Mortgage Rates in Red Wing, Minnesota — March 2026
Updated March 2026 | Based on Red Wing market data and regional lending conditions
Red Wing is a growing city in Minnesota with a population of 16,600. The current 30-year fixed mortgage rate in Red Wing is 6.84%, which is 0.19% above the national average. With a median home price of $301,000 and a 20% down payment of $60,200, homebuyers can expect a monthly principal and interest payment of approximately $1,576.
Current Mortgage Rates in Red Wing, MN
Below are the current average mortgage rates available in the Red Wing 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 | 6.84% | 6.65% | +0.19% |
| 15-Year Fixed | 6.06% | 5.89% | +0.17% |
| 5/1 ARM | 6.3% | 6.15% | +0.15% |
| FHA | 6.54% | 6.25% | +0.29% |
| VA | 6.29% | 6.05% | +0.24% |
| Jumbo | 7.09% | 6.85% | +0.24% |
Red Wing Housing Market Overview
The Red Wing housing market reflects moderate demand with prices near the national average. The median household income in Red Wing is $69,800, and the cost of living index is 102.4 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $79,671 to comfortably afford the median-priced home in Red Wing, which exceeds the current median household income.
Monthly Payment Breakdown for Red Wing
Based on the median home price of $301,000 with 20% down ($60,200), here is what you can expect to pay monthly in Red Wing:
15-Year vs. 30-Year Mortgage in Red Wing
Choosing a 15-year mortgage in Red Wing at 6.06% instead of a 30-year at 6.84% would save you $200,160 in total interest over the life of the loan. However, your monthly payment would be $2,040 instead of $1,576 — an increase of $464 per month.
Calculate Your Red Wing 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 Red Wing
What are the current mortgage rates in Red Wing, MN?
As of March 2026, the average 30-year fixed mortgage rate in Red Wing, Minnesota is 6.84%, while the 15-year fixed rate is 6.06%. FHA loans average 6.54% and VA loans 6.29%. These rates are 0.19% above the national average of 6.65%.
How much is a monthly mortgage payment in Red Wing?
Based on the median home price of $301,000 with 20% down, the estimated monthly mortgage payment in Red Wing is $1,576 for principal and interest. Including property taxes of $283/month, the total monthly housing cost is approximately $1,859.
What income do I need to buy a home in Red Wing?
Using the 28% rule, you would need an annual income of approximately $79,671 to afford the median-priced home in Red Wing at $301,000. The median household income in Red Wing is $69,800. This means most households would need to either earn above the median or consider homes below $301,000.
Is Red Wing a good place to buy a home in 2026?
Red Wing has a moderate cost of living with a cost of living index of 102.4 (national average = 100). The property tax rate in Minnesota is 1.13%, which is near the national average. Red Wing has a population of 16,600 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 Red Wing, Minnesota area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.