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Interest Rate Bulletin
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Sales recorded on contract for deed or sales recorded on warranty deeds that include an assumption of an existing mortgage or a seller-provided mortgage are adjusted to reflect market rate terms for use in the State Board of Equalization Sales Ratio Study, the Tax Court 12 and Nine Month Sales Ratio Studies, and the 21 Month Study. The tables below provide interest rates that accurately reflect market interest rates.
The Property Tax Data and Analysis team updates interest rate values as they become available.
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Federal Home Loan Mortgage Corporation 3-month averages - Freddie Mac interest rates are used for all Seasonal Residential Recreational and Residential properties.
| YEAR | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| January | 3.84 | 3.93 | 4.04 | 3.97 | 4.66 | 3.68 | 2.73 | 3.20 | 6.48 | 6.97 |
| February | 3.75 | 3.83 | 4.17 | 4.10 | 4.49 | 3.60 | 2.74 | 3.44 | 6.30 | 6.74 |
| March | 3.72 | 3.74 | 4.17 | 4.27 | 4.37 | 3.51 | 2.88 | 3.79 | 6.36 | 6.75 |
| April | 3.72 | 3.65 | 4.14 | 4.41 | 4.26 | 3.41 | 2.98 | 4.31 | 6.38 | |
| May | 3.76 | 3.63 | 4.08 | 4.50 | 4.16 | 3.33 | 3.04 | 4.79 | 6.44 | |
| June | 3.83 | 3.59 | 3.99 | 4.54 | 4.01 | 3.23 | 3.00 | 5.24 | 6.49 | |
| July | 3.96 | 3.54 | 3.96 | 4.56 | 3.88 | 3.14 | 2.94 | 5.39 | 6.66 | |
| August | 3.98 | 3.48 | 3.92 | 4.55 | 3.73 | 3.04 | 2.90 | 5.39 | 6.88 | |
| September | 3.95 | 3.45 | 3.88 | 4.57 | 3.66 | 2.95 | 2.87 | 5.58 | 7.04 | |
| October | 3.86 | 3.46 | 3.86 | 4.67 | 3.64 | 2.89 | 2.94 | 6.08 | 7.30 | |
| November | 3.88 | 3.57 | 3.87 | 4.77 | 3.66 | 2.83 | 3.01 | 6.61 | 7.42 | |
| December | 3.90 | 3.81 | 3.92 | 4.78 | 3.70 | 2.76 | 3.08 | 6.69 | 7.29 | |
Interest rates for all agricultural sales are estimated using the U.S. Prime Interest Rate as an index.
| YEAR | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| January | 5.04 | 4.75 | 5.00 | 5.75 | 6.75 | 6.0 | 4.5 | 4.5 | 8.75 | 9.75 |
| February | 5.04 | 4.75 | 5.00 | 5.75 | 6.75 | 6.0 | 4.5 | 4.5 | 9.00 | 9.75 |
| March | 5.04 | 4.75 | 5.25 | 5.75 | 6.75 | 5.0 | 4.5 | 4.75 | 9.00 | 9.75 |
| April | 4.50 | 4.75 | 5.25 | 6.00 | 6.75 | 4.5 | 4.5 | 4.75 | 9.25 | |
| May | 4.50 | 4.75 | 5.25 | 6.00 | 6.75 | 4.5 | 4.5 | 5.25 | 9.50 | |
| June | 4.50 | 4.75 | 5.50 | 6.25 | 6.75 | 4.5 | 4.5 | 6.00 | 9.50 | |
| July | 4.50 | 4.75 | 5.50 | 6.25 | 6.75 | 4.5 | 4.5 | 6.00 | 9.75 | |
| August | 4.50 | 4.75 | 5.50 | 6.25 | 6.50 | 4.5 | 4.5 | 6.75 | 9.75 | |
| September | 4.50 | 4.75 | 5.50 | 6.25 | 6.50 | 4.5 | 4.5 | 6.75 | 9.75 | |
| October | 4.50 | 4.75 | 5.50 | 6.50 | 6.25 | 4.5 | 4.5 | 7.50 | 9.75 | |
| November | 4.50 | 4.75 | 5.50 | 6.50 | 6.00 | 4.5 | 4.5 | 8.25 | 9.75 | |
| December | 4.50 | 5.00 | 5.75 | 6.50 | 6.00 | 4.5 | 4.5 | 8.25 | 9.75 | |
Agricultural rates were taken from the Federal Reserve Bank of Minneapolis prior to April 2015.
Commercial interest rates are calculated using commercial financing rates published on realtyrates.com. Commercial rates are used for Commercial and Industrial properties.
| YEAR | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|
| January | 4.03 | 4.8975 | 5.94 | 5.3425 | 5.9375 | 4.7875 | 4.21 | 4.7075 | 6.91 | 7.4725 |
| February | 4.03 | 4.8975 | 5.54 | 5.3425 | 5.9375 | 4.7875 | 4.21 | 4.7075 | 6.91 | 7.4725 |
| March | 4.03 | 4.8975 | 5.54 | 5.3425 | 5.9375 | 4.7875 | 4.21 | 4.7075 | 6.91 | 7.4725 |
| April | 4.03 | 4.8975 | 5.36 | 5.7375 | 5.4975 | 4.6025 | 4.51 | 5.015 | 6.76 | |
| May | 4.03 | 4.8975 | 5.36 | 5.7375 | 5.4975 | 4.6025 | 4.51 | 5.015 | 6.76 | |
| June | 4.03 | 4.8975 | 5.36 | 5.7375 | 5.4975 | 4.6025 | 4.51 | 5.015 | 6.76 | |
| July | 4.03 | 4.9225 | 5.2775 | 5.80 | 5.1425 | 3.225 | 4.835 | 5.825 | 6.62 | |
| August | 4.03 | 4.9225 | 5.2775 | 5.80 | 5.1425 | 3.225 | 4.835 | 5.825 | 6.62 | |
| September | 4.03 | 4.9225 | 5.2775 | 5.80 | 5.1425 | 3.225 | 4.835 | 5.825 | 6.62 | |
| October | 4.03 | 4.81 | 5.20 | 5.7125 | 4.86 | 3.3175 | 4.535 | 5.98 | 7.1875 | |
| November | 4.03 | 4.81 | 5.20 | 5.7125 | 4.86 | 3.3175 | 4,535 | 5.98 | 7.1875 | |
| December | 4.03 | 4.81 | 5.20 | 5.7125 | 4.86 | 3.3175 | 4.535 | 5.98 | 7.1875 | |
Prior to 2016, the Minnesota Department of Revenue used interest rates from the Grandbridge Real Estate Capital Closing Thoughts on Real Estate Finance newsletter and Crittendon interest rates for Commercial and Apartment Sales over $750,000.
* Monthly numbers are department estimates.
* Estimates are made when published interest rates are unavailable.
