Today's Mortgage Rates in Wisconsin (September 2024)
Updated: October 3, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Wisconsin is 6.03%, which is relatively close to the national average rate of 6.46%. Homebuyers in Wisconsin can potentially reduce their mortgage costs by tapping into First Mortgage and Down Payment Assistance Programs and WHEDA Advantage HILP.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Wisconsin. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in September 2024.
Wisconsin's average APR for a 30-year fixed-rate mortgage is 6.03% as of September 2024. This rate is up from 6% of the previous month. If you take out a loan of $250,000 with a 20% down payment, this rate change can impact the total interest you pay by as much as $1,529 over the life of the loan, not including other costs like property taxes or HOA fees.
It shows how a seemingly minor change in the current mortgage rate can significantly influence the amount you pay in the long run.
As you explore mortgage options, understand the current mortgage rate in Wisconsin to help you budget effectively.
Two groups should pay attention to today's mortgage interest rates in Wisconsin: prospective homebuyers and current homeowners evaluating refinancing options.
First-time homebuyers
First-time homebuyers in Wisconsin can benefit by comparing current mortgage rates to find competitive lending offers.
Homeowners with mortgages
Homeowners in Wisconsin can compare mortgage rates to decide if a mortgage refinance could lower their monthly payments.
Purchase rates and refinance rates can differ noticeably. For example, the current mortgage rate for a 30-year fixed-rate loan in Wisconsin is 6.03%, while the rate to refinance that same loan is typically higher, currently at 6.36%. This difference can impact your monthly payments and the overall cost of the loan.
A 30-year fixed-rate mortgage in Wisconsin usually has a higher rate than a 15-year fixed-rate mortgage. Lenders face more uncertainty over a longer term because of the longer exposure to changes in the interest rates and the possibility of default. The length of your mortgage term affects the interest rate you get.
When searching for the right mortgage to fit your budget, understanding the different mortgage loan types in Wisconsin is a good starting point. To get a clearer picture of what your payments might look like, use a mortgage calculator, which can help outline monthly payment estimates and interest costs over the life of your loan.
| 5.34% | APR5.56% |
The interest rate of a mortgage represents the yearly cost you pay for borrowing money. In Wisconsin, the average mortgage interest rate for a 30-year fixed-rate mortgage is 5.97%.
APR stands for annual percentage rate. It reflects the yearly cost of your loan, including mortgage points and other fees, not just the interest rate. In Wisconsin, the average APR for a 30-year fixed-rate mortgage is right around 6.03%, giving you a clearer idea of the total cost of your mortgage each year.
In Wisconsin, if your credit score is 740 or higher and you're making a 5% to 20% down payment, you can expect an average APR of 6.42% on a 30-year fixed mortgage. On the other hand, with a credit score below 680, this average rate rises to 7.39%.
Your credit score and down payment size directly impact the mortgage rates you qualify for in Wisconsin. The interactive table below helps you see potential rates based on your situation.
| 10-year Fixed | APR5.84% |
| 15-year Fixed | APR5.39% |
| 20-year Fixed | APR6.09% |
| 30-year Fixed | APR6.32% |
| 5-year ARM | APR7.59% |
| 7-year ARM | APR7.54% |
In September 2024, 30-year fixed-rate VA loans in Wisconsin have the lowest average APR at 5.98%. Knowing your mortgage options can help you make a smart choice and save money. Check out the list below for an overview of the current mortgage rates in Wisconsin:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Wisconsin |
|---|---|---|---|
Conventional Loans | Conventional loans in Wisconsin are not insured by any government agency. | Credit score and down payment size can influence rates for conventional loans. | 6.03% |
FHA Loans | FHA loans in Wisconsin are backed by the Federal Housing Administration. | FHA loans often have lower interest rates for borrowers with lower credit scores. | currently unavailable |
VA Loans | VA loans in Wisconsin are guaranteed by the Department of Veterans Affairs. | VA loans typically offer competitive rates, often without requiring a down payment. | 5.98% |
USDA Loans | USDA loans in Wisconsin are supported by the United States Department of Agriculture. | USDA loans offer low rates for eligible rural and suburban homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans in Wisconsin are for amounts larger than the conventional conforming loan limits. | Jumbo loans may have higher rates due to larger loan amounts and increased risk. | 6.20% |
Mortgage rates in Wisconsin come in two types: fixed and adjustable.
As of September 2024, Wisconsin's average APR is 6.03% for a 30-year fixed-rate loan and 7.09% for a 7-year adjustable-rate mortgage.
First Midwest Bank, Better and Loan Depot are solid options for securing a mortgage in Wisconsin. These lenders are accessible in the state, are accredited by the Better Business Bureau and offer homeowner assistance programs. Remember, there are additional lender choices in Wisconsin that are not included in our list.
The mortgage rate you get in Wisconsin can differ based on the lender you choose. Lenders provide various mortgage options and terms, including different rates. To secure the best possible deal, compare rates from several mortgage lenders in Wisconsin.
First Midwest Bank serves Wisconsin borrowers online and in person, giving you flexibility in how you access home loan services. It offers various mortgage options, including conventional loans that benefit those with a stable credit history and government-backed options like FHA and VA loans that can be more accessible to varied borrowers. The Community Experts and Heroes loan is eligible for those with a credit score as low as 720. This loan offers up to 0% down payment for Community Experts and as little as 1% down for Community Heroes, which may include first responders, health care workers and educators.
