WISCONSIN MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Wisconsin.
Current mortgage refinance rates in
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Compare mortgage refinance rates in Wisconsin.
Key Points
• Mortgage refinance rates in Wisconsin are influenced by economic factors like inflation and Federal Reserve policy, and personal factors like your credit score and debt-to-income ratio.
• Even a 1% drop in your mortgage refinance rate can make a big difference in your monthly payment and the amount you pay in interest over the life of the loan.
• In Wisconsin, you have a variety of mortgage refi options to choose from: conventional, cash-out, FHA, VA, 15-year, and adjustable-rate mortgages, each with its own set of perks and things to consider.
• Higher credit scores typically secure more favorable refinance rates. Maintaining good credit can lead to significant savings over the life of your Wisconsin home loan.
• When you’re thinking about a mortgage refinance, it’s important to weigh the potential savings against the costs, which can include closing fees and the interest you’ll pay over the life of the loan.
Introduction to Mortgage Refinance Rates
Current mortgage refinance rates in Wisconsin play a pivotal role in your decision to refinance. When you opt for a mortgage refinance, you’re essentially trading in your old mortgage for a new one, complete with updated terms and a fresh interest rate.
The reason behind your refinance will dictate the type of refi you choose, which in turn influences the interest rate you’ll secure. This guide will illuminate how Wisconsin refinance rates are established and how you can snag the most favorable one.
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
Where Do Mortgage Refinance Interest Rates Come From?
Current mortgage rates are a product of the economy and your unique financial landscape. On the economic side, rates fluctuate based on the Federal Reserve’s monetary policies, inflation trends, and overall market conditions. When inflation rises, lenders typically increase interest rates to maintain their profit margins.
On the personal side, a borrower’s credit score, debt-to-income (DTI) ratio, and loan-to-value (LTV) ratio all play a role in determining their refinance rate. A higher credit score generally leads to more favorable terms, while a lower DTI ratio reassures lenders that the borrower can manage their financial obligations.
How Interest Rates Affect Home Affordability
Just like when you took out your initial home loan, the interest rate on your mortgage is a key player in the game of affordability.
Your monthly payment is a mix of your loan amount, the term you’re paying it back over, and the mortgage interest rate. For instance, a $200,000 loan with a 6.00% mortgage rate and a 30-year repayment term will have you paying $1,199 monthly. If you bump that rate up to 8.00%, you’re looking at $1,467 each month. That’s a difference of almost $100,000 over the life of the loan. So while a fraction of a percentage point might seem small, it can add up to some serious savings over time.
Here’s a closer look at how different interest rates and loan terms affect monthly payments and total interest paid on a $200,000 loan:
| Interest Rate | Monthly Payment | Total Interest |
|---|---|---|
| 6.00% | $1,199 | $231,677 |
| 6.50% | $1,264 | $255,085 |
| 7.00% | $1,330 | $279,021 |
| 7.50% | $1,398 | $303,403 |
| 8.00% | $1,467 | $328,309 |
Trends in Wisconsin Mortgage Interest Rates
Mortgage refinance rates have been on quite the rollercoaster in recent years. Currently, rates are higher than when they hit all-time lows back in 2021. Freddie Mac’s early 2025 prediction is that the current rate levels are here to stay, and they might even climb higher.
Historical U.S. Mortgage Interest Rates
The mortgage refinance rate landscape has seen some big changes over the years. In 2021, the average 30-year fixed mortgage rate was a low 2.96%. By 2023, rates were up to 7.03%. In March 2025, rates are 6.65% on average. These fluctuations highlight the importance of timing when you’re thinking about refinancing. By understanding historical trends, you can better predict where rates might go in the future — and make smart decisions about when to refinance.
Here’s a look at the average fixed mortgage rates in the U.S. over the past 50 years:
Historical Interest Rates in Wisconsin
Mortgage refinance rates in Wisconsin often mirror the national landscape, and over the past few years, homeowners in the Badger State have ridden the waves of some significant fluctuations.
