Current Wisconsin Mortgage and Refinance Rates

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Current 30-year fixed mortgage rates are averaging: 7.11%

Current 15-year fixed mortgage rates are averaging: 6.64%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare WI mortgage rates today

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Refinance rates in Wisconsin

  • Rate-and-term refinances replace your current mortgage with a new loan that has better terms for you — usually a lower interest rate, a different loan term or both. Lengthening your loan term will reduce your monthly mortgage payment, as will locking in a lower interest rate. In Wisconsin, refinance rates are generally higher than purchase mortgage rates.
  • Cash-out refinances also replace your current home loan, but they give you access to some of your home equity. They typically come with higher rates than regular refinances, since you’re borrowing a larger loan amount.
  • Conventional refinances aren’t a part of a government loan program. In most cases, they come with higher rates than government-backed refinances, but that doesn’t always translate to an overall higher loan cost.
  • FHA refinances are insured by the Federal Housing Administration (FHA), and typically come with lower rates than conventional loans — in the current Wisconsin market, that difference may be about 0.76 percentage points.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and usually carry the lowest rates when compared with conventional or FHA loans. They are limited, though, to qualified military borrowers.

Current 30-year fixed mortgage refinance rates are averaging: 7.31%

The current average rate for a 15-year fixed mortgage refinance is: 6.76%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

What is the current mortgage rates forecast for 2024?

The mortgage rates forecast for 2024 is for rates to remain high compared to where they were before the pandemic, but not rise above 7%. Right now rates have been resting between 6% and 7% for nearly 11 weeks, and our market expert predicts they’ll remain there for most of the year.

Market-watchers expect the Federal Reserve to cut rates sometime this year and, if they do, 30-year rates may even dip below 6%. However, cuts aren’t expected until mid-spring, and could come even later in the year.

How do I get the best mortgage rate for my Wisconsin home loan?

It may feel like most factors determining mortgage rates are out of your control, but there are actually many ways to influence the rates you’re offered. Here are some steps you can take today to get the best mortgage rate:

  1. Boost your credit. Lenders lean heavily on your credit score when evaluating your application and determining what mortgage rates to offer you. A higher score means less risk for a lender, so push that score up any way you can to access better rates.
  2. Lower your debt-to-income (DTI) ratio. Your DTI ratio is another number that lenders use to evaluate how risky it’ll be to lend to you. The more debt you carry, the higher rates you’re likely to be offered. You can lower your DTI by increasing your income, paying off some debts or getting a cosigner.
  3. Buy a single-family, site-built home. Lenders view these home types as less risky. If you can avoid buying a manufactured home, a property with more than one unit, a vacation home or an investment property, you’ll see the lowest rates.
  4. Pay for mortgage points. Mortgage points are a method for “buying down” your interest rate, and you can usually reduce it by up to 0.25 percentage points for a fee of 1% of your loan amount. Having a lower interest rate can save you a lot of money in the long run, but a points purchase isn’t always the best move. It’s wise to weigh paying for points against reducing your principal balance, for instance.
  5. Compare offers from multiple lenders. Borrowers who gather loan estimates from three to five lenders and choose their best rate can save thousands of dollars, according to LendingTree data.

 Read more about our picks for the best mortgage lenders.

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When should I lock in my mortgage rate?

When you receive a loan estimate with an offer that you feel comfortable with, it’s best to request a mortgage rate lock before you begin the closing process. A rate lock freezes your interest rate, ensuring that it won’t increase before you make it to your closing day.

2024 Wisconsin home loan programs

WHEDA Easy Close DPA

The Wisconsin Housing and Economic Development Authority (WHEDA) offers two down payment assistance programs. The first, one, Easy Close, offers up to 6% of the home’s purchase price or appraised value (whichever is lower) in funds that can be put toward a down payment, closing costs or — in certain cases — mortgage insurance premiums. The money comes in the form of a 10-year fixed-rate second mortgage that will carry the same interest rate as your first mortgage. In many cases, this means 100% financing for your home.

Who qualifies?

Borrowers must:

  Earn within the program’s income limits, which range from $96,300 to $167,670, depending on where you live, how many people are in your household and the loan type of your first mortgage
  Purchase a home within the program’s price limits
  Use in conjunction with a WHEDA first mortgage
  Purchase a home in Wisconsin
  Live in the home until it is fully paid off

WHEDA Capital Access DPA

This is WHEDA’s other down payment assistance program, and differs from Easy Close in that it offers $7,500 as a second mortgage with no monthly payments. However, it comes with lower income limits, so it may not be an option for some borrowers.

Who qualifies?

Borrowers must:

  Earn within the program’s income limits, which range from $47,600 to $124,950, depending on the county you purchase in and how large your household is
  Purchase a home within the program’s price limits
  Purchase a home in Wisconsin
  Use in conjunction with a WHEDA first mortgage
  Live in the home until it is fully paid off

Home-Buy the American Dream

Wisconsinites who want to purchase their first home in the city of Madison may qualify to receive up to $35,000 in down payment assistance funds. The money can be used to purchase a single-family home, condo or one half of a duplex, and doesn’t have to be repaid unless you refinance, sell or move out of the house.

Who qualifies?

Borrowers must:

  Be first-time homebuyers
  Earn within the program’s income limits, which range from $66,300 for a single-person household to $124,950 for an eight-person household
  Purchase a home in Wisconsin
  Contribute at least 1% of the purchase from their own fund

Who qualifies as a first-time homebuyer?

  People who haven’t owned real estate in the last three years (certain manufactured homes may not count as real estate)*
*Exceptions to the first-time homebuyer rule will be made for:
  Divorced people with at least one dependent child
  Displaced homemakers

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Learn about different types of WI mortgage loans

Wisconsin conventional loans. You likely think of conventional loans as the standard loan type — and with good reason. They’re a popular choice for borrowers who can meet the minimum requirements set by Fannie Mae and Freddie Mac.

Wisconsin FHA loans. FHA loan requirements are more accessible than conventional loan requirements, mainly because you can qualify with a credit score as low as 500. However, you’ll have to make a 10% down payment to be approved with a credit score between 500 and 579. If you want to make a smaller down payment, you can go as low as 3.5% as long as you have at least a 580 credit score.

Wisconsin VA loans. VA loan requirements are even more accessible than FHA requirements, but they’re only available to military borrowers. If you have full VA entitlement, you can purchase or refinance without making a down payment or paying for mortgage insurance.

Wisconsin streamline refinances are FHA streamline refinance loans or VA interest rate reduction refinance loans (IRRRLs). They’re called “streamline” because you won’t have to provide as much documentation or jump through as many hurdles as you would with a regular refinance. The only drawback is that you can only use the “streamline” loans to refinance from another FHA loan into an FHA loan, or from a VA loan into a VA loan.

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