When buying a home, Wyomingites can expect to pay interest on top of the purchase price of their home. These rates vary by lender, but your financial situation can influence your rate.
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When purchasing a home in Wyoming, you’ll have many things to consider, whether you’re buying on the edges of Yellowstone or along the railroad in Cheyenne. One thing you’ll have to pay special attention to is your mortgage interest rate. This rate, reflected as a percentage, represents the amount of money your mortgage lender will charge you in exchange for extending you a loan. Since even the smallest difference in interest rates can cost, or save, you thousands, you’ll want to find the best rate possible.
WEEKLY TRENDS AND INSIGHTS
On the week of September 5, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
Wyoming mortgage rates are determined by lenders, such as banks and credit unions, that offer mortgage loans. Typically, these lenders will set a base rate, often referred to as a prime rate, which they will use as a baseline when determining the rate they extend to you.
Although lenders are free to set their rates based on whatever metrics they choose, they tend to refer to common sources when determining their prime rate, such as:
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First-time homebuyers can use special programs designed to help them finance their first home. If you live in Wyoming, you may qualify for a first-time homebuyer program offered by the Wyoming Community Development Authority (WCDA).
The WCDA’s standard first-time homebuyer program offers eligible applicants a low interest rate. Through the program, you can apply for a 30-year fixed-rate mortgage and be eligible for down payment assistance through WCDA’s Homestretch down payment assistance loan.
You must meet the WCDA’s eligibility requirements, including:
The WCDA’s Spruce Up program is meant to help first-time homebuyers who are purchasing a home that needs rehabilitation. Offered as a single-close loan, these loans can be used to buy your home and fund repairs to the home, including:
To be eligible for a Spruce Up loan, you’ll need to meet the same requirements as the WCDA’s standard first-time homebuyer program.
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Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
Product | Interest rate | APR | ||||
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Sep 08, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Sep 08, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
Getting the best mortgage rate in Wyoming can take some work. You’ll need a credit score of at least 620 to qualify for a conventional loan with most lenders, but this might also net you a higher interest rate. If you improve your financial health before you begin shopping for a mortgage, you may find better rates. This will show lenders that you’re a trustworthy borrower and give them confidence you’ll be able to pay back your mortgage loan.
To increase your chances of getting the best interest rates in Wyoming, consider the following tips:
In Wyoming, you can get a variety of different mortgage types. However, you’ll need to meet certain eligibility requirements to qualify for these loans:
WCDA First-Time Homebuyer Program
Spruce Up
Conventional loan
FHA loan
VA loan
Jumbo loan
CALCULATORS
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