Mortgage Market Bulletin for October 2025

Minnesota & Iowa — LaPorte Group Mortgage

Market Snapshot

• 30-year fixed rates are hovering in the mid-6% range; 15-year near the mid-5s.

• The Fed’s September rate cut points to a cautious path ahead—week-to-week price bumps are still likely.
  Takeaway: With tight inventory in MN & IA, strong pre-approvals and quick lock decisions matter.

2025 Loan Limits (MN & IA)

• Conventional (Conforming): $806,500 (1-unit baseline)

• FHA: Floor $524,225 (most counties)

• USDA: Wide rural eligibility; income typically ≤115% of area median
  We’ll confirm county-specific eligibility and limits for you.

Buyer Tips for October

• Be lock-ready: Capture small improvements (~0.125–0.25 pts) when pricing moves your way.

• Ease into payments: Consider a 2-1 temporary buydown or permanent points.

• Plan for appraisals: USDA/FHA may flag water/septic or safety items—budget time for fixes.

• Self-employed/seasonal income: Prep YTD P&L, last 2 years’ returns, and business statements early.

For Real Estate Partners

• Same-day pre-approvals when docs are in

• Fast scenario desk: Send price, taxes, insurance, HOA, credit, income type—get side-by-side options

• Co-branded open-house flyers: Conventional, FHA, and USDA comparisons

Simple Buyer Checklist

• 30 days of pay stubs; 2 years W-2s/1099s

• 2 months bank statements (all pages)

• Photo ID; rental verification if applicable

• Letters for large deposits & credit inquiries

Local Focus

Proudly serving Jackson, Lakefield, Spirit Lake, Worthington, Fairmont, Windom, Estherville, and surrounding MN/IA communities.

Ready to compare options or start a pre-approval?
Call or text Kip Wachal — LaPorte Group Mortgage for a tailored side-by-side breakdown of payment and cash-to-close.