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Milwaukee, WI Mortgage Rates Today

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Current Mortgage Rates in Milwaukee

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Milwaukee housing market at a glance

September 2026 data

In Milwaukee, homes are selling in about 39 days (11 slower than a year ago), sales are up 16.0% from last year, and about 20% of listings have had a price cut.

Median sale price
$230,000
$151 per sq. ft.
Homes sold
1,430
▲ 16.0% vs. 1,233 last year
Days on market
39
vs. 28 days last year
Homes for sale
1,573
171 new listings
Listings with a price cut
20%
317 of 1,573 listings

Source: Movoto Milwaukee, WI market trends, September 2026. Last updated October 5, 2026.

What it costs to buy a home in Milwaukee

Monthly payments on Milwaukee's median home price of $230,000 (September 2026), at today's rates.

20% down · Conventional
$1,770/mo
Down payment
$46,000
Loan amount
$184,000
Rate
7.125%
Principal & interest
$1,240
Est. property tax
$378
Est. homeowners insurance
$153
5% down · Conventional
$2,002/mo
Down payment
$11,500
Loan amount
$218,500
Rate
7.125%
Principal & interest
$1,472
Est. property tax
$378
Est. homeowners insurance
$153
3.5% down · FHA
$2,014/mo
Down payment
$8,050
Loan amount
$225,834
Rate
6.875%
Principal & interest
$1,484
Est. property tax
$378
Est. homeowners insurance
$153

Payments include principal, interest, estimated Milwaukee property taxes, and estimated homeowners insurance. They do not include mortgage insurance (PMI or FHA monthly MIP), which applies with less than 20% down, or HOA dues. The FHA loan amount includes the 1.75% upfront mortgage insurance premium. These are examples based on the median price, not the sample loan used in the rate table above.

How much income do you need to buy a home in Milwaukee?

A common lender guideline is to keep your total housing payment (principal, interest, estimated Milwaukee property taxes, and estimated homeowners insurance) at or below 28% of your gross monthly income. Gross income is what you earn before taxes and other deductions come out of your paycheck. Based on that guideline, here's the yearly household income needed for Milwaukee's $230,000 median home:

20% down · Conventional$1,770/mo payment $75,852/yrabout $6,321/mo before taxes
5% down · Conventional$2,002/mo payment $85,814/yrabout $7,151/mo before taxes
3.5% down · FHA$2,014/mo payment $86,306/yrabout $7,192/mo before taxes

Why this matters: Keeping housing costs near 28% of your income leaves room for other bills, savings and the upkeep that comes with owning a home. It's a planning guideline, not a hard limit.

What lenders look at: Lenders also look at your debt-to-income (DTI) ratio, which adds your car, student loan and credit card payments to the new mortgage payment. Depending on the loan program and your credit, many lenders allow total debts of roughly 43% to 50% of gross income, so you may qualify with less income than shown, or need more if you carry other debt.

Household income counts: If you're buying with a partner or co-borrower, lenders can combine your incomes.

How rates change your payment

Principal and interest on a $184,000 loan (the Milwaukee median price with 20% down). Every 0.25% is worth about $31/mo.

Rate6.13%6.38%6.63%6.88%7.13%
today		7.38%
Monthly P&I$1,118$1,148$1,178$1,209$1,240$1,271

Ways to make a Milwaukee home more affordable

  • Negotiate on price. About 20% of Milwaukee listings have had a price cut, so many sellers are open to offers.
  • Ask for seller concessions. Homes take 39 days to sell, 11 more than last year. Sellers may cover closing costs or pay for a rate buydown.
  • Consider buying down your rate. On this example loan, a rate 0.5% lower saves about $61 a month.
  • Compare loan types. FHA rates are at 6.875% vs. 7.125% for conventional, with as little as 3.5% down. Compare by APR, including mortgage insurance.

Milwaukee mortgage and home buying FAQs

What are mortgage rates in Milwaukee today?

As of October 9, 2026, Lower’s 30-year fixed conventional rate in Milwaukee is 7.125% (7.418% APR), and the 30-year FHA rate is 6.875% (7.697% APR). Your rate depends on your credit, down payment, loan type and any points you pay. See the rate table above for points and full details.

What is the monthly payment on a median-priced home in Milwaukee?

On Milwaukee’s $230,000 median home price (September 2026), a 30-year conventional loan with 20% down at 7.125% comes to about $1,770 a month, including principal, interest, estimated Milwaukee property taxes, and estimated homeowners insurance. With an FHA loan and 3.5% down, it’s about $2,014 a month before monthly mortgage insurance.

How much income do I need to buy a house in Milwaukee?

To keep housing costs at 28% of gross (pre-tax) income, you’d need a household income of about $75,852 a year to buy Milwaukee’s $230,000 median home with 20% down, or about $86,306 with an FHA loan and 3.5% down. Lenders also consider your other debts, so the income you need may be higher or lower.

How much do I need for a down payment in Milwaukee?

On the $230,000 median home, 20% down is $46,000, 5% down is $11,500, and the FHA minimum of 3.5% is $8,050. Putting less than 20% down usually means paying mortgage insurance. You’ll also need money for closing costs.

Is it a buyer’s or seller’s market in Milwaukee right now?

In September 2026, Milwaukee homes sold in about 39 days, 11 days slower than a year earlier. 1430 homes sold, up from 1233 the year before, and about 20% of the 1573 homes for sale have had a price cut. Slower sales and frequent price cuts generally give buyers more room to negotiate than a year ago.

How much does a quarter-point rate change affect payments in Milwaukee?

On a $184,000 loan (the median Milwaukee home with 20% down), each 0.25% change in rate moves the principal and interest payment by about $31 a month, or about $371 a year.

How much are property taxes in Milwaukee?

Lower estimates Milwaukee property taxes at about 1.97% of a home’s value per year. On the $230,000 median home, that’s roughly $4,531 a year, or $378 a month. Your actual bill depends on your assessed value and any exemptions.

Market data: Movoto, September 2026. Homeowners insurance estimates are based on average annual premiums in Milwaukee from The Zebra; your quote will vary. Rates as of October 9, 2026. Examples only; not an offer of credit. Your rate and payment depend on your credit, down payment, loan type and other factors.

Find Out Why Milwaukee Loves Lower

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5.0

As always Katie is very responsive and get the loan closed

Sean P.

Verified Customer

September 3, 2026

5.0

Explained everything help ed helped us understand costs and everything we need to do

William F.

Verified Customer

August 18, 2026

5.0

This transaction went smoothly with Lynda as the buyers mortgage broker.

Lamanda J.

Verified Customer

September 5, 2026

5.0

Mrs. Donna is absolutely da bestest! We have turned to her several times for our mortgage needs, questions and needed information... she has always been there, always give straight forward, honest thoughts and opinions for us to make the best …decisions for us, not for her or the company/companies she works on behalf of! That in this world is worth its weight in anything!! My wife and I will continue to put our trust in her as long as we own property and she is in her position anywhere she goes. Henry and Jodi Jameson

Jodi J.

Verified Customer

August 11, 2026

5.0

Farryl was a lifesaver as we purchased our new home. She treated me with respect and integrity. Farryl was upfront about everything and extremely responsive (very reachable after standard working hours). She also helped me to find additional… resources like Hometown Heroes. I will recommend Farryl to anyone I know that is purchasing a new home!

Rwk N.

Verified Customer

August 6, 2026

5.0

Communication from Marc

Bud C.

Verified Customer

August 18, 2026

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