Here’s a look at how Wisconsin mortgage rates compare to U.S. rates from years 2000 to 2018:
| Year | Wisconsin Rate | National Rate |
|---|---|---|
| 2000 | 8.06 | 8.14 |
| 2001 | 7.03 | 7.03 |
| 2002 | 6.47 | 6.62 |
| 2003 | 5.69 | 5.83 |
| 2004 | 5.75 | 5.95 |
| 2005 | 5.91 | 6.00 |
| 2006 | 6.56 | 6.60 |
| 2007 | 6.49 | 6.44 |
| 2008 | 6.13 | 6.09 |
| 2009 | 5.06 | 5.06 |
| 2010 | 4.74 | 4.84 |
| 2011 | 4.57 | 4.66 |
| 2012 | 3.64 | 3.74 |
| 2013 | 3.85 | 3.92 |
| 2014 | 4.18 | 4.24 |
| 2015 | 3.88 | 3.91 |
| 2016 | 3.76 | 3.72 |
| 2017 | 4.06 | 4.03 |
| 2018 | 4.66 | 4.57 |
Why Refinance in Wisconsin?
Refinancing your mortgage in Wisconsin can be a smart financial move, but it does require some careful thought. If current interest rates are lower than the rate on your existing mortgage, you may be able to save money by refinancing.
You’ll generally need to have at least 20% equity in your home to refinance, and if you’re looking to take cash out, you’ll want to have more than that. Refinancing can help you lower your interest rate, change your loan term, or tap into your home’s equity. Each type of refi has its own benefits and considerations, so it’s important to think about your financial goals and how a refinance might impact your budget.
Common Reasons to Refinance a Mortgage
Homeowners refinance for various reasons, including:
• Lower interest rates due to market changes or a change in your credit.
• Adjust the repayment term to manage monthly payments or to clear the loan faster.
• Cash out home equity to fund needs like education expenses.
• Consider a fixed-rate loan to safeguard against potential rate hikes.
• Eliminate mortgage insurance premiums for FHA loans with small down payments.
How to Compare Mortgage Refi Interest Rates
Secure a competitive mortgage refinance rate to keep more money in your pocket. Even a fraction of a point can add up to significant savings. To make sure you’re getting the best rate, you’ll want to:
• Compare rates from multiple lenders.
• Look at the annual percentage rate (APR), which includes fees and discount points.
• Compare the rates being offered to your current rate.
Recommended: How Much Does It Cost to Refinance a Mortgage?
Compare Wisconsin Interest Rates by Mortgage Refi Type
Mortgage interest rates in Wisconsin can vary depending on the type of refinance you choose. By understanding these different options, you can make an informed decision about which Wisconsin refinance rate is going to be the best fit for your financial needs.
Conventional Refi
Conventional refinance loans often come with slightly higher interest rates compared to government-backed loans such as FHA, VA, and USDA loans. They are a good option for homeowners who are looking to lower their interest rate or change their loan term. Conventional refis typically require a minimum credit score and a certain level of equity in the property. While the interest rates may be slightly higher, the flexibility and lack of mortgage insurance can make them a good option for many homeowners.
Cash-Out Refi
Cash-out refinances are a savvy way to leverage your home equity by refinancing for more than you currently owe and pocketing the difference. These types of refinances typically come with higher rates than your standard refi, but the added flexibility can be worth it. For example, if your home is valued at $500,000 and you owe $300,000, you could potentially borrow up to 80% of your equity, leaving you with $100,000 after paying off your existing mortgage. This could be a game-changer for paying off high-interest debt or funding a major expense like home renovations.
FHA Refi
FHA refinances often come with lower mortgage refinance rates than conventional loans. These refinancing options are available to homeowners with an existing FHA loan, and include the FHA Simple Refinance and FHA Streamline Refinance programs. For those who don’t have an FHA loan, an FHA cash-out refinance and an FHA 203(k) refinance are two options to consider. The 203(k) loan is specifically for home renovations and improvements, which can add value to your home.
