HELOC rates in Wyoming rose from 4.3% in early 2022 to 8.8% by late 2023, then slightly decreased to 8.4% in November 2024. If this trend persists, homeowners might face increased costs. Consider locking in a rate now.
HELOC
Best HELOC Rates in Wyoming (December 2024)
Updated: December 21, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Wyoming with an 80% LTV is 8.2%, compared with 8.5% for a 90% LTV.
HELOC rates vary by city in Wyoming. Pine Bluffs has an average APR of 6.8%, whereas Mills' is 10.3%.
Different lenders offer varying rates for the same loan types. Points West Community Bank's average APR is 6.8%, whereas First Interstate Bank's is 10.3%.
Current HELOC Rates in Wyoming
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HELOC Rates in Wyoming by LTV Ratio
HELOC rates in Wyoming vary depending on your loan-to-value (LTV) ratio and line limit. Lenders consider a lower LTV less risky due to more home equity. For instance, an 80% LTV means less borrowing against your home's value than a 90% LTV, reducing the risk of default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
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Line Limit:$100,000
| 8.3% | 8.6% |
HELOC Rates in Wyoming by City
HELOC rates in Wyoming differ across cities due to local housing markets and lender competition. For instance, Cheyenne might offer lower rates due to its stable real estate market. Use the table below to filter by city and see average APRs for $50K and $100K HELOCs.
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City:Cheyenne
| $100,000 | 8.7% |
| $50,000 | 8.7% |
HELOC Rates in Wyoming by Lender
HELOC interest rates in Wyoming differ among lenders based on their pricing strategies and risk assessments. The table below highlights the five lenders in Wyoming offering the lowest average APRs, helping you compare competitive rates.
| Points West Community Bank | 6.8% |
| Security State Bank | 7.0% |
| Utah Power Credit Union | 7.4% |
| Riverstone Bank | 7.8% |
| ANB Bank | 7.8% |
HELOC rates today can vary significantly between lenders in the same city. Use the table below to filter by city and compare APRs, helping you find the most competitive rate available in your area.
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City:Cheyenne
| Riverstone Bank | Commercial Bank | 7.8% |
| ANB Bank | Commercial Bank | 7.8% |
| Central Bank and Trust | Commercial Bank | 8.0% |
| UniWyo Federal Credit Union | Credit Union | 8.0% |
| Blue Federal Credit Union | Credit Union | 8.5% |
| Cheyenne State Bank | Commercial Bank | 8.5% |
| Meridian Trust Federal Credit Union | Credit Union | 8.8% |
| U.S. Bank National Association | Commercial Bank | 9.5% |
| Western Vista Federal Credit Union | Credit Union | 9.8% |
| First Interstate Bank | Commercial Bank | 10.3% |
COMPARING HELOC RATES IN WYOMING: BANKS VS. CREDIT UNIONS
HELOC rates in Wyoming vary between banks and credit unions, with commercial banks typically offering higher rates. Currently, the best HELOC rate for commercial banks in Wyoming averages 8.2%, compared to an average of 8.4% offered by credit unions. Credit unions are not-for-profit institutions, which often allows them to offer slightly lower rates.
When choosing between the two, consider more than just rates. Banks may offer more convenience, while credit unions often provide better customer service and lower fees. Also, check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
What are the common fees or costs associated with HELOCs that borrowers should be aware of, and how do these affect the overall cost of borrowing?
Credit & Mortgage Expert
Most banks and credit unions charge little to no fees when getting a HELOC. Typically, you will pay the cost of the appraisal — anywhere from $150 to $450 depending on the type of appraisal done. But closing costs are usually covered by the bank or credit union. This is why it’s best to shop around with at least three different lenders when applying for a HELOC to compare not only the rates but also any costs involved. Getting a rate that is 0.25% lower but having to pay a couple thousand dollars in costs may not make financial sense.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Wyoming HELOC payment calculator to estimate your monthly payments based on the amount drawn, loan terms and APR.
Our calculator also provides a full amortization schedule, showing the division of payments between principal and interest over time. Understanding these details can help you manage your HELOC more effectively and plan your finances better.
Wyoming HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
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How to Get the Best HELOC Rates in Wyoming
Finding the best HELOC rates in Wyoming can yield substantial savings over the loan's term.
To secure competitive rates, consider these five strategies:
Maintain a strong credit score
Wyoming's average credit score is 724. Improving it can help you qualify for lower rates.
Compare offers from multiple lenders
Shopping around can reveal competitive rates and help negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show stability. Pay off small debts to improve your ratio.
Increase your home equity
More equity reduces lender risk. Consider paying down your mortgage or home improvements.
Review closing costs and rate caps
Closing costs affect expenses. Knowing rate caps helps manage HELOC adjustments.
HELOC Loan Rates vs. Home Equity Loan Rates in Wyoming
HELOC interest rates in Wyoming average 8.3%, higher than the 7.4% for home equity loans. The difference is due to HELOCs having variable rates, while home equity loans offer fixed rates.
- HELOCs are flexible credit lines with variable rates that can increase in rising interest rate environments, potentially impacting homeowner finances over time.
- Home equity loans provide a fixed-rate lump sum, ideal for situations requiring financial predictability.
When deciding between these options, consider whether you value the flexibility of a HELOC or the stability of a home equity loan. Assess your risk tolerance and how changes in rates could affect your budget and equity in your home.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is a HELOC alternative that replaces your existing primary mortgage with a new, larger loan, offering cash access. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For instance, if you have a loan backed by the Federal Housing Administration (FHA), and your home is valued at $300,000 with a $150,000 mortgage balance, an FHA cash-out refinance for $200,000 could provide $50,000 in cash with payments based on $200,000.
FAQ: Best HELOC Rates in Wyoming
What are the current HELOC rates in Wyoming and how do they compare to national rates?
The average Wyoming's HELOC rates are 8.3%, which is the same as the national average.
What fees are commonly associated with HELOCs in Wyoming?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in Wyoming compare to home equity loan rates?
Wyoming's HELOC rates average 8.3%, while home equity loan rates are lower at 7.4%, which can be beneficial for those with bad credit.
How do HELOC Rates in Wyoming vary between banks and credit unions?
Commercial banks in Wyoming offer HELOC rates averaging 8.2%, while credit unions offer lower rates at 8.4%.
What's the best HELOC rate in Cheyenne? How does it compare to the current HELOC rate in Wyoming?
Cheyenne's rates average 8.4%, slightly higher than the state average of 8.3%.
MoneyGeek examined 24 different banks and credit unions in Wyoming using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of December 13, 2024.
24Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.