Wyoming Mortgage and Refinance Rates

Current mortgage rates in Wyoming

As of Tuesday, April 16, 2024, current mortgage interest rates in Wyoming are 7.25% for a 30-year fixed mortgage and 6.85% for a 15-year fixed mortgage.

As of Feb. 2024, the median single-family home price in Wyoming was $320,512, according to Attom, up 4.6 percent year-over-year. Due to elevated prices and mortgage rates, affordability has become more difficult in Wyoming. However, not every area is the same — Cheyenne saw just a 1.3 percent year-over-year increase and Casper saw a 5.8 percent decrease in median home sale prices.

Refinance rates in Wyoming

While mortgage refinance rates have more than doubled since the pandemic, many Wyoming homeowners have much more tappable equity now — an average increase of $26,000 in the past year. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Wyoming mortgage rate trends

While mortgage rates are challenging to forecast, the expectation is for rates to stay higher than recent historical lows for the foreseeable future, even in Wyoming.

National mortgage rates by loan type

Mortgage statistics for Wyoming

Wyoming is following national trends in home prices, with gradual home price increases statewide. Here are more statistics about housing the state:

• Most popular cities: Cheyenne, Casper, Gillette, Laramie, Sheridan
• Most affordable counties, Feb 2024: Campbell, Niobrara, Weston, Big Horn, Hot Springs
• Median home sales price, Feb. 2024: $320,512
• Median down payment, Feb. 2024: $51,125
• Homeownership rate, Q4 2023: 74.5% 

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Wyoming

If you’re looking to get a mortgage in Wyoming, consider these loan options:

• Wyoming conventional mortgages: To qualify for a conventional loan, you’ll need a credit score of at least 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay for private mortgage insurance (PMI), as well.
• Wyoming FHA loans: If your credit history disqualifies you from a conventional loan, you might be eligible for a loan insured by the Federal Housing Administration (FHA). For this type of mortgage, you’ll need a credit score of at least 580 with a 3.5 percent down payment. As with a conventional loan, if you put down less than 20 percent on an FHA loan, you’ll be on the hook for mortgage insurance.
• Wyoming VA loans: If you’re an eligible veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee.

First-time homebuyer programs in Wyoming 

The Wyoming Community Development Authority (WCDA) offers mortgage programs to assist first-time homebuyers, along with down payment assistance and a mortgage credit certificate, all of which can help make homeownership more affordable for you. Here’s an overview of some options:

• WCDA Standard First-Time Homebuyer loan: Through its lender partners, the WCDA offers a 30-year, fixed mortgage with a low interest rate to first-time buyers. To qualify, your income can’t exceed certain limits, and you can’t buy a home over a specific price, depending on the size of your household and where you end up buying.
• Spruce Up loan: If you’re a first-time homebuyer and looking at a fixer-upper, consider a Spruce Up loan, which finances the purchase of the home and any renovations with one mortgage. This means you’ll have fewer closing costs than obtaining two separate loans.
• Down payment assistance: If you need help making a down payment, the WCDA offers two assistance options worth exploring: a zero-interest deferred loan up to $15,000; or a 10-year fixed-rate, low-payment loan, also up to $15,000. Both loans require a minimum credit score of 620 and a minimum borrower contribution of $1,500.
• Mortgage credit certificate (MCC): A mortgage credit certificate (MCC) allows you to claim a federal tax credit for the life of the loan. There are fees involved, but if you plan to stay in the home for the long haul, they might be well worth the cost in tax savings.

How to find the best mortgage rate in Wyoming

• Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Additional Wyoming mortgage resources

• Wyoming loan limits by county: See the FHA and conforming loan limits for local cities and counties.
• Wyoming mortgage lenders hub: Learn which lenders do business in Wyoming.
• Wyoming homeowners insurance: Check out these homeowners insurance companies to choose the right policy for you.