The average mortgage rate in Wisconsin is currently 5.85% for the 30-year fixed loan term.
Here are the interest rates offered to Wisconsin residents looking to buy or refinance a home as of 06/06/2023:
- 30-year fixed purchase: 5.85%
- 30-year fixed refi: 7.47%
- 15-year fixed purchase: 5.93%
The 30-year fixed mortgage rate rose to 7.26% this week, jumping to the highest level since November 2022. Fixed and adjustable mortgage rates increased across the board.
Mortgage interest rates are widely expected to fall through 2023 but have remained elevated during the spring and summer homebuying seasons. Here are the current mortgage rates, without discount points unless otherwise noted, as of July 6:
- 30-year fixed: 7.26% (up from 7.15% a week ago).
- 20-year fixed: 7.32% (up from 7.24% a week ago).
- 15-year fixed: 6.61% (up from 6.58% a week ago).
- 10-year fixed: 6.79% (up from 6.74% a week ago).
- 5/1 ARM: 6.12% (up from 6.1% a week ago).
- 7/1 ARM: 6.25% (up from 6.23% a week ago).
- 10/1 ARM: 6.5% (up from 6.43% a week ago).
- 30-year jumbo loans: 7.31% (up from 7.22% a week ago).
- 30-year FHA loans: 6.51% with 0.05 point (up from 6.27% a week ago).
- VA purchase loans: 6.69% with 0.05 point (up from 6.53% a week ago).
Wisconsin homebuyers can get help with mortgage loans, down payments and closing costs from these programs.
- Available to: All homebuyers with a minimum 620 credit score and income to support a mortgage payment buying a property that will be their primary residence.
- Income limits: Vary by county.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Yes, it can be used with a WHEDA down payment assistance program.
- Available to: Borrowers with a minimum 640 credit score and sufficient income to support the monthly mortgage payment and other debt payments.
- Income limits: Vary by county.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Yes, it can be used with a WHEDA down payment assistance program.
- Available to: Borrowers who wish to buy and renovate a home with one loan may finance all costs associated with the renovation, including six months of mortgage payments if they are unable to occupy the home during renovation.
- Income limits: Vary by county.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Yes, it can be used with a WHEDA down payment assistance program.
- Available to: Borrowers who qualify for a WHEDA mortgage program.
- Income limits: Vary by county.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Get a 0% annual percentage rate second mortgage with no monthly payments until the first mortgage is paid.
- Available to: Borrowers who qualify for a WHEDA first mortgage program.
- Income limits: Vary by county.
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: A low-cost, fixed interest rate for 10 years to cover down payment and closing costs.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks: