Current mortgage rates in Wyoming

As of Monday, December 4, 2023, current mortgage interest rates in Wyoming are 7.57% for a 30-year fixed mortgage and 6.79% for a 15-year fixed mortgage.

As of August 2023, the median single-family home price in Wyoming was $338,857, according to Zillow's Home Values Index.

Refinance rates in Wyoming

Refinance rates are way up from historic lows, but a cash-out refinance still might make sense for you. Use Bankrate’s mortgage refinance calculator to run the numbers.

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 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:

• First-Time Homebuyer loan: Through its lender partners, the Wyoming Community Development Authority 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 Wyoming Community Development Authority 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.
• 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.

Additional Wyoming mortgage resources

• Wyoming first-time homebuyer resources
• Wyoming loan limits by county
• Wyoming mortgage lenders
• Best homeowners insurance in Wyoming 2023

How to find the best mortgage rate in Wyoming for you

Bankrate can help you find the best mortgage deal in today’s volatile rate environment. Before you begin shopping around, take these steps:

Step 1: Strengthen your credit score

Long before you start looking for a mortgage lender and applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through AnnualCreditReport.com.

Step 2: Determine your budget

Get a handle on how much house you can afford. One rule of thumb many buyers use to figure out their price range is the 28/36 rule. Keep in mind that a mortgage lender could qualify you for a loan over your budget, but that would leave no room for unexpected expenses. 

Step 3: Know your mortgage options

There are different types of mortgages, including conventional loans with as little as 3 percent down and government-backed loans. If you’re in the market for a jumbo loan, check Wyoming’s county-by-county loan limits.

Step 4: Compare rates and terms from multiple lenders

Don’t settle on the first lender you talk to. Rate-shop with different lenders — banks, credit unions, online lenders and local independents — to ensure you’re getting the best deal on rates, fees and terms.

Step 5: Get preapproved for a mortgage

Get a mortgage preapproval with three or four different lenders. This’ll help you understand exactly what loan amount you’d qualify for if you were to apply, and prepare you to make offers on homes.