Current Mortgage Refinance Rates in Wisconsin (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in Wisconsin for a 15-year fixed loan average 6.01%, while the 30-year fixed loan averages 6.62%. Comparatively, the national averages stand at 5.38% for a 15-year fixed loan and 6.45% for a 30-year fixed loan. 

We explore refinancing in Wisconsin to empower you with knowledge of current trends, when and how to refinance, and how your credit score affects your options. Our comprehensive insights are designed to make the refinancing process more approachable, helping you find the best path forward in managing your mortgage.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. 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 noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Wisconsin

The current 30-year refinance rate in Wisconsin is 6%. According to Experian, the average mortgage debt in Wisconsin is $163,940 as of September 2023. Refinancing your mortgage can be a practical approach to managing this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

If your current mortgage rate is higher, refinancing can offer significant savings. Consider a scenario where you can replace a higher-rate mortgage with the current refinance rate, leading to lower monthly payments and overall interest. Below are the current refinance rates in Wisconsin to explore your options.

15-Year Fixed5.90%6.01%
30-Year Fixed6.55%6.62%

Mortgage Refinance Rate Trends in Wisconsin

In the latest month, refinance rate trends in Wisconsin for 15-year refinance rates showed a downward movement. Rates decreased from the start of the month to the end, providing a more favorable environment for those considering refinancing.

For 30-year refinance rates, the trends also indicated a decline. This downward shift suggests that borrowers may find more attractive options for refinancing their long-term loans compared to the previous month.

Wisconsin Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates rise due to factors like monetary policy from the US Federal Reserve and economic indicators such as inflation. These elements also influence refinance rate trends in Wisconsin, impacting your financial decisions. Understanding these trends helps you stay informed about the economic landscape.

How to Refinance a Mortgage in Wisconsin

Refinancing your mortgage in Wisconsin can offer opportunities to lower your payments or interest rates. As you embark on this process, understanding each step will empower you to make informed decisions.

  1. 1

    Check Your Credit Score

    Credit scores impact the rates you qualify for. If your score is low, consider paying down debt or disputing errors. The average credit score in Wisconsin is not specified. Improving your score can enhance your refinancing options.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with current market rates. Current refinance rates in Wisconsin are 6.01% for a 15-year fixed and 6.62% for a 30-year fixed. If these are lower, consider refinancing, especially if you plan to stay long-term.

  3. 3

    Gather Necessary Documents

    Collect documents like tax returns, pay stubs, and bank statements. Having these ready can expedite the refinancing process. Your original mortgage documents will also be needed.

  4. 4

    Shop Around for Lenders

    Explore different lenders to find the best terms. Look for competitive interest rates, low fees, and excellent customer service. Comparing lenders can lead to better refinancing outcomes.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs and other fees. According to the National Association of Realtors, average closing costs in Wisconsin are not specified. Understanding these costs helps manage your budget.

  6. 6

    Apply for the Loan

    Complete your loan application with your chosen lender. Having all documents ready can simplify this step. Ensure accuracy to avoid delays in the approval process.

  7. 7

    Lock in Your Interest Rate

    Secure your interest rate to protect against market fluctuations. A mortgage rate lock ensures your rate won't increase before closing. Confirm the duration of the lock with your lender.

  8. 8

    Close on Your New Loan

    Finalize the refinancing by signing all necessary documents. Review all terms and conditions carefully. Scheduling your closing at a convenient time can ease the process.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments on your new mortgage as per the agreed schedule. Setting up automatic payments can help ensure timely payments and avoid late fees.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Monitor market rates and your financial situation to determine future refinancing opportunities. Regular evaluations can help you seize favorable conditions for refinancing.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Wisconsin, how soon you can refinance a mortgage depends on the type of loan. For conventional loans, you can usually refinance immediately, although a cash-out refinance typically requires a six-month seasoning period. USDA loans, on the other hand, generally necessitate a 12-month waiting period before you can refinance. This ensures the property still meets USDA guidelines.

The refinance rate in Wisconsin decreased in October, which is a good example of when to refinance, as lower rates can be beneficial. However, refinancing involves additional closing costs that can take years to recover, so while you could refinance a mortgage within a year, it's usually not worth it unless there's a drastic reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Wisconsin can lower your interest rates, reducing monthly payments. However, watch out for closing costs that might negate these savings. Knowing when to refinance a mortgage in Wisconsin ensures you truly benefit financially. Let's delve into scenarios where refinancing could be a wise choice.

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    Lower Interest Rates

    Refinancing when interest rates are lower can reduce monthly payments and overall interest costs. To find the best rates, consult with local lenders and credit unions, who often offer competitive terms. This approach ensures you secure a favorable deal without relying on online tools.

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    Increased Home Value

    Refinancing is wise when your home's value rises, boosting home equity. Enhancing curb appeal or renovating can increase value. With Wisconsin's average home value at $312,369, tapping into equity can lower your loan-to-value ratio.

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    Improved Credit Score

    A better credit score can qualify you for lower interest rates. Paying bills on time and reducing debt can boost your score. This improvement can lead to significant savings over the life of your mortgage.

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    Shorter Loan Term

    Refinancing to a shorter term can save on interest and help pay off your mortgage faster. Benefits include building equity quicker and reducing total interest paid. This strategy is ideal for those who can handle higher monthly payments.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage offers stability in monthly payments. This change protects against rate increases, providing predictable budgeting and long-term financial security.

Mortgage Refinancing in Wisconsin: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Wisconsin by Credit Score

Your credit score can affect the rates you qualify for in Wisconsin. For example, the current average refinance rates in Wisconsin for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.98% for scores between 680 and 740, compared to 6.62% for scores above 740. Explore the table below for more details.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
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Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
5.83%6.12%

Mortgage Refinance Rates in Wisconsin by Loan Type

Loan type is another factor affecting the rates you qualify for in Wisconsin. For example, the current average refinance rates in Wisconsin for a 30-year fixed rate loan are 6.62%, while a 30-year FHA fixed rate is 8%. Explore the interactive table below to see average APRs for various loan types.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
6.06%6.24%

FAQ: Today's Mortgage Refinance Rates in Wisconsin

The fluctuating nature of refinance rates means it's important to know how they might affect your mortgage. In this section, we address the commonly asked questions homeowners have about refinance rates in Wisconsin.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Milwaukee?

About Zachary Romeo, CBCA

Zachary Romeo, CBCA headshot

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.

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