford the median-priced home in Inver Grove Heights at $318,000. The median household income in Inver Grove Heights is $75,500. This means most households would need to either earn above the median or consider homes below $318,000.
Is Inver Grove Heights a good place to buy a home in 2026?
Inver Grove Heights offers a below-average cost of living with a cost of living index of 94.5 (national average = 100). The property tax rate in Minnesota is 1.08%, which is near the national average. Inver Grove Heights has a population of 37,880 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 Inver Grove Heights, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.