Wisconsin Mortgage and Refinance Rates

Current mortgage rates in Wisconsin

As of Thursday, September 26, 2024, current interest rates in Wisconsin are 6.13% for a 30-year fixed mortgage and 5.63% for a 15-year fixed mortgage.

The median sales price in Wisconsin in August 2024 was $324,000 — an 8 percent increase over the median price one year earlier, according to the Wisconsin Realtors Association. Still, since 2020, the number of home sales has declined most months compared to the same months of years prior, as some buyers struggle to find affordable options that meet their needs. 

If you’re looking for the current mortgage rates in Milwaukee County — home to the state’s biggest city — there is one bright spot: The median price of $265,500 is below the statewide median price for August. Head west to Dane County — home to Madison, the state capital — and it’s a different story. There, median home prices are $440,000.

Refinance rates in Wisconsin

If you already own a home in Wisconsin, you might consider refinancing soon if you fit into one of two categories: You bought your home recently and have a mortgage rate of 7 percent or higher, or you’ve owned your home for a long time and have a large chunk of equity. 

If you fall in the latter category, a cash-out refinance can allow you to leverage your equity to meet other life goals, such as a home renovation project. Do the math, though: Refinance rates are well above the sub-3 percent mark from early 2021, so you may be locking in a much higher borrowing cost, depending on your current rate. 

Wisconsin mortgage rate trends

The best mortgage rates in Wisconsin will go to those with excellent credit scores and larger down payments, among other factors, but 30-year mortgage rates are easing nationwide. Looking ahead, mortgage rates may be poised to continue their downward trend for the remainder of 2024 and into 2025, but by how much is still unclear. If you’re serious about buying in Wisconsin, this fall might be a good time to get on the market and take advantage of these lower rates. 

National mortgage rates by loan type

Mortgage statistics for Wisconsin

Between 2010 and 2020, Wisconsin saw a 3.6 percent rise in its population, according to the U.S. Census Bureau. While its popularity has led to price increases, the cost of living is still relatively reasonable. If you’re planning on buying a home in The Badger State, here are a few stats to know:

• Median sales price, August 2024: $324,00
• Median down payment, June 2024: $47,800
• Homeownership rate, end of 2023: 69.2%
• Most popular cities: Milwaukee, Madison, Green Bay, Racine
• Most affordable counties: Clark, Florence, Lafayette, Marinette, Price, Taylor

Sources: Wisconsin Realtors Association, ATTOM, U.S. Census Bureau

Mortgage options in Wisconsin

At the midway point of 2024, more than 38,000 homes had been purchased in Wisconsin, according to ATTOM Data Solutions. For buyers who didn't make all-cash offers, here are some types of mortgages they may have used to fund their home purchase: 

• Wisconsin conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum 620 credit score and a debt-to-income (DTI) ratio of no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), as well.
• Wisconsin FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580. You could still qualify with a lower score (as low as 500), but you’ll need to put at least 10 percent down.
• Wisconsin VA loans: If you’re a veteran or active-duty member of the military, you might be eligible for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent for the first use.
• Wisconsin USDA loans: If you’re buying a rural property in Wisconsin, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). Also known as a Rural Development loan, USDA loans don’t require a down payment, but you’ll need to purchase in a designated rural area and be below area-specific income limits.

First-time homebuyer programs in Wisconsin

The Wisconsin Housing and Economic Development Authority (WHEDA) oversees homebuyer programs for both first-time and repeat buyers. The state housing finance authority partners with private lenders to provide mortgages with below-average rates.

WHEDA also connects borrowers to down payment assistance. When combined, the WHEDA mortgage and down payment programs can provide as much as 100-percent financing for a home purchase.

Also, if you’re buying a property in a rural area in 15 counties, the WHEDA’s Rural Target Area program may help you secure one of the best mortgage rates in Wisconsin due to its reduced rate option.

• WHEDA Advantage Conventional: The Advantage Conventional program is a 30-year, fixed-rate mortgage that requires a credit score of 620 or better to qualify. Your income also can’t exceed certain area-specific limits.
• WHEDA Advantage FHA: Similar to the conventional option, the WHEDA Advantage FHA mortgage is an FHA loan that requires a credit score of 640 or better, as well as a minimum down payment of 3.5 percent. A separate WHEDA down payment assistance (DPA) program can be used to meet this requirement (more on this follows).
• WHEDA Easy Close DPA: The WHEDA Easy Close DPA provides a loan to help with a down payment, ranging from $1,000 to 6 percent of the purchase price. The loan comes in the form of a 10-year, fixed-rate second mortgage with the same interest rate as the primary mortgage. It can be combined with either WHEDA mortgage to fund 100 percent of the home purchase.
• WHEDA Capital Access DPA: The Capital Access DPA offers $7,500 toward your down payment in the form of a 30-year fixed-rate mortgage with no interest and no monthly payments. The income limits on this program, however, are generally lower than those of the Easy Close DPA.

How to find the best mortgage rate in Wisconsin for you

• Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get an accurate loan amount and cost for your specific situation.

Additional Wisconsin mortgage resources

• Wisconsin first-time homebuyer resources: Get more help becoming a homeowner.
• Wisconsin loan limits by county: Learn the conforming loan limit for your city or town.
• Wisconsin mortgage lenders: Explore mortgage lenders in your state.
• Mortgage calculator: Estimate your monthly payments, and get an idea of your total interest costs over the life of the loan.
• Homeowners insurance in Wisconsin: Learn all about the ins and outs of protecting your property. 

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Laurie Richards, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Richards