Mortgage rates rose again this week. Here are the latest national averages, plus the state programs that can help first-time buyers in Stearns and Benton counties get into a home.
This week’s mortgage rates
Freddie Mac’s weekly Primary Mortgage Market Survey, released Thursday, Oct. 8, 2026, shows:
- 30-year fixed: 7.40% on average, up from 7.28% the week before (up 0.12 percentage point). A year ago it was 6.30%.
- 15-year fixed: 6.73% on average, up from 6.60% the week before (up 0.13 percentage point). A year ago it was 5.53%.
These are national averages for conventional, conforming home purchase loans for borrowers who put 20% down and have excellent credit. The rate a buyer is actually offered depends on credit, down payment, loan type and lender. Freddie Mac notes that shopping around and getting several quotes can save borrowers thousands of dollars over the life of a loan.
Help for first-time buyers in Stearns and Benton counties
Minnesota Housing, the state’s housing finance agency, offers home loan programs through participating lenders across the state. Highlights for 2026:
- Start Up is for first-time buyers. Minnesota Housing counts someone as a first-time buyer if they haven’t had an ownership interest in a principal residence in the last three years.
- Income limits. In counties outside the 11-county Twin Cities metro, including Stearns and Benton, the Start Up income limit is $118,900 for a household of one or two and $136,700 for three or more. These limits apply to loans locked on or after July 1, 2026. Sherburne County is part of Minnesota Housing’s 11-county metro group and has different limits.
- Purchase price limit. For a single-family (one-unit) home outside the 11-county metro, the Start Up limit is $472,030.
- Down payment and closing cost loans. Eligible Start Up buyers may get a Deferred Payment Loan of up to $14,000, or a Deferred Payment Loan Plus of up to $18,000, which has extra eligibility requirements. Both have no interest and no monthly payments, and they must be repaid in full when the mortgage term ends, or sooner if the buyer moves, sells or refinances the home, or pays off the first mortgage. A Monthly Payment Loan of up to $14,000 is also available. These are loans, not grants, and can only be used with a Minnesota Housing first mortgage. The deferred loans have their own, lower income limits.
- Homebuyer education. If all borrowers are first-time buyers, at least one must complete an approved homebuyer education course, such as Home Stretch or Framework, before closing.
- Not a first-time buyer? Minnesota Housing’s Step Up program is open to repeat buyers, and to first-time buyers who are over the Start Up limits.
Quick tips before you shop
- Get quotes from more than one lender and compare the full loan estimate, not just the rate.
- Ask lenders whether they’re a Minnesota Housing participating lender if you think you might qualify for Start Up or Step Up.
- Take a homebuyer education class early. Minnesota Housing says the class helps most when it’s taken early in the process.
Sources: Freddie Mac Primary Mortgage Market Survey (Oct. 8, 2026); Minnesota Housing homeownership programs, income limits and purchase price limits. Checked Oct. 9, 2026.
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Sponsored by Dan DeMark, Realtor | LPT Realty (goldenrulerealestateservices.com). Thinking about buying or selling in Stearns or Benton County? Contact Dan for a real valuation of your home or help finding your next one.
Market figures and rates change often and are for general information only. Contact a licensed professional for advice on your situation.
Equal Housing Opportunity.
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