Happy July, Minnesota. As we close the book on the spring selling season and head into summer, the state’s residential real estate market is sending mixed — but largely stable — signals. Inventory is expanding, prices are holding close to last year’s levels, and mortgage rates remain stubbornly parked in the mid-6% range. Here is a full breakdown of where things stand as of July 1, 2026.
Mortgage Rates: Holding in the Mid-6s
According to Freddie Mac’s most recent Primary Mortgage Market Survey (week ending June 25, 2026), the average 30-year fixed-rate mortgage came in at 6.49% — meaningfully lower than the 6.77% recorded a year ago at this time, but still elevated compared to the historically low rates of 2020–2021. The 15-year fixed averaged 5.84%, per the same Freddie Mac report. Bankrate’s daily tracker placed the 30-year conventional rate at 6.47% this week, while NerdWallet reported an APR of approximately 6.35% on Wednesday morning — a reflection of normal day-to-day variance across lenders and rate-tracking methodologies.
The Federal Reserve held its benchmark federal funds rate steady at 3.50%–3.75% at its June 16–17 meeting, citing continued concerns about global energy prices and inflation, per Forbes Advisor. The Fed’s next meeting is July 28–29. The Mortgage Bankers Association’s May Mortgage Finance Forecast projects 30-year fixed rates will remain around 6.5% in both Q3 and Q4 of 2026, and a June Reuters poll of housing specialists found that mid-6% rates are
