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Compare Current Mortgage Rates in Wisconsin

Mortgage interest rates in the Badger State depend on national and local trends. Find out how they work and how to get the best rate you can.

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    Wisconsin might seem like a sleepy, Midwestern state, but the real estate market is hot — for sellers, that is. While the Badger State didn’t see the massive price hikes that some other states did during the pandemic, prices have been steadily climbing for the last several years, peaking in July 2023 at a median price of $375,000. 

    Prices have been elevated by low inventory — 2022 and 2023 saw some of the lowest levels in the last eight years. The homes that are for sale don’t stay on the market long, despite high interest rates. 

    Despite the recent rise in prices, housing in Wisconsin is more affordable than in many other areas of the country. Pair that with a strong job market and you’ve got a housing market that has been seeing a lot of demand. 

    WEEKLY TRENDS AND INSIGHTS

    How are mortgage rates determined in Wisconsin?

    Several local and national factors affect the mortgage rates that banks and other lenders offer. The federal funds rate, set by the Federal Reserve, acts as a baseline that banks use to determine mortgage interest rates. This is the rate that banks charge each other when lending overnight, so mortgage interest rates are unlikely to dip lower than that. Banks need to make a profit, so they mark these rates up for borrowers.

    To combat rampant inflation, the Federal Reserve raised interest rates in 2022 and 2023, which resulted in higher mortgage interest rates. The federal funds rate has remained unchanged through June 2024 as policymakers wait for inflation to cool. 

    Mortgage interest rates are also connected to U.S. Treasury securities and the bond market, as they need to bring higher interest rates to be more competitive than other securities. 

    Recently, the Wisconsin government has been taking steps to ensure that housing construction can keep up with the demand. The Green Bay Press-Gazette reported that in the summer of 2023, Gov. Tony Evers signed five bills into law that incentivize builders to build moderately priced homes, which the current market lacks. While this is a promising change, it might take a few years for construction to catch up to the demand. 

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    National mortgage rates by loan term

    Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.

    ProductInterest rateAPR

    Last updated on Oct 06, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

    Does Wisconsin have a first-time homebuyer program?

    The Wisconsin Housing and Economic Development Authority (WHEDA) offers several down payment assistance and homebuyer assistance programs. Eligible buyers may also qualify for a reduced interest rate in certain rural counties. Owners must occupy the residence for the duration of the WHEDA loan.

    Here are the assistance programs that WHEDA offers:

    • WHEDA Advantage Conventional: You don’t have to be a first-time homebuyer to use this program, but you do need to have a minimum credit score of 620 and an income that’s lower than WHEDA’s guidelines. This loan program works on single-family units, homes with two to four units, condos, and manufactured homes. There is no down payment required, except for homes with two to four units, which require 3% down and six months’ worth of reserves.
    • WHEDA Advantage FHA: Like the conventional version, you don’t need to be a first-time homebuyer for a WHEDA FHA loan, though the credit score requirement is slightly higher at 640. It can only be used to buy one- and two-unit properties and HUD-approved condos. This loan requires a 3.5% down payment on all property types, but down payment assistance can be used. It’s also subject to income limits.
    • WHEDA Advantage home improvement loan: This loan is for current homeowners who want to make improvements to their property. Loan amounts range from $10,000 to $50,000 and can include a closing cost credit of $500. Interest rates are fixed and the loan term is 15 years. Homeowners have six months to complete their renovations.
    • WHEDA Advantage Conventional HomeStyle® Renovation: This program is an extension of the Advantage Conventional loan but gives the borrower the ability to buy a fixer-upper and renovate it with one loan. It can include up to six months of mortgage payments if the home isn’t habitable before you renovate it. You can finance up to 100% of the home value if you include down payment assistance.
    • WHEDA Easy Close DPA: The minimum amount for this variety of down payment assistance is $1,000, and the maximum is up to 6% of the purchase price when you also use a WHEDA mortgage. This loan has a 10-year term with the same interest rate as the mortgage. The same WHEDA income limits apply.

    Conventional

    • Description: Mortgage from a bank/mortgage broker; backed by private lenders instead of the government
    • Min. credit score: 620
    • Max. DTI: 45%
    • Min. down payment: 3%
    • Mortgage insurance if less than 20% down?: Private mortgage insurance (PMI) is usually required
    • Notes: Some loans don’t require down payments or PMI, but these often have high interest rates

    VA

    • Description: Mortgages backed by the Department of Veterans Affairs (VA)
    • Min. credit score: Varies by lender
    • Max. DTI: 41%
    • Min. down payment: 0%
    • Mortgage insurance if less than 20% down?: No
    • Notes: Only veterans, active service members, and surviving spouses may qualify

    USDA

    • Description: For homes in rural areas (income limits apply)
    • Min. credit score: No minimum set by USDA; actual score varies by lender
    • Max. DTI: 41%
    • Min. down payment: 0%
    • Mortgage insurance if less than 20% down?: Fees can be rolled into monthly payments 

    FHA

    • Description: Mortgages insured by the Federal Housing Administration (FHA)
    • Min. credit score: 580 for most; 500 with a 10% down payment
    • Max. DTI: 43%
    • Min. down payment: 3.5%
    • Mortgage insurance if less than 20% down?: Mortgage insurance premium (MIP)  required regardless of down payment
    • Notes: MIP has both an upfront and a monthly payment

    Jumbo

    • Description: Mortgages that are larger than conventional loans 
    • Min. credit score: 680, but often higher
    • Max. DTI: Around 43%
    • Min. down payment: 10%
    • Mortgage insurance if less than 20% down?: Yes, mortgage insurance required
    • Notes: Total amounts for conforming jumbo loans are based on your location

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