Current mortgage rates in Wisconsin

As of Saturday, December 2, 2023, current interest rates in Wisconsin are 7.49% for a 30-year fixed mortgage and 6.92% for a 15-year fixed mortgage.

Refinance rates in Wisconsin

Refinance rates in Wisconsin are slightly higher. While interest rates are no longer at the historic lows seen in 2021, a cash-out refinance could help you consolidate higher interest debt or renovate your home. Use Bankrate’s mortgage refinance calculator to run the numbers.

Wisconsin mortgage rate trends

Since the record lows of 2021, mortgage rates nationwide, including in Wisconsin, have steadily gone up. This increase, coupled with higher home prices, have made affordability a challenge for some Wisconsin homebuyers.

National mortgage rates by loan type

Mortgage statistics for Wisconsin

Between 2010 and 2020, Wisconsin saw a 3.6 percent rise in its population, according to the U.S. Census Bureau. If you’re planning on buying a home in Wisconsin, here are a few stats to know:

• Median home value (as of Oct. 2023): $286,891 (Zillow)
• Homeownership rate (as of Dec. 2022): 70.0% (Census Bureau)
• Loan funding rate in 2022: 66% (Home Mortgage Disclosure Act)
• Average mortgage loan size in 2022: $268,410 (Home Mortgage Disclosure Act)

Mortgage options in Wisconsin

There’s a variety of mortgage options available to homebuyers in Wisconsin. Here’s a rundown:

• Wisconsin conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, 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 percent, 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 percent 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 percent to 2.15 percent.
• 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-percent financing for a home purchase.

Here’s an overview:

• 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 percent. A separate WHEDA down payment assistance (DPA) program can be used to meet this requirement (more on this follows).
• WHEDA Easy Close DPA: The WHEDA Easy Close DPA provides a loan to help with a down payment, ranging from $1,000 to 6 percent 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 percent of the home purchase.
• WHEDA Capital Access DPA: The Capital Access DPA offers $7,500 towards 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.

Along with these programs, WHEDA offers an interest rate reduction for borrowers buying in specific rural counties. To date, the eligible counties are:

• Ashland
• Barron
• Bayfield
• Burnett
• Clark
• Crawford
• Iron
• Jackson
• Juneau
• Marinette
• Marquette
• Oconto
• Rusk
• Sawyer 
• Trempealeau

How to find the best mortgage rate in Wisconsin for you

• Step 1: Strengthen your credit score - Review your credit history and take steps to improve your score.
• Step 2: Determine your budget - Have a good understanding of how much house you can afford before you go shopping.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different lenders to get the best deal on rates, fees and terms.
• Step 5: Get preapproved for a mortgage - A mortgage preapproval gives you accurate loan pricing for your specific situation. Plus, it shows sellers you’re serious when you make an offer.

Learn more about how to get a mortgage.

Additional Wisconsin mortgage resources

• Wisconsin first-time homebuyer resources: Get more help becoming a homeowner.
• Wisconsin loan limits by county: Learn the conforming loan limit for your city or town.
• Wisconsin mortgage lenders: Explore mortgage lenders in your state.