Refinance rates in WisconsinCurrent 30-year fixed mortgage refinance rates are averaging: 7.71%
The current average rate for a 15-year fixed mortgage refinance is: 7.12%
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast for 2024?The mortgage rates forecast for 2024 is for rates to remain high compared to where they were before the pandemic, but not rise above 7%. Right now rates have been resting between 6% and 7% for nearly 11 weeks, and our market expert predicts they’ll remain there for most of the year.
Market-watchers expect the Federal Reserve to cut rates sometime this year and, if they do, 30-year rates may even dip below 6%. However, cuts aren’t expected until mid-spring, and could come even later in the year.
It may feel like most factors determining mortgage rates are out of your control, but there are actually many ways to influence the rates you’re offered. Here are some steps you can take today to get the best mortgage rate:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?When you receive a loan estimate with an offer that you feel comfortable with, it’s best to request a mortgage rate lock before you begin the closing process. A rate lock freezes your interest rate, ensuring that it won’t increase before you make it to your closing day.
The Wisconsin Housing and Economic Development Authority (WHEDA) offers two down payment assistance programs. The first, one, Easy Close, offers up to 6% of the home’s purchase price or appraised value (whichever is lower) in funds that can be put toward a down payment, closing costs or — in certain cases — mortgage insurance premiums. The money comes in the form of a 10-year fixed-rate second mortgage that will carry the same interest rate as your first mortgage. In many cases, this means 100% financing for your home.
Who qualifies?Borrowers must:
Earn within the program’s income limits, which range from $96,300 to $167,670, depending on where you live, how many people are in your household and the loan type of your first mortgage
Purchase a home within the program’s price limits
Use in conjunction with a WHEDA first mortgage
Purchase a home in Wisconsin
Live in the home until it is fully paid off
This is WHEDA’s other down payment assistance program, and differs from Easy Close in that it offers $7,500 as a second mortgage with no monthly payments. However, it comes with lower income limits, so it may not be an option for some borrowers.
Who qualifies?Borrowers must:
Earn within the program’s income limits, which range from $47,600 to $124,950, depending on the county you purchase in and how large your household is
Purchase a home within the program’s price limits
Purchase a home in Wisconsin
Use in conjunction with a WHEDA first mortgage
Live in the home until it is fully paid off
Wisconsinites who want to purchase their first home in the city of Madison may qualify to receive up to $35,000 in down payment assistance funds. The money can be used to purchase a single-family home, condo or one half of a duplex, and doesn’t have to be repaid unless you refinance, sell or move out of the house.
Who qualifies?Borrowers must:
Be first-time homebuyers
Earn within the program’s income limits, which range from $66,300 for a single-person household to $124,950 for an eight-person household
Purchase a home in Wisconsin
Contribute at least 1% of the purchase from their own fund
Who qualifies as a first-time homebuyer? People who haven’t owned real estate in the last three years (certain manufactured homes may not count as real estate)*
*Exceptions to the first-time homebuyer rule will be made for:
Divorced people with at least one dependent child
Displaced homemakers
→ Wisconsin conventional loans. You likely think of conventional loans as the standard loan type — and with good reason. They’re a popular choice for borrowers who can meet the minimum requirements set by Fannie Mae and Freddie Mac.
→ Wisconsin FHA loans. FHA loan requirements are more accessible than conventional loan requirements, mainly because you can qualify with a credit score as low as 500. However, you’ll have to make a 10% down payment to be approved with a credit score between 500 and 579. If you want to make a smaller down payment, you can go as low as 3.5% as long as you have at least a 580 credit score.
→ Wisconsin VA loans. VA loan requirements are even more accessible than FHA requirements, but they’re only available to military borrowers. If you have full VA entitlement, you can purchase or refinance without making a down payment or paying for mortgage insurance.
→ Wisconsin streamline refinances are FHA streamline refinance loans or VA interest rate reduction refinance loans (IRRRLs). They’re called “streamline” because you won’t have to provide as much documentation or jump through as many hurdles as you would with a regular refinance. The only drawback is that you can only use the “streamline” loans to refinance from another FHA loan into an FHA loan, or from a VA loan into a VA loan.
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