Today’s Refinance Rates in Wisconsin
Updated: January 18, 2024
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Current Refinance Rates in Wisconsin
MoneyGeek’s study provides Wisconsin’s up-to-date mortgage loan refinancing interest rates to ensure you find the best option for your needs. Use the table below to compare the most current average rates in the state across different mortgage types.
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Wisconsin?
FRED economic data shows the average interest rate in Wisconsin for a 15-year FRM is 4.48%, slightly higher than the national average of 4.67%. Meanwhile, the average interest rate for a 30-year FRM is 5.16%, which is lower than the national average of 5.51%. For a 5/1 ARM, Wisconsin’s rate of 3.91% is lower than the national average of 4.35%.
Typically, a good mortgage rate depends on the loan amount, repayment duration, income level and the borrower’s credit score. Rates also change constantly, and current loan estimates may be completely different a week, or even a few days later.
It is, therefore, vital to compare rates across lenders if you wish to secure the best refinance rates in Wisconsin for your situation.
Estimate Your New Monthly Mortgage Payment
MoneyGeek’s mortgage calculator can help Wisconsin borrowers estimate how much they’re likely to pay monthly for a loan. Use the state average rates provided above to get your estimates. Remember, interest rates vary daily and depend on the mortgage loan term, loan amount, your credit score and debt-to-income ratio, among other factors.
Frequently Asked Questions About Refinance Rates in Wisconsin
Before applying for a mortgage refinancing loan, borrowers should compare terms and requirements across lenders. MoneyGeek responded to commonly asked questions about refinance rates in Wisconsin.
Borrowers can determine a good refinance rate based on their unique situation and the average rates across lenders in the state. Generally, a good rate should result in significantly lowering your monthly payments.
Similarly, a bad refinance rate depends on the borrower’s needs and the market rates. A bad refinance rate does not result in any savings on monthly payments, meaning it is higher than the borrower’s current mortgage rate.
An acceptable rate for a 30-year FRM in Wisconsin is equal to or lower than the state’s average interest of 5.16%.
In Wisconsin, the average interest on a 15-year FRM is considered ideal if it is equal to or below the state’s average interest of 4.48%.
Wisconsin’s average interest for the 5/1 adjustable-rate mortgage is 3.91%. An excellent refinance interest rate in the state should be in line with or below the state’s average rate.
sources
- FRED. "Mortgage Rates." Accessed July 21, 2022.