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Wisconsin Mortgage Rates

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Wisconsin Mortgage Rates

Comparing Wisconsin  Mortgage Rates with National Rates

In order to help you see how Wisconsin mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Wisconsin

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Wisconsin

In order to qualify for the best mortgage rates in Wisconsin it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Wisconsin

Wisconsin is the twentieth most populous US state. According to the US census, as of 2017, there is an estimated population of about 5. million residents, which represents 1.8% of the US population.

Based on 2015 HMDA data, Wisconsin as compared to National loan program distribution, had a higher percentage of conventional loans (81% vs 69%) and a smaller share of both FHA loans (11% vs 20%) and VA loans (5% vs 10%).

Here are some outside resources that can help you understand the Wisconsin mortgage environment:

  1. FHA loan amounts in Wisconsin: (note:set the table to Wisconsin) There are 72 counties in the state of Wisconsin of which none of the single family units meet the Highest loan limit, currently at $636,150. 85% of the counties are at the Standard loan limit, currently at $275,665. The remaining 15% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Wisconsin and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties fit this category.
  3. Wisconsin First Home Buyer Programs: The Wisconsin Housing and Economic Development Agency (WHEDA) offers a variety of programs to help Wisconsinites purchase affordable housing. Their website offers six steps to help explain the homebuying process, including guidance to getting your finances in order to apply, seeking a loan program, find a WHEDA participating lender, Get a Homebuyer Education, Get pre-approved, and get to the closing. Some of their programs are, the WHEDA Advantage - Home Loan, First Time Home Buyer (FTHB) Advantage, Veterans Affordable Loan Opportunity Rate (VALOR), WHEDA Tax Advantage, WHEDA FHA Advantage - Home Loan, Capital Access Advantage – Down Payment Assistance, and the Easy Close Advantage - Down Payment Assistance.  There are income, credit, and value restrictions.
  4. Many programs require a homebuyer education class. For more information regarding programs in Wisconsin, check out the Hud’s website. 

Mortgage Trends and Statistics for Wisconsin

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Wisconsin:

  • Mortgage Rates for Conventional Loans in One MSA in Wisconsin
  • Mortgage Fees in One MSA in Wisconsin
  • Loan Amount in One MSA in Wisconsin
  • LTV over 90% in One MSA in Wisconsin

 

Mortgage Rates for Conventional Loans in One MSA in Wisconsin

 

Mortgage Fees in One MSA in Wisconsin

 

Loan Amount in Wisconsin for One MSA

 

LTV over 90% in One MSA in Wisconsin for One MSA

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