Compare today’s mortgage rates in Wisconsin
If you are exploring home purchase or refinance options in Milwaukee, Madison, Green Bay, Kenosha, Racine, or other Wisconsin cities, start by reviewing today’s mortgage rates. With several loan types available, you can find flexible options to match your financial goals and make homeownership in Wisconsin more achievable.
Get a quoteAll rates, APRs, and monthly payment estimates listed here are accurate as of today but may change anytime. They assume a FICO® Score of 780 or higher and the specific down payment amounts mentioned for each loan type. Each example also assumes the property is a single-family home used as your primary residence and that you may purchase up to one discount point to lower the rate. Talk with a loan officer to learn how discount points affect your interest rate.
Compare Today’s Mortgage Rates and Refinance Mortgage Options in Wisconsin with Midwest Mortgage
Purchase rates
Conventional Fixed Rate Loans
A conventional fixed rate mortgage offers steady payments that stay the same for 15, 20, or 30 years. Most borrowers provide a down payment between 3 percent and 20 percent. If you put down less than 20 percent, private mortgage insurance may be required. Factors like credit score, closing costs, and the appraisal value of the property help determine eligibility.
Conforming Adjustable Rate Mortgage (ARM) Loans
A conforming adjustable rate mortgage, or ARM, begins with a lower interest rate compared to a fixed-rate loan. Payments start smaller and can change over time as market rates adjust. ARMs are well suited for buyers who expect to sell or refinance before the rate changes.
Federal Housing Administration (FHA) Loans
FHA loans, insured by the Federal Housing Administration, make it easier for buyers with limited savings or modest credit to qualify. These loans require a down payment as low as 3.5 percent and include both upfront and annual mortgage insurance premiums. FHA loans are often the first step to homeownership for many Wisconsin residents.
Veteran Affairs (VA) Loans
VA loans, backed by the U.S. Department of Veterans Affairs, help veterans, active-duty military members, and surviving spouses buy homes without a down payment or mortgage insurance. These loans often come with competitive rates and flexible requirements, making them one of the most affordable financing options available.
Jumbo Loans
Jumbo loans are designed for homes that exceed conforming loan limits. These loans are ideal for higher-value properties across Wisconsin. Borrowers typically need strong credit, larger down payments, and stable income to qualify. Jumbo rates may be slightly higher due to larger loan amounts.
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Refinance rates
Conventional Fixed rate loans
A conventional fixed rate refinance provides stable payments and a consistent interest rate for the length of the loan. Homeowners typically need at least 20 percent equity to avoid private mortgage insurance. Factors such as credit history, appraisal value, and available closing funds are considered during approval.
Conforming Adjustable Rate Mortgage (ARM) Loans
An ARM refinance allows borrowers to start with a lower interest rate that adjusts later. This can help reduce monthly costs early on, which is useful for homeowners who plan to sell or refinance again soon.
Federal Housing Administration (FHA) Loans
FHA refinance loans are helpful for borrowers with less equity or lower credit scores. These loans are government-backed and include mortgage insurance throughout the life of the loan. They offer flexibility in terms and approval criteria, making refinancing easier for more homeowners.
Veteran Affairs (VA) Loans
VA refinance programs allow eligible veterans and service members to lower their monthly payments or switch from an adjustable rate to a fixed rate. They require no down payment and no mortgage insurance, keeping costs manageable for qualified borrowers.
Jumbo Loans
A jumbo refinance is ideal for high-value homes that exceed conforming limits. It allows homeowners to tap into equity or adjust loan terms. These loans usually require strong credit scores and larger down payments but can offer flexibility for large loan balances.
Frequently asked questions about mortgage rates
1. How does an adjustable rate mortgage work?
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2. What makes FHA loans a good choice for new buyers?
3. Who qualifies for VA loans in Wisconsin?
4. When should a homeowner consider a jumbo loan?
5. Can FHA or VA loans be refinanced into conventional mortgages?
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