Current Mortgage Refinance Rates in Wyoming (December 2024)

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Updated: January 13, 2025

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The current mortgage refinance rates in Wyoming for a 30-year fixed loan stand at 7%, while a 15-year fixed loan is at 6.32%. In comparison, the national averages are lower at 30-year and 15-year fixed refinance rates at 6.45% and 5.38%, respectively.

Our goal is to empower you with the knowledge to confidently explore mortgage refinancing in Wyoming. We provide insights on current rates, trends, and strategies to help you make informed decisions when considering refinancing options tailored to your needs.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Florida. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Wyoming

The current 30-year refinance rate in Wyoming is 7%. According to Experian, the average mortgage debt in Wyoming is $228,945 as of September 2023. If you're carrying a higher mortgage rate, refinancing your mortgage could be a smart move to lower your monthly payments and reduce the total interest paid over the loan's life.

For those with a mortgage rate above 7%, refinancing can provide significant savings. Below, you'll find the current refinance rates in Wyoming to help you explore your options.

15-Year Fixed6.17%6.32%
30-Year Fixed6.94%7.00%

Mortgage Refinance Rate Trends in Wyoming

In the latest month, refinance rate trends in Wyoming indicated a mixed pattern for 15-year refinance rates and 30-year refinance rates. While the 15-year fixed rates showed a slight upward trend, the 30-year fixed rates experienced a mild decline.

Comparing to the previous month, the 15-year refinance rates saw a modest increase, whereas the 30-year rates slightly decreased. This suggests a varying trend in the refinance market, highlighting the importance of staying informed on current rates.

Wyoming Mortgage Refinance Rate Trends 2024
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WHY DO INTEREST RATES GO UP?

Interest rates often rise due to the US Federal Reserve's monetary policy, among other factors like inflation and employment. These dynamics can affect refinance rate trends in Wyoming, making it vital to stay informed about economic shifts.

How to Refinance a Mortgage in Wyoming

Refinancing your mortgage in Wyoming can offer opportunities to adjust your financial landscape. By understanding the process and potential benefits, you can make informed decisions that align with your goals. Let's explore how you can take these steps confidently.

  1. 1

    Check Your Credit Score

    Credit scores influence the rates you qualify for. If your score is below Wyoming's average of 724, consider improving it by paying down debts or disputing inaccuracies. A higher score can lead to better refinancing terms.

  2. 2

    Determine When to Refinance a Mortgage

    Evaluate your current mortgage terms against market rates. In Wyoming, 15-year rates are 4.97% and 30-year rates are 5.70%. If these are lower than your rate, refinancing could be beneficial. Consider how long you'll stay in your home before deciding.

  3. 3

    Gather Necessary Documents

    Collect essential documents like your original mortgage agreement, tax returns, and pay stubs. This preparation streamlines the refinancing process, ensuring lenders have all necessary information to evaluate your application.

  4. 4

    Shop Around for Lenders

    Compare lenders for the best rates, fees, and customer service. Look for transparent terms, competitive rates, and positive reviews. This ensures you find a lender that meets your financial needs and expectations.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs like origination fees and appraisal fees. In Wyoming, these average $4,023 according to the National Association of Realtors. Understanding these costs helps you budget effectively.

  6. 6

    Apply for the Loan

    Submit your application with all required documents. Being organized can expedite the process. Ensure your information is accurate and complete to avoid delays and enhance your chances of approval.

  7. 7

    Lock in Your Interest Rate

    A mortgage rate lock secures your rate during processing. Monitor rate trends to lock at a favorable time. This step can protect you from rate increases before closing.

  8. 8

    Close on Your New Loan

    Review and sign closing documents to finalize your loan. Ensure all terms are as agreed. Bringing a checklist of required items can make this step smoother and prevent last-minute issues.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments according to your new loan schedule. Setting up automatic payments can help ensure timely payments and avoid late fees, maintaining your credit score.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Periodically reassess your mortgage terms against market conditions. If rates drop significantly, refinancing again might be beneficial. Staying informed helps you make timely financial decisions.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Wyoming, how soon you can refinance a mortgage depends on the type of loan. For conventional loans, refinancing can usually happen immediately, but a cash-out refinance may require a six-month waiting period. On the other hand, USDA loans typically necessitate a 12-month wait before refinancing. 

The refinance rate in Wyoming has seen a notable decrease from October to November. It's important to remember that refinancing involves additional closing costs that might take years to recover. Therefore, while you could refinance a mortgage within a year, it's usually not worth the effort unless there's a drastic reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Wyoming can lower your monthly payments with reduced interest rates. However, watch for closing costs that might negate these savings. Knowing when to refinance a mortgage in Wyoming is vital to ensure you gain financially. Let's explore scenarios where refinancing could be a wise choice.

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    Lower Interest Rates

    Refinancing when interest rates are lower can reduce monthly payments and total interest paid. To find the best rates, consult local banks and credit unions, which often offer competitive rates to attract local customers.

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    Increased Home Value

    Refinancing is beneficial when your home's value rises, as it increases home equity. Renovations like kitchen upgrades can boost value. With Wyoming's average home value at $352,427, higher equity can lead to better loan terms.

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    Improved Credit Score

    A better credit score can secure lower interest rates when refinancing. Paying bills on time and reducing debt are practical ways to improve your score, making refinancing more advantageous.

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    Shorter Loan Term

    Refinancing to a shorter loan term can save on interest and help pay off your mortgage faster. This strategy reduces the total interest paid over the life of the loan and builds equity more quickly.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides financial stability. A fixed-rate mortgage ensures consistent payments, protecting against future rate increases.

Mortgage Refinancing in Wyoming: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Wyoming by Credit Score

Your credit score affects the rates you qualify for in Wyoming. For example, the current average refinance rates in Wyoming for a 30-year fixed rate loan with a loan-to-value ratio of 80% or lower equate to 6.97% for credit scores between 680 and 740, compared to 7% for scores above 740. Explore the table below for more details.

Data filtered by:Results filtered by:
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Loan Type:15-year Fixed
Select
Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
6.15%6.36%

Mortgage Refinance Rates in Wyoming by Loan Type

Loan type can affect the rates you qualify for in Wyoming. For example, the current average refinance rate in Wyoming for a 30-year fixed-rate loan is 7%. The table below shows average APRs for various loan types in Wyoming.

Data filtered by:Results filtered by:
Select
Loan Type:10-Year Fixed
5.84%6.02%

FAQ: Today's Mortgage Refinance Rates in Wyoming

Homeowners may wonder how these rates impact their mortgage decisions. We've compiled answers to commonly asked questions about refinance rates in Wyoming.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Cheyenne?

About Zachary Romeo, CBCA

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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.

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