VA Refi
VA refinances, backed by the U.S. Department of Veterans Affairs, are known to offer some of the most competitive mortgage refinance rates available. To qualify for a VA refi, also known as an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan. This type of refinance is particularly suitable for veterans seeking to secure a lower interest rate or transition from an adjustable-rate to a fixed-rate mortgage.
15-Year Mortgage Refi
Switching to a 15-year mortgage refinance can lower your total interest payments, even though your monthly costs may rise. For instance, imagine you have a 30-year, $500,000 mortgage at a 6.75% interest rate with a monthly payment of around $3,243. If you refinance to a 15-year loan at 6.25%, your payment would rise to approximately $4,288. However, the long-term savings are substantial — you’d pay nearly $340,000 less in interest over the life of the loan. That’s a significant chunk of change that could be better spent elsewhere.
Recommended: 15-Year vs 30-Year Mortgage: Which Should You Choose?
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) often start with a lower interest rate than fixed-rate loans, making them a popular choice for homeowners who plan to sell or refinance before the introductory rate ends. If you think you might move or refinance in the next five to 10 years, an ARM could be a cost-effective way to keep your payments low.
Keep in mind, though, that your interest rate could go up after the initial fixed period, which might mean higher monthly payments down the road. It’s important to think about your future plans and make sure you’re comfortable with the possibility of your rate and payment changing.
How to Get the Best Available Mortgage Refi Interest Rate
Securing a competitive mortgage refinance rate in Wisconsin is crucial for maximizing your savings. Here are some steps to help you achieve the best rate:
• Build your credit score: Timely bill payments and avoiding new debt can build your score.
• Lower your DTI: Keep your debt-to-income ratio under 36% to enhance your eligibility for a more favorable rate.
• Compare lenders: Don’t settle for the first offer. Shop around and compare rates and fees from different lenders.
• Consider mortgage points: Paying for discount points can lower your mortgage refinance rate up to 0.25% per point.
• Consider a shorter term: A 10- or 15-year mortgage could mean a lower interest rate, even if it results in higher monthly payments.
Online Refinance Calculators
Online refinance calculators are a great way to get an estimate of what your new monthly payment could be and to compare different refinance options. They can help you understand the impact of different mortgage refinance rate scenarios on your long-term financial goals.
By using these calculators, you can get a better sense of what might happen if you choose one refinance option over another, and make a more informed decision about what’s best for you.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
When you’re considering refinancing your mortgage in Wisconsin, it’s important to carefully evaluate the potential benefits against the costs. Refinancing can offer a number of advantages, such as securing a lower interest rate, accessing home equity, and adjusting loan terms. However, it’s essential to weigh these advantages against the expenses you’ll incur, such as closing fees and potential additional interest payments over the life of the loan.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
When should I consider refinancing?
You should consider refinancing your mortgage when interest rates drop, you build your credit score, or you want to switch loan terms. It’s also beneficial if you need to tap into home equity, reduce monthly payments, or eliminate private mortgage insurance (PMI) for long-term savings.
Can I lower my interest rate without refinancing?
Yes, you can lower your interest rate without refinancing by negotiating with your lender, making extra payments to reduce principal faster, or enrolling in automatic payments for a discount. Some lenders also offer loan modification programs that may lower your rate based on financial hardship or improved creditworthiness.
Can I get equity out of my house without refinancing?
Yes, you can access your home’s equity without refinancing through options like a home equity loan or home equity line of credit (HELOC). These allow you to borrow against your home’s value while keeping your existing mortgage terms intact.
How much are closing costs on a refinance?
On average, closing costs are 2% to 5% of your loan amount. On a $300,000 mortgage, that could be from $6,000 to $15,000. The amount will vary depending on your mortgage refinance rate and lender fees. Be sure to consider these costs when you’re thinking about refinancing.
Does refinancing affect your credit score?
Yes, refinancing can impact your credit score. A lender’s hard inquiry may cause a temporary dip, and closing an old loan can affect your credit history length. However, timely payments on the new loan can help rebuild your score over time, making the impact generally short-term.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance