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
On the week of September 5, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
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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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.
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Sep 08, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Sep 08, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
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:
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