Points of Interest
Mortgage interest rates in Wyoming are higher than the national average, but there are also many affordable places to live in the state. Wyoming allows homeowners to enjoy lower-than-average monthly mortgage costs while being surrounded by breathtaking scenery.
Wyoming mortgage rates are currently trending higher than the national average. This trend is seen across all types of mortgages — the 30-year fixed, 30-year refinance, and the 30-year jumbo loans.
Still, while the mortgage rates in Wyoming are higher, you may not want to dismiss the idea of a Wyoming mortgage — at least not right away. Wyoming residents enjoy a lower cost of living in many aspects, and Wyoming consistently ranks as one of the most affordable states in the nation.
Getting a mortgage in Wyoming
Wyoming is known for its beautiful landscape and wide-open spaces, which are pristine in part because it’s also the least populated state in the country. Still, while the population may be low, there are plenty of opportunities to become a homeowner in the Cowboy State.
The process for obtaining a mortgage loan in Wyoming is no different than in other states — you just have to keep an eye on fluctuating mortgage rates to see how the current rates could impact your budget.
The average total monthly mortgage costs in Wyoming are less than the national average, but it’ll cost you more to purchase a home in Wyoming with higher-than-average home prices.
- Median home price: $213,300
- Average 30-year fixed rate: 3.84%
- Median monthly mortgage cost: $1,428
- Homeownership rate: 69.4%
Wyoming state mortgage rate trends
As with the national average for mortgage rates, the current mortgage trends in Wyoming show a slight decline compared to the prior week. On a national scale, mortgage rates were at a historic record low in May, but mortgage rates in Wyoming were higher than the national average.
The mortgage rates in Wyoming may trend higher than the national average, but when you compare them to the most states in the Mountain West — Nevada, Colorado, Utah, Montana and Idaho — Wyoming is on par with the rest of the region. There have been rate drops each week recently across most mortgage products — though the rate decreases are mostly minor — which is the same trend seen throughout the rest of the Mountain West.
Wyoming state current mortgage rates
As with other states in the Mountain West, the Wyoming mortgage rate varies greatly from one mortgage product to the next. The continual rate changes are another reason to make sure you have a mortgage calculator handy to help calculate Wyoming rates, so you can see the impact these rates have each week on your budget.
The average 30-year mortgage rate for Wyoming is currently 3.84% and is the same rate the week before. The 30-year refinance rate is a little higher at 3.95%. The 15-year mortgage rate saw the biggest decline over the week with a rate of 3.20%. A 5/1 adjustable-rate mortgage (ARM) has a current rate of 3.59%. The 30-year fixed jumbo rate is significantly higher with a rate of 4.21%, only dropping slightly from the previous week.
Most and least expensive places to live in Wyoming
Wyoming, like many other states in the country, has a vast array of home prices that will be dictated, in part, by where you choose to live within the state. You may be familiar with a tourist town called Jackson, Wyoming, which is located in the middle of the Grand Teton mountain range and is known to be a playground for wealthy outdoor-loving residents. Thanks to its location and the influx of wealthy residents, Jackson also happens to be the most expensive city in Wyoming. This drives up the median house value for Teton County.
5 most expensive
- Teton County — Home to Jackson, Wyoming, the median home value in Teton County is much higher than the rest of the state at $939,041. The city of Jackson is the main driver of this incredibly high average home value.
- Park County — The median home value for Park County is $291,075 and continues to increase each year.
- Lincoln County — The median home value is $282,426 in Lincoln County, and like other counties in Wyoming, this county has seen steady increases in home prices each year.
- Sheridan County — The median home value in Sheridan County is $282,327 and that number has risen steadily in recent years.
- Campbell County — Campbell County’s median home value is currently $274,762, but this county has seen greater fluctuations in value over the last seven years.
5 least expensive
- Johnson County — The median home value is $266,946 for Johnson County, which is low compared to the rest of Wyoming, but has increased significantly over the last seven years.
- Albany County — The median home value in Albany County is $252,767. It’s also home to the popular college town of Laramie.
- Weston County — The median home value is $184,409 in Weston County, and this county has been historically very affordable, even with the steady rise in values over the years.
- Carbon County — Carbon County has a median home value of $170,951, which is well below the national average for home values.
- Hot Springs County — As the most affordable county in Wyoming, Hot Springs has a median home value of $159,023.
Wyoming state mortgage resources and intricacies
If you want to purchase a home in Wyoming, you should know that there are a variety of resources available to help you both before and after the final mortgage paperwork. First, you need to rely on a mortgage calculator to help you better understand how the different Wyoming mortgage rates can affect you throughout the homebuying process.
For Wyoming residents, the Wyoming Community Development Authority (WCDA) is a valuable resource for those needing homebuying assistance. Homebuyers who meet certain income and acreage eligibility requirements could get access to down payment assistance, tax credits or rehabilitation loans through the WCDA.
Another resource available to Wyoming residents is the USDA Single Family Housing Direct Home Loans program. This is a payment assistance program that can help you cut down on homeownership costs if you meet the eligibility requirements.
Wyoming is also considered a deed of trust state. A deed of trust is legally different from a mortgage in that the lender with a deed of trust does not have to go through the court system to sell the home if you default on your payments. Still, a deed of trust is really only important in the foreclosure process, and you shouldn’t notice any difference in your monthly mortgage payment or statement if you have one. It’s still important to note the difference in the language, though.
If you find yourself refinancing rather than buying a new home, you’ll be glad to know Wyoming is a state in which you pay zero in transfer taxes.
The final word
Finding a mortgage in Wyoming follows a similar process to completing other financial tasks — you have to do your homework and educate yourself on current conditions and how they will affect you. The interest rates in Wyoming may be higher than the national average, but there are many places within Wyoming where the dream of homeownership can become a reality for you.