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Mortgage rates in Wisconsin
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.500%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Wisconsin home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Wisconsin by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
|Credit score||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Wisconsin home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
|Loan type||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
|15-year FHA||2.938%||2.875%||Not elegible||Not elegible|
|30-year FHA||3.500%||3.500%||Not elegible||Not elegible|
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
A few strategies to help you get the best rate possible:
- Investigate different loan programs. Lenders offer a variety of loan programs with different rates. Find out what loans and mortgage rates you may qualify for.
- Beef up your credit. Lenders often give the best rates to borrowers with good to excellent credit. Help raise your credit score by paying down debts and paying your bills on time.
- Consider closing costs. Homebuyers in the Badger State can expect about 1.33% to 2.67% of the final purchase price in closing costs. Weigh the closing costs in Wisconsin against your interest rate to see the real cost of your mortgage.
Home values in Wisconsin are forecast to increase
As of July 2021, the typical home value in Wisconsin is $233,688. This is up 14.3% in the past year and 66.92% since February 2012, when the average home value dropped to around $140,000. This upward trend is expected to continue for the foreseeable future in all but one town, according to Zillow.
Home values are rising the fastest in areas such as Milwaukee and Oshkosh, whereas smaller towns like Springbrook are forecast to see declining home values. Strong demand and limited supply are fueling Wisconsin’s hot housing market, and there’s nothing to suggest things will change anytime soon.
5 fast facts about the Wisconsin housing market
Potential Wisconsin homebuyers and sellers should consider these five facts:
- Nearly a third of all home purchases in Milwaukee between January 2021 and April 2021 were made with all cash, according to Redfin.
- Wisconsin residents pay one of the highest property tax rates in the country.
- The median sales price of a home in Wisconsin was $257,000 in June 2021, which is a 15.25% increase from June 2020.
- The City of Milwaukee offers forgivable loans up to $20,000 to assist eligible homebuyers with the rehabilitation of city-owned foreclosed homes.
- At $1,430, the monthly costs of owning a mortgaged home in Wisconsin in 2019 is roughly 10.34% less than the national average of $1,595, according to the US Census.
Mortgage rates in Wisconsin vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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