Overview of Wyoming Mortgages
From the Rocky Mountains to Yellowstone National Park, Wyoming has plenty of popular destinations. Wyoming mortgage rates have generally been higher than the nation’s average. County conforming loan limits and FHA limits are mostly standard, with a few exceptions in areas that have a pricier real estate market.
|30 year fixed||3.19%||3.13%||+0.06|
|15 year fixed||2.40%||2.40%||0.00|
|30 yr fixed mtg refi||3.21%||3.21%||0.00|
|15 yr fixed mtg refi||2.47%||2.47%||0.00|
|7/1 ARM refi||3.63%||3.63%||0.00|
|15 yr jumbo fixed mtg refi||2.88%||2.88%||0.00|
National Mortgage Rates
Historical Mortgage Rates in Wyoming
Wyoming Mortgage Rates Quick Facts
- Median Home Value: $235,200 (U.S. Census Bureau)
- Loan Funding Rate: 55.34% (CFPB)
- Homeownership Rate: 71.3% (St. Louis Fed)
- Median Monthly Homeownership Costs: $1,459 (U.S. Census Bureau)
Wyoming is one of the most naturally beautiful states in the country. Buying a home in the state is an attractive option for many people. There is variation in Wyoming average mortgage rates, so keep an eye on current market trends if you’re looking to buy.
A financial advisor in Wyoming can help you plan for the homebuying process. Financial advisors can also help with investing and financial planning - including tax, retirement and estate planning - to make sure you are preparing for the future.
Wyoming Historic Mortgage Rates*
|Year||Wyoming Rate||U.S. Rate|
*The FHFA stopped reporting new data in 2018.
Wyoming Mortgages Overview
If you’re looking to purchase a home in Wyoming, you’re likely going to be in the market for a mortgage. It's not a bad idea to get preapproval from a lender which can help the homebuying process go smoother. It’s also wise to set a budget which will narrow your focus before you begin your search.
The conforming loan limit for the majority of Wyoming counties is the standard $548,250. FHA loan limits also stick mostly to the average of $356,362. Based on this, you can expect homes here to cost less than they do in some other states. One Wyoming county, Teton, has conforming and FHA limits of $822,375, likely due to the high cost of real estate in Jackson, a city within Teton’s limits.
Conforming and FHA Loan Limits by County
|County||Conforming Limit||FHA Limit|
Anyone buying property in Wyoming receives what is called a “deed of trust” instead of an actual mortgage. This means that if you were to go into foreclosure in the future, the lender is not obligated to get a court order to auction your home. Instead, because of a power of sale clause in deeds of trust, the lender can initiate foreclosure by hiring a third party to auction the home.
It’s also important to note that Wyoming is a caveat emptor state. Translated as buyer beware, this means responsibility falls heavily on the buyer to uncover any defects with the property prior to purchasing. In this case, property inspections are an incredibly valuable tool to verify a property is at a level of quality that you feel secure about. Following through on a sale without an inspection generally means a buyer is accepting the property as
30-Year Fixed Mortgage Rates in Wyoming
A 30-year fixed-rate mortgage is the loan option you likely hear about most often. Popular with buyers, this mortgage takes 30 years to pay off and the interest rate remains steady throughout this time (unless you decide to refinance). You can also choose a 15-year fixed-rate mortgage and pay less in interest over the life of the loan but your monthly payments will be higher.
The average Wyoming rate for a fixed 30-year mortgage is 2.58% (Zillow, Jan. 2021).
Wyoming Jumbo Loan Rates
All Wyoming counties have conforming loan limits of $548,250, with the exception of Teton County, where the market dictates a higher limit of $822,375. If you take out a home loan for $548,250 or less anywhere in the state other than Teton, you will have what is considered a “conforming” loan. If your loan exceeds that amount, you will have a “jumbo loan.” These outsize loans come with higher interest rates to offset the added risk on the part of the lender (because more money is at stake). If you are buying in Teton County, you can take out a loan up to $822,375 before it is considered jumbo.
The average 30-year fixed jumbo loan rate in Wyoming is 2.79% (Zillow, Jan. 2021).
Wyoming ARM Loan Rates
If you are purchasing a starter home that you plan to move out of within the next decade, an adjustable-rate mortgage (ARM) could be a good fit for you. An ARM offers a lower interest rate for an initial period between one and 10 years, depending on the loan’s terms. When that period ends, the interest rate can change and that typically means it will go up. The terms of a specific ARM are especially important because they will lay out how many times the rate can change and also the highest possible level that it can reach. In other words you know before you sign exactly how high that interest rate can possibly get. Even if you think you are going to be out of your home long before the introductory period ends, it is still important to make certain that you can afford to pay the highest possible interest rate in case your plans were to change.
The average rate for a 5/1 ARM in Wyoming is 3.00% (Zillow, Jan. 2021).
Wyoming Mortgage Resources
Wyoming homebuyers have some perks and assistance for settling down in the Cowboy State.
The Wyoming Community Housing Authority offers several programs to assist buyers in their purchasing:
- First-Time Homebuyer Program - Offers affordable mortgages for eligible first-time homebuyers.
- Spruce Up Wyoming Program - For eligible buyers, this program helps fund the purchase and rehabilitation of homes in one loan.
- Mortgage Credit Certificate Program - This program helps first-time homebuyers afford their home costs.
|Resource||Problem or Issue||Who Qualifies|
|Wyoming Community Development Authority||Homebuyer program for affordable loans, down payment assistance, tax credits and home rehabilitation assistance.||Eligible homebuyers who fit an income and acreage limit.|
|USDA Rural Development - Single family loans||Offers payment assistance to increase an applicant’s repayment ability.||Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.|
The U.S. Department of Agriculture Rural Development offers programs to help develop rural communities across the country. In Wyoming, qualifying residents can get loans and grants to put toward the purchase of a new home.
Wyoming Mortgage Taxes
If you are a homeowner in Wyoming you may deduct the mortgage interest that you pay from your taxable income when you are filing for federal taxes. In many states, homeowners are also allowed to deduct the mortgage interest when filing state taxes as well, however this does not apply to Wyoming due to the lack of an income tax.
A nice bonus for Wyoming homeowners and buyers: you do not have to pay transfer taxes on real estate.
Wyoming Mortgage Refinance
Are you refinancing in the Cowboy State? Start by checking out the High Loan-to-Value Refinance Option from Fannie Mae. These were created in response to the ending of the Home Affordable Refinance Program (HARP) in late 2018.
Best Places To Get A Mortgage
SmartAsset’s interactive map highlights the best counties in the U.S. (and in each state) for securing a home mortgage. Hover over states and counties to see rankings and data points for each region, or use the map’s tabs to view the top counties for each of the factors included in our analysis.
Methodology In order to determine the best places in the country to get a mortgage, our study compared four factors, including overall borrowing costs, likelihood of securing a mortgage, property taxes and annual mortgage payments.
To calculate the overall borrowing costs, we analyzed the expected costs throughout the first five years for a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to mortgage originations (secured mortgages) in each county. Annual mortgage payments are a measure of the annual principal and interest payments for a $200,000 loan in that location using average mortgage rates in each county.
Finally, we ranked locations based on these four factors, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.
Sources: Mortgage Bankers Association, US Census Bureau 2018 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset