Wyoming is a beautiful state with a rich, rural culture, and beautiful wilderness expanses. With a population of just 584,153, it offers a small, mountain-town feel, while having numerous larger cities with booming economic activity. Wyoming also offers an excellent cost of living at just 104.4, slightly above the national average. Wyoming mortgage rates are quite competitive compared to national averages, making it a great place to buy a house.
What Are the Mortgage Rates in Wyoming?
Mortgage rates in Wyoming are, on average, just 3.5 percent. For a home costing $300,000, this would equate to an average monthly payment of just $1,347. To get the best mortgage rates, it helps to peruse a variety of banks in the area. Here’s a breakdown of some of the most popular banks and the current mortgage rates they are offering.
- Mortgage Capital Associates: With an APR averaging 3.536 percent and a mortgage rate of 3.5 percent, Mortgage Capital Associates offers some competitive deals on mortgages.
- Camelot Mortgage Group, Inc.: Their mortgage rates are similar to statewide averages, at just 3.533 percent APR and a 3.5 percent mortgage rate.
- Mortgage Mint: Mortgage Mint offers some of the most competitive deals on mortgages. They offer an APR of just 3.5 percent and a mortgage rate of 3.5 percent, while featuring $0 in associated fees.
- Capital One: It’s best to avoid the big-name banks when possible, as they often charge higher rates. Capital One has an APR of 3.687 percent, which is slightly above other banks.
Your mortgage rate will depend on whether or not you’re getting a 15-year or 30-year fixed mortgage. A 15-year mortgage averages about 2.84 percent and a 30-year mortgage averages about 3.61 percent. Keep in mind, the interest you are charged is the biggest determiner in the cost of your monthly payments, so seek out a bank offering low APR.
How Does This Compare to National Mortgage Rates?
The average mortgage rate in the United States is about 3.71 percent, so Wyoming mortgage rates are well below the national average. Given Wyoming is an incredibly rural state, it doesn’t attract as many residents, nor does it offer the same economic growth as other parts of the country, allowing the mortgage rates to remain low throughout the state.
What Are the 2016 Predictions for Wyoming Mortgage Rates?
Predicting mortgage rates can be incredibly challenging, so you should never rely too heavily on predictions. However, generally speaking, economic uncertainty tends to drive interest rates up, whereas a stabilized economy keeps interest rates low. The U.S. economy has actually been steadily strengthening, which has led to stabilizing mortgage rates across the country. However, experts are predicting that mortgage rates will steadily increase across the U.S., reaching as high as 4.75 percent in 2016. Even as mortgage rates rise nationally, Wyoming will still offer lower rates than the national average, making it one of the better locations to purchase a home.
How Do You Negotiate Lower Mortgage Rates?
While mortgage rates do appear to be rising, there is no need to despair. There are a lot of ways that you can negotiate lower rates to get the best possible deal on your mortgage. Here are some of the main factors that influence your potential mortgage rate.
- Credit: Your credit score is crucial to getting a great deal on your mortgage, and the higher your credit score is, the lower APR you can negotiate. Before beginning your house search, access copies of your credit report to ensure you’re in good standing. Bring your credit report with you to show to lenders, so you can have some extra leverage during the negotiating process.
- Compare APR among a number of banks: Find the bank offering the lowest APR in your area, so you can get the best deal possible on your home loan. Receive mortgage rate quotes from at least three to five banking institutions prior to settling on a lender.
- Analyze all costs: There are a variety of hidden fees that accompany your mortgage, and it’s important to pay close attention. There are lender fees, government fees, and third-party fees, all of which can drive up the cost of your loan. Compare fees among a variety of lenders to find a lender with the least number of associated expenses.
- Be firm: Know exactly how much you want to pay in advance, and stick firmly to your goals. Research the average housing costs in the region to ensure the seller is getting you the best deal on the home. By negotiating a lower price on your home, your monthly mortgage payments will be much more affordable.
- Choose a lender prior to letting them check your credit: By having multiple inquiries into your credit score, you can actually damage your credit, which will only make it more difficult to negotiate a great deal on your mortgage. Instead, make sure lenders don’t check your credit score until you have already settled on them as a lender.
- Remember mortgage rates are always negotiable: Many lenders may insinuate that mortgage rates can’t be negotiated, but that is simply to deter people from trying. Mortgage rates are always negotiable, and lenders will often compromise if they realize it’s the only way to gain your business.
Finding a great deal on a mortgage is a critical aspect to accessing an affordable home loan. With low APR, you can pay your mortgage off more quickly, while paying less money each month. Unfortunately, the experts are predicting increasing mortgage rates across the country. However, Wyoming offers competitive pricing that is well below national averages, so you can find your new home at the best possible rate.
2 Point Highlight
The average mortgage rate in the United States is about 3.71 percent, so Wyoming mortgage rates are well below the national average.
Experts are predicting that mortgage rates will steadily increase across the U.S., reaching as high as 4.75 percent in 2016.
