Mortgage Rates in Milwaukee, Wisconsin — March 2026
Updated March 2026 | Based on Milwaukee market data and regional lending conditions
Milwaukee is a major metropolitan area in Wisconsin with a population of 577,222. The current 30-year fixed mortgage rate in Milwaukee is 6.71%, which is 0.06% above the national average. With a median home price of $175,000 and a 20% down payment of $35,000, homebuyers can expect a monthly principal and interest payment of approximately $904.
Current Mortgage Rates in Milwaukee, WI
Below are the current average mortgage rates available in the Milwaukee area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.71% | 6.65% | +0.06% |
| 15-Year Fixed | 5.95% | 5.89% | +0.06% |
| 5/1 ARM | 6.21% | 6.15% | +0.06% |
| FHA | 6.31% | 6.25% | +0.06% |
| VA | 6.11% | 6.05% | +0.06% |
| Jumbo | 6.91% | 6.85% | +0.06% |
Milwaukee Housing Market Overview
The Milwaukee housing market offers relatively affordable housing compared to many major cities. The median household income in Milwaukee is $43,125, and the cost of living index is 89.4 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $49,757 to comfortably afford the median-priced home in Milwaukee, which exceeds the current median household income.
Monthly Payment Breakdown for Milwaukee
Based on the median home price of $175,000 with 20% down ($35,000), here is what you can expect to pay monthly in Milwaukee:
15-Year vs. 30-Year Mortgage in Milwaukee
Choosing a 15-year mortgage in Milwaukee at 5.95% instead of a 30-year at 6.71% would save you $113,400 in total interest over the life of the loan. However, your monthly payment would be $1,178 instead of $904 — an increase of $274 per month.
Calculate Your Milwaukee Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Milwaukee
What are the current mortgage rates in Milwaukee, WI?
As of March 2026, the average 30-year fixed mortgage rate in Milwaukee, Wisconsin is 6.71%, while the 15-year fixed rate is 5.95%. FHA loans average 6.31% and VA loans 6.11%. These rates are 0.06% above the national average of 6.65%.
How much is a monthly mortgage payment in Milwaukee?
Based on the median home price of $175,000 with 20% down, the estimated monthly mortgage payment in Milwaukee is $904 for principal and interest. Including property taxes of $257/month, the total monthly housing cost is approximately $1,161.
What income do I need to buy a home in Milwaukee?
Using the 28% rule, you would need an annual income of approximately $49,757 to afford the median-priced home in Milwaukee at $175,000. The median household income in Milwaukee is $43,125. This means most households would need to either earn above the median or consider homes below $175,000.
Is Milwaukee a good place to buy a home in 2026?
Milwaukee offers a below-average cost of living with a cost of living index of 89.4 (national average = 100). The property tax rate in Wisconsin is 1.76%, which is above the national average. As a major city with 577,222 residents, Milwaukee offers diverse employment opportunities and amenities.
Mortgage Rates in Other Wisconsin Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Milwaukee, Wisconsin area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.