Mortgage by CountyWhat home buyers actually paid, county by county

Independent analysis of official mortgage recordsHMDA 2025 · 7,155,718 applications

Metro area · Wisconsin

Madison, WI metro: mortgages and home buyers

2025 home-purchase and refinance statistics for the 4-county Madison, WI area (OMB code 31540), from official HMDA records.

In 2025, lenders reported 6,603 home-purchase mortgages for owner-occupied, single-family homes in the Madison, WI metro area. The median buyer borrowed $355,000 on a home valued at $445,000 and reported a household income of $130,000.

Buyers financed a median 80% of the home's value (roughly 20% down), paid a median 6.625% on 30-year fixed conventional loans and faced median conventional loan costs of $3,550.

Lenders denied 3.8% of completed home-purchase applications.

Purchase loans
6,603
4 counties
Buyer income
$130,000
U.S. $116,000
Loan amount
$355,000
U.S. $335,000
Down payment
20%
U.S. 10%
30-yr fixed rate
6.625%
U.S. 6.625%
Denial rate
3.8%
Purchase · U.S. 8.5%

Key facts

  • Home buyers' median income ($130,000) is 12% higher than the U.S. median ($116,000).
  • Median conventional loan costs ($3,550) were 36% lower than the U.S. median ($5,570).
  • FHA loans made up 3.3% of purchase mortgages, versus 21.1% nationally.
  • 53.6% of buyers put at least 20% down (financed 80% or less), compared with 38.5% nationally.
  • The most common age bracket among borrowers was 25–34 (38.6% of purchase loans).
  • 39.6% of purchase mortgages had a single borrower with no co-applicant.
  • The most-cited reason for denial was debt-to-income ratio (38.7% of denials with a stated reason).

Counties in the metro area

CountyPurchase loansMedian loanBuyer income30-yr rateLoan costsConforming limitFHA limit
Dane County, WI5,403$365,000$138,0006.625%$3,620$832,750$541,287
Columbia County, WI628$285,000$103,0006.625%$3,190$832,750$541,287
Green County, WI345$255,000$106,0006.625%$3,070$832,750$541,287
Iowa County, WI227$265,000$106,0006.625%$3,470$832,750$541,287

Who bought homes in Madison

Home-purchase mortgages for owner-occupied, single-family (1–4 unit) site-built homes, first liens, originated in 2025.

Purchase loans
6,603
of 6,994 applications
Buyer income
$130,000
Middle half $91,000–$190,000
Home value
$445,000
Middle half $345,000–$575,000
Loan amount
$355,000
Middle half $255,000–$455,000
Down payment
20%
53.6% put 20%+ down
Single borrower
39.6%
No co-applicant

Values are medians; "middle half" is the 25th to 75th percentile.

Loan type

Conventional 92.6% 6,113
FHA 3.3% 217
VA 3.9% 259
USDA 0.2% 14

What the homes were for

Primary residence 94.3% 6,670
Second home 1.8% 127
Investment property 3.9% 276

All first-lien, closed-end purchase mortgages, including second homes and investors.

Borrower age

Under 25 6.0%
25–34 38.6%
35–44 26.4%
45–54 13.3%
55–64 9.1%
65–74 4.8%
75 and over 1.7%

Debt-to-income ratio

Under 20% 4.8%
20–29% 19.6%
30–35% 19.4%
36–42% 25.0%
43–49% 27.2%
50–60% 3.1%
Over 60% 0.9%

Monthly debts (including the new payment) as a share of income, as used in underwriting.

What borrowing cost in Madison

Medians for 2025 home-purchase loans. Total loan costs are section D of the Loan Estimate/Closing Disclosure (lender and third-party loan charges, excluding taxes, prepaids and escrow). FHA and VA costs include the upfront mortgage insurance premium or VA funding fee, so compare like with like.

MeasureMadisonU.S.
30-year fixed rate · conventional6.625%6.625%
30-year fixed rate · FHA6.625%6.250%
30-year fixed rate · VA6.250%6.125%
15-year fixed rate · conventional5.875%5.875%
Rate spread vs. APOR · conventional+0.02 pts+0.13 pts
Total loan costs · conventional$3,550$5,570
Total loan costs · FHA$10,650$11,310
Total loan costs · VA$4,890$6,490
Origination charges (all loan types)$1,090$1,860
Borrowers paying discount points35.7%51.3%
Points paid, when paid (% of loan)0.50%0.87%
Borrowers receiving lender credits47.4%33.1%
Adjustable-rate mortgages15.4%7.4%
Jumbo loans (above conforming limit)2.8%3.8%

Medians are shown only when at least 30 loans report the field. Rates are those reported at closing; market rates changed during 2025, which the rate spread (APR minus the average prime offer rate on the lock date) adjusts for.

Approvals and denials

Madison: 266 of 6,994 completed home-purchase applications were denied (3.8%).

Denial rate

ApplicationMadisonU.S.
Home purchase3.8%8.5%
Conventional3.5%7.1%
FHA10.8%12.5%
VA5.4%8.0%
USDA—12.5%
Refinance9.0%17.9%
Cash-out refinance25.3%33.6%

Main reason for purchase denials

Debt-to-income ratio 38.7%
Collateral (appraisal/property) 19.0%
Credit history 10.9%
Other 10.1%
Credit application incomplete 8.5%
Unverifiable information 7.3%
Insufficient cash (down payment/closing costs) 4.0%
Employment history 1.6%

First reason the lender reported.

Denial rate = denied ÷ (originated + approved but not accepted + denied). Withdrawn and incomplete applications are excluded. Differences between places reflect who applies, not only lender behavior.

Refinancing in Madison

Refinances
1,881
Median loan $345,000
Refi rate
6.25%
30-yr fixed, conv.
Refi loan costs
$2,040
Conventional
Cash-out refis
891
Median loan $245,000
Cash-out rate
6.625%
30-yr fixed, conv.
Cash-out income
$100,000
Median borrower

Source: FFIEC/CFPB HMDA 2025 public LAR (derived MSA/MD); OMB July 2023 delineations via the U.S. Census Bureau. Methodology