Wisconsin Mortgage Refinance
Wisconsin median home values are holding steady at $141,100 and more and more home owners are refinancing their mortgages to reduce their monthly mortgage payment. Local Wisconsin lenders are offering competitive rates on both adjustable and fixed rate mortgage products. For a 7/1 ARM, lenders are offering a rate of 4.73% APR. On a 30 year fixed rate product, rates run from 4.92% APR to 5.28% APR. Understanding Wisconsin mortgage rates is imperative to making an informed decision about home mortgage refinance. The rate that borrowers receive depends on three factors—the borrower’s credit worthiness, the overall market and economy and the loan type. Some loans, such as adjustable rate mortgages (ARMs) are associated with lower rates. The borrower reaps the benefit of a lower rate during an initial period and then the rate fluctuates based on market conditions. Although rates are higher than ARMs, with fixed rate mortgages in Wisconsin borrowers have the stability of knowing that their rate will remain unchanged throughout the life of the loan. Wisconsin home owners should also know about how home values and sale prices compare. In comparison to the Wisconsin home value, cities such as Green Bay (54301) have slightly lower home values at $140,400, whereas homes in Madison (53705) have higher home values at $203,600. The median home sale price in Wisconsin (population 5,556,506) is $162,800. Like with home values, cities throughout the “Badger State” have sale prices both higher and lower than the state median. In Milwaukee (53219) the median home sale price is $158,700 and in Madison the median home sale price is $209,500.