For homebuyers looking for additional support with the buying process, First Midwest Bank has homeowners assistance programs, such as Home Manager and Down Payment Assistance programs. It is ready to assist you with your mortgage needs Monday to Friday from 8 a.m. to 7 p.m. ET and Saturdays from 8 a.m. to 1 p.m. ET, over the phone or in person. Whether you're a first-time homebuyer or looking for a new home in Wisconsin, First Midwest Bank has tools and resources to help bridge the gap toward homeownership.
Pros
Cons
Better offers its mortgage products to borrowers in Wisconsin exclusively online. The lender provides mortgage options, including fixed-rate and adjustable-rate mortgages. For those considering a jumbo loan, the minimum credit score required is 700, whereas conventional loans and FHA loans are available with credit scores as low as 620 and 580, respectively. Better requires 3% to 5% for down payments for conventional loans. However, if your credit score is below 580, you need a 10% down payment. If you choose an FHA loan, the required down payment is as little as 3.5%. If a co-borrower will not live in the property, a down payment of 25% is necessary.
Better features a Better Real Estate discount, a homeowners assistance program that enhances the home-buying experience and offers additional support for homebuyers. It handles loan inquiries and provides customer service by phone and email Monday through Friday from 8 a.m. to 9 p.m. ET and on weekends from 9 a.m. to 9 p.m. ET. Whether you are looking to settle into a new home or find a flexible mortgage plan, Better has streamlined the process for efficiency and ease.
Pros
Cons
Loan Depot offers varied services in Wisconsin that are accessible both online and in person. It caters to diverse borrower needs with its mortgage options, including fixed-rate and adjustable-rate loans. FHA and VA loans are also available, making it a convenient choice for first-time homeowners or veterans. The minimum credit score for securing an FHA loan from Loan Depot is 580. Those with a lower credit score can still obtain an FHA loan with at least a 10% down payment, unlike the regular 3.5%. The minimum conventional loan down payment starts at 5%, while VA and USDA loans might not require a down payment, offering great flexibility for different financial situations.
For assistance, Loan Depot can be reached during its customer service hours from Monday to Friday, 10 a.m. to 9 p.m. ET, over the phone or through email. For homeowners needing extra support, it provides loss mitigation assistance programs aimed at helping in times of financial hardship. This backs up borrowers aiming for more sustainable homeownership and financial stability in a potentially unpredictable real estate landscape.
Pros
Cons
The hidden costs of homeownership might surprise you. In Wisconsin, you can find assistance through the Wisconsin Housing and Economic Development Authority, which provides mortgage programs designed to support homebuyers like you.
Program | Content |
|---|---|
First Mortgage and Down Payment Assistance Programs | WHEDA provides two key mortgage solutions: WHEDA Advantage Conventional, which is not restricted to first-time buyers and approves buyers with at least a 620 credit score, and WHEDA Advantage FHA, which requires a 640 score and a 3.5% down payment eligible for assistance. Both offer 30-year terms and set income limits for eligibility. |
WHEDA Advantage HILP | Homeowners can enhance their space using WHEDA Advantage HILP, lending up to $50,000 for property improvements with a 15-year fixed rate. Qualifying properties include single-family homes and condos, and you'll receive a $500 credit towards closing costs. Income criteria apply, and the work should be completed in six months. |
WHEDA Advantage Conventional HomeStyle® Renovation | Combine purchasing and renovating your home with a single mortgage through WHEDA Advantage Conventional HomeStyle® Renovation. This program allows for a wide range of renovation financing options and requires the project's completion within six months of closing. Adding WHEDA down payment assistance can even provide up to 100% financing. |
WHEDA Easy Close DPA | The WHEDA Easy Close DPA program offers a supplemental loan, from $1,000 to 6% of the purchase price, to manage down payment costs. This 10-year fixed-rate second mortgage aligns with your primary loan’s interest rate for easier budgeting. Income limits apply, and it complements various financing methods. |
WHEDA Capital Access DPA | If down payments are a challenge, WHEDA Capital Access DPA could help with a $7,500 loan at 0% interest over 30 years without monthly payments. This program is aimed at buyers with lower income and can coordinate with other loan options following certain guidelines, making homeownership more accessible. |
We've answered your pressing questions about today's mortgage rates in Wisconsin. Understanding these rates can help you make informed decisions when securing a mortgage for your new home.
Current average APRs for Wisconsin can vary depending on loan type. For example, as of September 2024, a 30-year fixed conforming loan has an average APR of 6.03%, while a 7-year ARM jumbo loan has an average APR of 7.16%.
Mortgage rates in Wisconsin, like the average APR for a 5-year adjustable-rate mortgage at 7.59% and for a 15-year fixed-rate mortgage at 5.45% as of September 2024, can differ from national rates, which are at an average APR of 7.93% and 5.60% respectively for the same time period.
Your credit score is a critical factor in determining the mortgage rates you qualify for in Wisconsin. Higher scores typically grant access to low mortgage rates, while lower scores may lead to higher rates.
Yes, there are mortgage programs in Wisconsin designed to assist homebuyers, including the First Mortgage and Down Payment Assistance Programs, WHEDA Easy Close DPA and the WHEDA Advantage Conventional HomeStyle® Renovation.
To obtain the best possible mortgage rate in Wisconsin, consider making a larger down payment, improving your credit score, and shopping around for the best lender offers.
As of September 2024, the current average refinance rates in Wisconsin are 5.69% for a 15-year fixed loan and 6.36% for a 30-year fixed loan.
To calculate your mortgage payments, you can use a mortgage calculator for Wisconsin. This tool will help you estimate your monthly payments considering your loan amount, interest rate and loan term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
