Minneapolis-St. Paul-Bloomington, MN-WI metro: mortgages and home buyers
2025 home-purchase and refinance statistics for the 15-county Minneapolis-St. Paul-Bloomington, MN-WI area (OMB code 33460), from official HMDA records.
In 2025, lenders reported 40,670 home-purchase mortgages for owner-occupied, single-family homes in the Minneapolis-St. Paul-Bloomington, MN-WI metro area. The median buyer borrowed $335,000 on a home valued at $395,000 and reported a household income of $116,000.
Buyers financed a median 90% of the home's value (roughly 10% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $5,190.
Lenders denied 4.9% of completed home-purchase applications.
Key facts
- Median conventional loan costs ($5,190) were 7% lower than the U.S. median ($5,570).
- FHA loans made up 10.4% of purchase mortgages, versus 21.1% nationally.
- The most common age bracket among borrowers was 25–34 (37.4% of purchase loans).
- 48.0% of purchase mortgages had a single borrower with no co-applicant.
- The most-cited reason for denial was debt-to-income ratio (39.7% of denials with a stated reason).
Counties in the metro area
| County | Purchase loans | Median loan | Buyer income | 30-yr rate | Loan costs | Conforming limit | FHA limit |
|---|---|---|---|---|---|---|---|
| Hennepin County, MN | 12,898 | $335,000 | $124,000 | 6.625% | $5,240 | $832,750 | $552,000 |
| Dakota County, MN | 5,068 | $345,000 | $115,000 | 6.625% | $5,170 | $832,750 | $552,000 |
| Ramsey County, MN | 4,609 | $295,000 | $98,000 | 6.625% | $4,990 | $832,750 | $552,000 |
| Anoka County, MN | 4,148 | $325,000 | $105,000 | 6.625% | $5,320 | $832,750 | $552,000 |
| Washington County, MN | 3,674 | $375,000 | $126,000 | 6.625% | $5,210 | $832,750 | $552,000 |
| Wright County, MN | 2,342 | $345,000 | $115,000 | 6.589% | $5,420 | $832,750 | $552,000 |
| Scott County, MN | 1,858 | $375,000 | $125,000 | 6.525% | $5,230 | $832,750 | $552,000 |
| Carver County, MN | 1,547 | $405,000 | $149,000 | 6.575% | $5,420 | $832,750 | $552,000 |
| Sherburne County, MN | 1,287 | $335,000 | $108,000 | 6.625% | $5,590 | $832,750 | $552,000 |
| St. Croix County, WI | 1,128 | $335,000 | $124,000 | 6.625% | $4,120 | $832,750 | $552,000 |
| Chisago County, MN | 637 | $335,000 | $109,000 | 6.625% | $5,360 | $832,750 | $552,000 |
| Isanti County, MN | 496 | $305,000 | $100,000 | 6.625% | $5,480 | $832,750 | $552,000 |
| Pierce County, WI | 374 | $305,000 | $112,000 | 6.575% | $4,030 | $832,750 | $552,000 |
| Mille Lacs County, MN | 318 | $265,000 | $92,000 | 6.625% | $4,860 | $832,750 | $552,000 |
| Le Sueur County, MN | 286 | $265,000 | $104,000 | 6.500% | $4,900 | $832,750 | $552,000 |
Who bought homes in Minneapolis
Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.
Values are medians; "middle half" is the 25th to 75th percentile.
Loan type
What the homes were for
All first-lien, closed-end purchase mortgages, including second homes and investors.
Borrower age
Debt-to-income ratio
Monthly debts (including the new payment) as a share of income, as used in underwriting.
What borrowing cost in Minneapolis
Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.
| Measure | Minneapolis | U.S. |
|---|---|---|
| 30-year fixed rate · conventional | 6.625% | 6.625% |
| 30-year fixed rate · FHA | 6.400% | 6.250% |
| 30-year fixed rate · VA | 6.250% | 6.125% |
| 15-year fixed rate · conventional | 5.875% | 5.875% |
| Rate spread vs. APOR · conventional | +0.14 pts | +0.13 pts |
| Total loan costs · conventional | $5,190 | $5,570 |
| Total loan costs · FHA | $11,840 | $11,310 |
| Total loan costs · VA | $6,280 | $6,490 |
| Origination charges (all loan types) | $2,310 | $1,860 |
| Borrowers paying discount points | 57.4% | 51.3% |
| Points paid, when paid (% of loan) | 0.80% | 0.87% |
| Borrowers receiving lender credits | 35.6% | 33.1% |
| Adjustable-rate mortgages | 5.9% | 7.4% |
| Jumbo loans (above conforming limit) | 2.4% | 3.8% |
Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.
Approvals and denials
Minneapolis: 2,147 of 43,624 completed home-purchase applications were denied (4.9%).
Denial rate
| Application | Minneapolis | U.S. |
|---|---|---|
| Home purchase | 4.9% | 8.5% |
| Conventional | 4.0% | 7.1% |
| FHA | 10.9% | 12.5% |
| VA | 6.6% | 8.0% |
| USDA | 12.1% | 12.5% |
| Refinance | 14.5% | 17.9% |
| Cash-out refinance | 30.8% | 33.6% |
Main reason for purchase denials
First reason the lender reported.
Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.
Refinancing in Minneapolis
Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology