Today's Mortgage Rates in Wyoming (October 2024)
Updated: October 8, 2024
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Today's 30-year mortgage rate in Wyoming is 5.80%, in line with the average national rate of 6.40% for the same mortgage type. Homebuyers in Wyoming have access to beneficial programs, including First-Time Home Buyer and Down Payment Assistance, designed to reduce mortgage costs.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Wyoming. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in October 2024.
The current mortgage rate in Wyoming for a 30-year fixed mortgage is 5.8% as of October 2024, down from 5.9% in the previous month — a decrease of 14 basis points. If you take out a $250,000 loan with a 20% down payment, this marginal change can save you roughly $7,085 over the life of your loan, not including property taxes or HOA fees.
Understanding the current mortgage rates in Wyoming can help you budget for a future home purchase as rates often adjust due to market conditions and economic announcements. Our line chart indicates the trend of these rates in recent months, directly affecting your monthly payments.
Keeping up with today's mortgage interest rates in Wyoming is beneficial for two types of individuals in the dynamic housing market:
First-time homebuyers
Knowing the latest mortgage rates offers first-time homebuyers a baseline for loan costs and aids in rate comparison.
Homeowners with mortgages
Homeowners might find lower rates compelling for a mortgage refinance, saving on monthly payments.
For example, the current mortgage rate for a 30-year fixed-rate mortgage in Wyoming is 5.80% when you're looking to buy a home. If you're planning to refinance, the rate is 5.70%. Keep these differences in mind as you explore your mortgage options.
A 30-year fixed-rate mortgage in Wyoming has a higher interest rate than a 15-year fixed-rate mortgage. The lender faces more uncertainty and exposure over the extended term, which influences the cost of the loan. In contrast, a 15-year fixed-rate mortgage provides you with a lower rate and allows you to build equity faster and pay less interest over the life of the loan.
When you evaluate mortgage loan types in Wyoming, use a mortgage calculator to see how different rates might affect your monthly payments. Different rates can dramatically alter your home loan's monthly cost and overall interest. The right tool can simplify your search, giving you clear insight into your mortgage costs.
| 5.00% | APR5.10% |
An interest rate is the cost you pay each year to borrow money, expressed as a percentage of the loan amount. Wyoming's average interest rate for a conforming 30-year fixed mortgage is 5.75%.
APR, or annual percentage rate, represents the yearly cost of your loan, including mortgage points and other fees. Wyoming's average APR for a 30-year fixed-rate mortgage is a touch higher at 5.80%, giving you a clear picture of the total yearly cost of your mortgage.
With a credit score of 740 or above and a down payment between 5% and 20%, the average APR for a 30-year fixed-rate mortgage in Wyoming is 6.28%. If your score is below 680, the average APR for the same loan rises to 8.09%.
Your credit score directly impacts the mortgage rates available to you in Wyoming. To help you see what rates you might get based on your credit score and down payment, we've put together an interactive table.
| 15-year Fixed | APR5.14% |
| 20-year Fixed | APR5.97% |
| 30-year Fixed | APR6.29% |
| 5-year ARM | APR7.51% |
| 7-year ARM | APR7.32% |
In October 2024, 30-year fixed-rate VA loans in Wyoming have the lowest average APR at 5.53%. Knowing the best rates can impact your budget over the long term, as a lower APR means lower monthly payments. Check out the table below to explore the mortgage loan types available in Wyoming:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Wyoming |
|---|---|---|---|
Conventional Loans | Conventional loans in Wyoming are not guaranteed by government entities. | Mortgage rates for conventional loans may vary based on credit score and down payment. | 5.80% |
FHA Loans | FHA loans in Wyoming are insured by the Federal Housing Administration. | FHA loan rates may be lower, as they're designed to be more accessible. | currently unavailable |
VA Loans | VA loans in Wyoming are backed by the Department of Veterans Affairs for eligible service members. | VA loan rates often offer advantages like no down payment which can result in competitive rates. | 5.53% |
USDA Loans | USDA loans in Wyoming are backed by the U.S. Department of Agriculture, aimed to support rural development. | USDA loan rates may offer benefits to rural homebuyers, potentially leading to favorable mortgage rates. | currently unavailable |
Jumbo Loans | Jumbo loans in Wyoming exceed conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loan rates can be higher due to the larger loan amount and associated risk. | 6.17% |
Mortgage rates in Wyoming come in two types: fixed and adjustable.
As of October 2024, the average APR in Wyoming is 5.80% for a 30-year fixed-rate loan and 7.31% for a 7-year adjustable rate mortgage.
New American, Better and Lower are solid mortgage lender options in Wyoming. Each one is available in the state, boasts Better Business Bureau accreditation and offers homeowner assistance programs. There are also other lenders not on this list that may suit your needs.
The mortgage rate you secure in Wyoming can change based on your chosen lender. Every lender has its own rates and loan terms, so comparing multiple lenders is a smart move. This ensures you find the most favorable deal for your mortgage.
New American offers various mortgage options, including conventional and FHA loans, each tailored to different financial situations. Conventional loans start with a minimum down payment of 3%, while FHA loans require a bit more — generally 3.5% to 10%, depending on your credit score. For FHA and USDA loans, your credit should be at least 580. Jumbo loans are also available but require a minimum credit score of 680 to qualify.
