Updated: November 13, 2024
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Today's 30-year mortgage rate in Wisconsin is 6.87%, which is slightly lower than the national average rate of 7.15%. Homebuyers in Wisconsin can 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 November 2024.
The mortgage rate in Wisconsin for a 30-year fixed mortgage is 6.9% as of November 2024, reflecting an upturn of 89 basis points from the previous month's 6.0%. Considering a $250,000 loan with a 20% down payment, this change in rates would mean an additional of around $46,197 in total interest over the life of the loan, excluding other costs like property taxes or HOA fees.
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 6.87%, while the rate to refinance is slightly lower, currently at 6.76%. 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.
Understanding the different mortgage loan types in Wisconsin is a good starting point when searching for the right mortgage to fit your budget. 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.
| 5.46% | 5.64% |
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 6.80%.
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 6.87%, 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 7.07% on a 30-year fixed mortgage. On the other hand, with a credit score below 680, this average rate rises to 7.46%.
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 | 6.04% |
| 15-year Fixed | 6.04% |
| 20-year Fixed | 6.89% |
| 30-year Fixed | 6.94% |
| 5-year ARM | 7.53% |
| 7-year ARM | 7.49% |
In November 2024, 30-year fixed-rate VA loans in Wisconsin have the lowest average APR at 6.26%. 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 | A conventional loan is a mortgage not backed by the government, available in Wisconsin. | Choosing a conventional loan might influence rates based on your credit score and down payment size. | 6.87% |
FHA Loans | FHA loans are insured by the Federal Housing Administration for Wisconsin residents. | FHA loans often provide lower rates to borrowers with lower credit scores or smaller down payments. | currently unavailable |
VA Loans | VA loans are government-backed mortgages for veterans and military in Wisconsin. | VA loans offer competitive rates to eligible military members due to government backing. | 6.26% |
USDA Loans | USDA loans support rural development and are backed by the USDA in Wisconsin. | Rates for USDA loans can be favorable because the government guarantees a portion of the loan. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conforming loan limits set by Fannie Mae and Freddie Mac in Wisconsin. | Jumbo loan rates can be higher due to the greater risk lenders take on with larger loan amounts. | 6.44% |
Mortgage rates in Wisconsin come in two types: fixed and adjustable.
As of November 2024, the average rate in Wisconsin is 6.87% for a 30-year fixed mortgage and 7.36% for a seven-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 accessing 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 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. 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 lower-income buyers who 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 vary based on loan type and other factors. As of November 2024, the average APR for a 30-year fixed conforming loan is 6.87%, and 6.44% for a 30-year fixed-rate jumbo loan.
Comparing Wisconsin's average APRs to the national rates, a five-year adjustable-rate mortgage is 7.52% as of November 2024, lower than the national average of 7.97%. For a 15-year fixed rate, Wisconsin's average is 6.12%, also lower than the national average of 6.28%.
Your credit score can significantly influence the low mortgage rates you're eligible for in Wisconsin. Generally, a higher credit score can lead to more favorable mortgage rates.
Wisconsin offers several mortgage programs to assist homebuyers, such as First Mortgage and Down Payment Assistance Programs, WHEDA Advantage HILP and WHEDA Capital Access DPA.
To secure the best possible mortgage rate in Wisconsin, you can start by improving your credit score, shopping around and comparing offers and making a larger down payment to reduce the loan amount.
As of November 2024, the average refinance rate in Wisconsin for a 15-year fixed loan is 6.22% and 6.76% for a 30-year fixed loan. You can find today's refinance rates in Wisconsin updated regularly on finance websites.
A mortgage calculator for Wisconsin can help you calculate your payments for properties and estimate monthly payments, taking into account your down payment, 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.
