Wisconsin mortgage and refinance rates for May 2026

Current mortgage rates in Wisconsin

As of Thursday, May 21, 2026, current interest rates in Wisconsin are 6.28% for a 30-year fixed mortgage and 5.66% for a 15-year fixed mortgage.

Mortgage rates in Wisconsin peaked near 8% in 2023 and have been slowly but steadily declining since. The rates you receive will vary based on things like your credit score, the local housing market in the city you plan to buy and larger factors at play like inflation. To find the best deal on a mortgage or refinanced mortgage in Wisconsin, plan to shop around and compare rates from at least three different lenders.

Refinance rates in Wisconsin

Wisconsin refinance rates are lower than they were in 2023. If you purchased in the last few years, today's rates may make refinancing attractive. If you're part of the one-third of Wisconsin homeowners who are equity-rich (meaning you own more than 50% of your home), a cash-out refinance could let you turn that equity into funds for renovations or other goals.

National mortgage rates by loan type

Mortgage options in Wisconsin

If you'll need to finance a home purchase in Wisconsin, here are some mortgage types you might consider:

• Wisconsin conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum 620 credit score and a debt-to-income (DTI) ratio of no more than 45%. With a down payment of less than 20%, you’ll need to pay private mortgage insurance (PMI), as well.
• Wisconsin FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5%, you could qualify for this type of loan with a credit score as low as 580. You could still qualify with a lower score (as low as 500), but you’ll need to put at least 10% down.
• Wisconsin VA loans: If you’re a veteran or active-duty member of the military, you might be eligible for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25-2.15% for the first use.
• Wisconsin USDA loans: If you’re buying a rural property in Wisconsin, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). Also known as a Rural Development loan, USDA loans don’t require a down payment, but you’ll need to purchase in a designated rural area and be below area-specific income limits.

First-time homebuyer programs in Wisconsin

The Wisconsin Housing and Economic Development Authority (WHEDA) oversees homebuyer programs for both first-time and repeat buyers. The state housing finance authority partners with private lenders to provide mortgages with below-average rates.

WHEDA also connects borrowers to down payment assistance. When combined, the WHEDA mortgage and down payment programs can provide as much as 100% financing for a home purchase.

Also, if you’re buying a property in a rural area in 15 counties, the WHEDA’s Rural Target Area program may help you secure one of the best mortgage rates in Wisconsin due to its reduced rate option.

• WHEDA Advantage Conventional: The Advantage Conventional program is a 30-year, fixed-rate mortgage that requires a credit score of 620 or better to qualify. Your income also can’t exceed certain area-specific limits.
• WHEDA Advantage FHA: Similar to the conventional option, the WHEDA Advantage FHA mortgage is an FHA loan that requires a credit score of 640 or better, as well as a minimum down payment of 3.5%. A separate WHEDA down payment assistance program (DPA) can be used to meet this requirement.
• WHEDA Easy Close DPA: The WHEDA Easy Close DPA provides a loan to help with a down payment, ranging from $1,000 to 6% of the purchase price. The loan comes in the form of a 10-year, fixed-rate second mortgage with the same interest rate as the primary mortgage. It can be combined with either WHEDA mortgage to fund 100% of the home purchase.
• WHEDA Capital Access DPA: The Capital Access DPA offers $7,500 toward your down payment in the form of a 30-year fixed-rate mortgage with no interest and no monthly payments. The income limits on this program, however, are generally lower than those of the Easy Close DPA. This program will be unavailable through the end of 2025 due to a lack of funds. 

How to find the best mortgage rate in Wisconsin for you

Additional Wisconsin mortgage resources