When getting help, New American customer service is available from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays. The support is accessible via phone or email, making it simple to get the assistance you need. The lender also offers loan assistance solutions to help homeowners navigate challenging times. With New American, you can choose from diverse mortgage products with the backing of a supportive service team to guide you through the process.
Pros
Cons
Better caters to borrowers through an online platform. It offers a range of mortgage options, including fixed-rate and adjustable-rate and enables Wyoming residents to find a suitable mortgage package. For a conventional loan, the minimum credit score required is 620. If you're considering an FHA loan, a score as low as 580 can get you started on homeownership. The down payment requirements are equally accommodating, with options starting at 3% to 5% for non-FHA loans. If your credit score is below 580, a 10% down payment is necessary; for FHA loans, a lower threshold of 3.5% applies if your credit score is at least 580.
Better's B+ BBB rating shows a consistent track record for service. Its customer service hours stretch from 8 a.m. to 9 p.m. ET on weekdays and 9 a.m. to 9 p.m. ET on weekends. You can reach out via phone or email to get the support you need. The lender's Better Real Estate discount program offers an opportunity for homeowners looking for an edge in managing costs. Whether you are just stepping into the housing market or looking for a new mortgage opportunity in Wyoming, Better equips you with resources to make well-informed decisions.
Pros
Cons
Lower serves Wyoming residents with an online-only platform and offers various mortgage options, including conventional and FHA loans. The lender requires a minimum credit score of 580 for these mortgages. Customers can connect with the support team via phone or text during customer service hours, from Monday to Friday, 9 a.m. to 5 p.m. ET.
Lower's Buy Before You Sell program aims to help homeowners secure their next home without rushing to sell their current one. According to MoneyGeek's analysis, Lower is also a top HELOC lender for most states, underscoring its performance and trustworthiness in lending. Remember, the key to getting the best mortgage is diligently comparing rates and terms.
Pros
Cons
Homeownership has hidden costs that can affect your budget. In Wyoming, you can turn to the Wyoming Community Development Authority for support. It has mortgage programs designed to aid you in your homeownership journey.
Program | Content |
|---|---|
First-Time Home Buyer | The First-Time Home Buyer program offers newcomers to homeownership a clear path with 30-year fixed-rate mortgages and low interest rates. Monthly payments are manageable and aid in budgeting for other costs. Eligibility includes down payment assistance, primary residence occupancy, limitations on property size and a mandatory homebuyer education class. |
Spruce Up | Wyoming's Spruce Up program allows buyers to merge home purchase and renovation costs into one convenient loan. This program works with First-Time Home Buyer qualifications, simplifying the process. Renovations can range from minor upgrades to energy efficiency improvements, shaped to suit new homeowners' needs with simplified financing. |
Advantage | The Advantage program is open to all, not limited to first-timers, and eliminates concerns about changing rates with fixed-rate mortgages over 30 years. Added benefits are the no purchase price cap and avoidance of Federal Recapture Tax. Borrowers must meet income and credit score requirements, along with primary residence and educational class conditions. |
HFA Preferred | The HFA Preferred welcomes homeowners and refinancers. It offers a 30-year fixed-rate option, allowing for predictable monthly payments. It sets no house price limit, accommodates manufactured homes and doesn't consider the Federal Recapture Tax. It provides extra savings without a first-time buyer mandate, with a focus on education and eligibility criteria. |
Down Payment Assistance | Wyoming's Down Payment Assistance program offers loans of up to $15,000 and requires a 620 credit score. Its Home$tretch Loan complements the First-Time Buyer benefits with zero interest; the Amortizing Loan pairs well with HFA Preferred, offering low fixed-rate payments over ten years. |
Understanding today's mortgage rates in Wyoming is vital for anyone looking to buy a home. We've answered commonly asked questions about mortgage rates in Wyoming to help you stay informed through the home-purchasing process.
Current average APRs for Wyoming as of October 2024 show variation depending on loan type and other factors. For example, a 30-year fixed conforming loan is at 5.80% APR, while a 7-year ARM jumbo loan is at 7.50% APR.
The current average APRs in Wyoming for a 5-year adjustable rate mortgage and a 15-year fixed rate mortgage are 7.39% and 5.10% respectively as of October 2024. Comparatively, the national average rates are 7.92% for a 5-year ARM and 5.48% for a 15-year fixed rate mortgage.
Your credit score significantly impacts the mortgage rates you qualify for. Higher credit scores typically secure low mortgage rates due to less risk perceived by lenders.
Yes, there are several mortgage programs in Wyoming, such as 'First-Time Home Buyer', 'Spruce Up', and 'Down Payment Assistance', designed to help homebuyers with their purchases.
To secure the best mortgage rate in Wyoming, consider putting in a larger down payment, improving your credit score, or selecting the mortgage type that best suits your financial situation.
As of October 2024, the average refinance rates in Wyoming for a 15-year fixed rate loan and a 30-year fixed rate loan are 4.97% and 5.70% APR respectively. More details on today's refinance rates in Wyoming can be found on the related page.
You can calculate your mortgage payments using a mortgage calculator for Wyoming which takes into account your loan amount, interest rate, and loan term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
