Compare Current Mortgage Rates in Wyoming

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. 

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: 

• The Federal Reserve’s federal funds rate: The federal funds rate is the interest rate financial institutions use when lending to each other. This rate is updated Monday through Friday on the Federal Reserve’s website. 
• Inflation rates: Inflation rates reflect how much the cost of goods and services has increased. Many mortgage lenders take inflation into account and often raise their interest rates to protect the value of the dollar. 
• The state of the economy: Depending on the economy's overall state, lenders may decide to increase or decrease their interest rates. Mortgage rates tend to rise when the economy faces hardship and lower as the economy becomes more stable. 

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).

WCDA’s first-time homebuyer program

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: 

• You haven’t owned or partially owned a primary residence in the last three years
• You will occupy the home as your primary residence
• You meet income and purchase price limits
• You buy a home on 10 acres or less
• Your property is a single-family home
• You complete a homebuyer education class offered by Wyoming Housing Network, Inc.

Spruce Up

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: 

• Remodeling and non-structural repairs
• Plumbing, heating, air conditioning, and electrical system repairs
• Adding accessibility features for disabled occupants
• Patching and replacing the roof
• Making the home more energy-efficient

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.

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:

• Improve your credit score: Lenders look to your credit score when determining if you’re a reliable borrower. If you have poor credit, lenders will likely give you a higher rate to try to mitigate their risk. To improve your credit score, you’ll want to focus on lowering your credit utilization, paying off debts in collections, and disputing errors on your credit report. 
• Comparison shop: Before you settle on the first rate quoted to you, you’ll want to do some comparison shopping. By getting rate quotes from multiple mortgage lenders, you can compare different requirements, available rates, and any special programs available to you.
• Take advantage of rate locks: Rate locks give you the chance to lock in a mortgage rate at the time of a rate quote until you close on the loan. Note that not all lenders offer rate locks. 
• Lower your debt-to-income ratio (DTI): Your DTI measures the amount of debt you have against your income. Since a mortgage is a large debt burden, lenders look at your DTI to see how much capacity you have to take on more debt. If your DTI is high, you can lower it by paying off large debts or increasing your income. 

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

• Best for: first-time homebuyers in Wyoming
• 620 minimum credit score if using HomeStretch down payment assistance, which varies by lender
• Loan limit varies by county, family size, and loan type
• Must contribute at least $1,500 toward a downpayment if you use WCDA’s down payment assistance 

Spruce Up

• Best for: first-time homebuyers looking to rehabilitate a home
• 620 minimum credit score if using HomeStretch down payment assistance, which varies by lender
• Loan limit varies by county, family size, and loan type
• Must contribute at least $1,500 toward a downpayment if you use WCDA’s down payment assistance 

Conventional loan

• Best for: Homebuyers with excellent credit
• Minimum credit score varies by lender
• $766,500 loan limit in most counties, but varies by county
• 3% minimum down payment requirement

FHA loan

• Best for: first-time homebuyers
• 500 minimum credit score with a 10% down payment or 580 with a 3.5% down payment
• Loan limit varies by county
• 3.5% minimum down payment requirement

VA loan

• Best for: veterans and military members
• No minimum credit score; you must show you can repay the loan
• Loan limit varies based on property location and local limits
• No minimum down payment requirement

Jumbo loan

• Best for: Homebuyers buying above the Federal Housing Finance Agency (FHFA) limit
• Minimum credit score varies by lender
• Loan limits above $766,500, but varies by location
• 10% minimum down payment requirement