Mortgage Refinancing in Minnesota
Real refinance data for Minnesota from federal sources, updated annually. See how your state compares to national averages.
Refinance Originations
7,682
2023 HMDA data
Avg Loan Amount
$279,078
National: $410,429
Denial Rate
19.94%
▲ Below national avg
Median Home Value
$305,500
U.S. Census Bureau
Source: HMDA 2023 via CFPB, U.S. Census Bureau ACS
Calculate your refinance savingsRefinance Trends in Minnesota
Originations by Year
Refinance originations in Minnesota by year. Source: HMDA via CFPB.
Loan Type Breakdown
Includes all refinance applications (originated, denied, and other outcomes). Source: HMDA via CFPB.
Home Price Trends in Minnesota
Source: FHFA House Price Index
Top Lenders in Minnesota
| # | Lender | HMDA Records | Avg Loan |
|---|---|---|---|
| 1 | U.s. Bank National Association | 20,649 | - |
| 2 | U.s. Bank National Association | 13,797 | - |
| 3 | Bell Bank | 9,565 | - |
| 4 | Wells Fargo Bank National Association | 8,553 | - |
| 5 | Trustone Financial Federal Credit Union | 8,096 | - |
| 6 | Rocket Mortgage LLC | 7,460 | - |
| 7 | Bell Bank | 6,792 | - |
| 8 | United Shore Financial Services LLC | 6,648 | - |
| 9 | Trustone Financial Credit Union | 6,581 | - |
| 10 | Affinity Plus | 6,549 | - |
Ranked by total HMDA filings in the state (2023). Source: HMDA via CFPB.
Compare all lenders →How Minnesota Compares
| Metric | Minnesota | National Avg |
|---|---|---|
| Refinance Originations | 7,682 | 435,709 |
| Avg Loan Amount | $279,078 | $410,429 |
| Denial Rate | 19.94% | 27.87% |
Green indicates the state performs better than the national average. Red indicates worse. Source: HMDA 2023, U.S. Census Bureau.
Current Mortgage Rates
30-Year Fixed
6.38%
▲ 6.22% prev
15-Year Fixed
5.75%
▲ 5.54% prev
5/1 ARM
6.06%
▲ 5.95% prev
National average rates updated daily from FRED (Federal Reserve Bank of St. Louis). Your rate depends on your credit score, loan amount, and lender.
Get personalized rates →Frequently Asked Questions
How many people refinanced in Minnesota in 2023?
In 2023, there were 7,682 refinance originations in Minnesota, according to HMDA data reported to the CFPB.
What is the average refinance loan amount in Minnesota?
The average refinance loan amount in Minnesota was $279,078 in 2023. This reflects originated loans reported through HMDA.
What is the refinance denial rate in Minnesota?
The refinance denial rate in Minnesota was 19.94% in 2023. This is calculated from originated and denied applications reported to the CFPB.
What are the top refinance lenders in Minnesota?
The most active lenders in Minnesota by HMDA filing volume include U.s. Bank National Association, U.s. Bank National Association, Bell Bank. See the full list above for details.
Is it a good time to refinance in Minnesota?
Whether refinancing makes sense depends on your current rate, loan balance, and how long you plan to stay in your home. Use our refinance calculator and break-even calculator to estimate your potential savings based on current national rates.
Want a deeper analysis?
Read our full editorial guide on refinancing in Minnesota, including tips, regulations, and state programs.
Read the Minnesota Refinance GuideData sourced from HMDA (Home Mortgage Disclosure Act) via the CFPB and FRED (Federal Reserve Bank of St. Louis). Demographics from the U.S. Census Bureau American Community Survey. This page is for educational purposes only and does not constitute financial advice. Consult a licensed mortgage professional for personalized guidance.