Home Equity Loan Rates in Wyoming (January 2025)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Wyoming's home equity loan rates are 7.7% APR for a 10-year term, the same as the national average, and 7.8% APR for a 15-year term versus 7.9% nationally. We've compiled detailed insights on home equity loans in Wyoming, city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Wyoming stands at 7.8%, though several factors can influence the rate lenders offer. For instance, a higher credit score often results in a lower APR, while a larger loan amount might lead to a higher rate. Repayment terms also play a role in determining your rate. Check the comparison of current home equity loan rates in Wyoming across different loan terms to see how these factors come into play.

Interest rates for a home equity loan change daily. Keeping track of these rates can save you money on interest over the life of the loan. If you have high-interest debts, a home equity loan at a lower rate can help consolidate those debts and reduce your overall interest payments.

For example, a 15-year home equity loan with a 7.8% APR results in a monthly payment of $472 and a total interest of $34,973. In contrast, a 10-year loan with a 7.7% APR has a monthly payment of $599 and a total interest of $21,849. Monitoring these rates can help you make informed borrowing decisions.

The rate you qualify for depends on your loan-to-value ratio (LTV ratio), which is the amount you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000, your LTV ratio is 80%.

A higher LTV ratio presents a higher risk to lenders, resulting in higher rates. However, in Wyoming, the average APR of a 15-year equity loan with an LTV ratio of 80% is the same as one with an LTV ratio of 90%, which is 7.8%. Check the table below to see what average home equity loan rates you might qualify for based on your LTV ratio.

Average APRs for home equity loans vary between cities in Wyoming due to several factors. Cities with higher home values often have lower rates because lenders see these loans as less risky. Increased competition among lenders can lead to lower interest rates in more densely populated areas.

In Wyoming, Powell's average APR is 4.5%, while Evanston's average APR is 9.1%. Below is a table showing the average home equity loan rates across various cities in Wyoming.

Home equity loan rates in Wyoming differ significantly between lenders, influenced by their policies and market strategies. For instance, Pinnacle Bank - Wyoming offers the lowest average APR at 4.9%, while Riverstone Bank has the highest at 11.8%. 

Comparing rates and terms from various lenders is essential to securing the lowest home equity loan rates. Explore our interactive table to find the best options available in Wyoming.

Securing the best home equity interest rates can lower your monthly payments and overall borrowing costs, allowing you to allocate funds toward other financial goals and easing budget constraints. To achieve the best home equity loan rates in Wyoming, consider these strategies:

MoneyGeek answers Wyoming homeowners' questions about home equity loan rates, offering clear and reliable information. Understanding these rates can help you make informed decisions about your home financing.