Interest Rate
Average home price

Before seriously looking to buy a home in Wyoming, consider what mortgage rate you may get. Your lender will demand a lot of information before offering a rate, including data on your income, debt-to-income ratio, doan payment savings, and credit score.

If you’re hoping for the best mortgage rate in Wyoming, documentation is key. Check your credit report and address errors well before you apply with a trustworthy lender for preapproval. Then gather the latest versions of paystubs, bank statements, and more to submit with your application.

Here’s a quick look at current Wyoming mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.472% 6.545% -0.19%
Conventional 15 year fixed 5.982% 6.112% +0.08%
Conventional 5 year ARM 6.534% 7.628% -0.01%
FHA 15 year fixed 6.5% 7.2% Unchanged
FHA 30 year fixed 6.125% 6.859% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Wyoming

Have you been considering a home purchase in Wyoming? The Equality State may actually have the home you’ve been yearning for. Before you begin your quest, here’s everything you ever wanted to know about the state.

The nearly square state of Wyoming is home to fewer than 600,000 people, who are spread across the range with only one in three choosing to dwell in the state’s five largest cities:

  • Cheyenne (state capital)
  • Casper
  • Laramie
  • Gillette
  • Rock Springs

WY also ranks as 39th for homes with more than 4 bedrooms.

Next, and perhaps most importantly, you’ll want to understand exactly how much home you can afford to buy. Wyoming ranks 9th in US homes for sale at average price, and 34th for homes over $1,000,000. A critical first step is to acquire a loan preapproval; it will prove essential for budgeting.

First-time Homebuyers

First-time homebuyers may qualify for a program administrated by the Wyoming Community Development Authority’s (WCDA.) There are several programs, including a Standard First-Time Homebuyer program for a 30-year mortgage with a fixed, low rate, and the WCDA Spruce Up program which is a mortgage and rehabilitation combination loan. Both can be combined with down payment assistance. There are two such programs available:

WCDA Homestretch Down Payment Assistance (DPA) which gives $10,000 at no interest and no monthly payment, and isn’t due unless you sell the home or refinance or pay off your first mortgage.

WCDA’s Amortizing DPA loan is also for up to $10,000 and comes with a low fixed interest rate, but must be paid back over 10 years.

Both programs require that you:

  • Have a 620 minimum credit score
  • Contribute at least $1,500 to qualify (can be gift money)
  • Complete a homebuyer education class
  • Occupy the home as your primary residence for at least a year

Refinancing in Wyoming

If the lower Wyoming mortgage rates have you considering whether or not to refinance your current home, there are a few options to keep in mind:

  • Refinancing so as to decrease your interest rate and potentially save thousands
  • Refinancing to utilize the equity you’ve built over time by withdrawing cash
  • Refinancing so that you can lengthen your loan term
  • Refinancing so you can stop paying private mortgage insurance (PMI)

You may wish to speak up if you think you have a loan that qualifies for a streamlined refinance. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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