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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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Market Rates for Cash Equivalency [+]

Federal Home Loan Mortgage Corporation 3-month averages - Freddie Mac interest rates are used for all Seasonal Residential Recreational and Residential properties.

YEAR	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
January	3.93	4.04	3.97	4.66	3.68	2.73	3.20	6.48	6.97	6.83
February	3.83	4.17	4.10	4.49	3.60	2.74	3.44	6.30	6.74	6.84
March	3.74	4.17	4.27	4.37	3.51	2.88	3.79	6.36	6.75	6.82
April	3.65	4.14	4.41	4.26	3.41	2.98	4.31	6.38	6.86	6.74
May	3.63	4.08	4.50	4.16	3.33	3.04	4.79	6.44	6.96	6.73
June	3.59	3.99	4.54	4.01	3.23	3.00	5.24	6.49	6.99
July	3.54	3.96	4.56	3.88	3.14	2.94	5.39	6.66	6.94
August	3.48	3.92	4.55	3.73	3.04	2.90	5.39	6.88	6.76
September	3.45	3.88	4.57	3.66	2.95	2.87	5.58	7.04	6.51
October	3.46	3.86	4.67	3.64	2.89	2.94	6.08	7.30	6.37
November	3.57	3.87	4.77	3.66	2.83	3.01	6.61	7.42	6.47
December	3.81	3.92	4.78	3.70	2.76	3.08	6.69	7.29	6.65

Agricultural Sales Interest Rates [+]

Interest rates for all agricultural sales are estimated using the U.S. Prime Interest Rate as an index.

YEAR	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
January	4.75	5.00	5.75	6.75	6.0	4.5	4.5	8.75	9.75	8.75
February	4.75	5.00	5.75	6.75	6.0	4.5	4.5	9.00	9.75	8.75
March	4.75	5.25	5.75	6.75	5.0	4.5	4.75	9.00	9.75	8.75
April	4.75	5.25	6.00	6.75	4.5	4.5	4.75	9.25	9.75	8.75
May	4.75	5.25	6.00	6.75	4.5	4.5	5.25	9.50	9.75	8.75
June	4.75	5.50	6.25	6.75	4.5	4.5	6.00	9.50	9.75
July	4.75	5.50	6.25	6.75	4.5	4.5	6.00	9.75	9.75
August	4.75	5.50	6.25	6.50	4.5	4.5	6.75	9.75	9.75
September	4.75	5.50	6.25	6.50	4.5	4.5	6.75	9.75	9.75
October	4.75	5.50	6.50	6.25	4.5	4.5	7.50	9.75	9.25
November	4.75	5.50	6.50	6.00	4.5	4.5	8.25	9.75	9.00
December	5.00	5.75	6.50	6.00	4.5	4.5	8.25	9.75	9.00

Agricultural rates were taken from the Federal Reserve Bank of Minneapolis prior to April 2015.

Commercial Real Estate Interest Rates [+]

Commercial interest rates are calculated using commercial financing rates published on realtyrates.com. Commercial rates are used for Commercial and Industrial properties.

YEAR	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
January	4.8975	5.94	5.3425	5.9375	4.7875	4.21	4.7075	6.91	7.4725	7.67
February	4.8975	5.54	5.3425	5.9375	4.7875	4.21	4.7075	6.91	7.4725	7.67
March	4.8975	5.54	5.3425	5.9375	4.7875	4.21	4.7075	6.91	7.4725	7.67
April	4.8975	5.36	5.7375	5.4975	4.6025	4.51	5.015	6.76	7.365	7.6525
May	4.8975	5.36	5.7375	5.4975	4.6025	4.51	5.015	6.76	7.365	7.6525
June	4.8975	5.36	5.7375	5.4975	4.6025	4.51	5.015	6.76	7.365
July	4.9225	5.2775	5.80	5.1425	3.225	4.835	5.825	6.62	7.5675
August	4.9225	5.2775	5.80	5.1425	3.225	4.835	5.825	6.62	7.5675
September	4.9225	5.2775	5.80	5.1425	3.225	4.835	5.825	6.62	7.5675
October	4.81	5.20	5.7125	4.86	3.3175	4.535	5.98	7.1875	7.1675
November	4.81	5.20	5.7125	4.86	3.3175	4,535	5.98	7.1875	7.1675
December	4.81	5.20	5.7125	4.86	3.3175	4.535	5.98	7.1875	7.1675

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.

Contact Info

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Last Updated

June 02, 2025