Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in Wyoming.
Key Points
• Mortgage refinance rates are influenced by economic factors such as bond market dynamics and the strength of the housing market.
• Reducing a loan’s interest rate by 1% can mean noticeable monthly savings and a significant amount saved over the life of the loan.
• Refinancing to a shorter-term 15-year mortgage could save a homeowner a hefty sum long-term, although it often means slightly higher monthly payments.
• FHA and VA loan refinances often boast more attractive mortgage refinance rates than those of conventional loans.
• Refinancing often causes a slight dip in credit score but it is typically temporary.
Introduction to Mortgage Refinance Rates
A mortgage refinance at an attractive rate can be a nice boost to your finances. Whether you want to achieve lower monthly payments, secure a shorter loan term (and associated cost savings), or put some extra cash in your pocket, the type of refi you opt for will play a role in the interest rate you’ll receive.
This guide will walk you through how home loan refinance rates are determined and how you can obtain the most favorable rate. Understanding the process and your options can lead to significant savings over the life of your loan.
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
Where Do Mortgage Refinance Interest Rates Come From?
Current mortgage rates are a product of economic factors and your own financial situation — especially your credit score and debt levels. Rates tend to track along with the ups and downs of the 10-year Treasury Bond, although the health of the housing market and of the overall economy also play a role when lenders set their rates. When the housing market cools and more homes are available than there are buyers, lenders may lower rates to keep attracting customers. A strong jobs market and economic growth, however, can lead interest rates to rise.
How Interest Rates Affect Home Affordability
If it seems as if a lot of attention is paid to mortgage interest rates, it may be helpful to understand how very important these numbers are. Your monthly mortgage payment amount is driven by your loan amount, the term over which you repay what you owe, and the rate at which you refinance. The chart below shows what happens when you refinance into a $200,000, 30-year loan at different interest rates. As you can see, the difference of a single percentage point, from 7.00% to 6.00%, means an almost $50,000 decrease in the total amount of interest a homeowner will pay.
| Interest Rate | Monthly Payment | Total Interest |
|---|---|---|
| 6.00% | $1,199 | $231,677 |
| 6.50% | $1,264 | $255,085 |
| 7.00% | $1,330 | $279,021 |
| 7.50% | $1,398 | $303,403 |
| 8.00% | $1,467 | $328,309 |
Why Refinance in Wyoming?
The key to a successful mortgage refinance is aligning your motivation for refinancing with a new loan that achieves your goals. Take a look at this list of some of the more popular reasons to refinance:
Common Reasons to Refinance a Mortgage
• You qualify for a lower mortgage refinance rate due to improved credit or lower interest rates.
• You’re considering adjusting your repayment term to better fit your financial goals, be it lower monthly payments or a faster loan payoff.
• You’d like to cash out some home equity to cover expenses like college tuition.
• Your adjustable-rate home loan is about to reset, and you’re considering a switch to a fixed-rate loan.
• You have an FHA loan and have reached 20% equity in your home. You’re refinancing to eliminate the FHA mortgage insurance premium.
• You need to remove a cosigner from your loan (it is sometimes possible to do this without a refi).
If you’re wondering how soon can you refinance a mortgage in Wyoming, here’s a guideline: It’s generally a good idea to have 20% home equity.
How to Get the Best Available Mortgage Refi Rate
To secure your best possible rate from the current mortgage refinance rates in Wyoming, take these steps:
• Cultivate a good credit score by paying your bills on time.
• Lower your debt-to-income (DTI) ratio below 36%. (To figure out what your DTI ratio is now, add up your monthly debts, divide by your gross monthly income, then multiply by 100.)
• Think about whether you have funds available to purchase mortgage points, also known as discount points, to lower your rate.
• Examine your monthly budget to see how large a mortgage payment you can afford. If you can opt for a shorter-term loan (which means a higher monthly bill) you could save a lot on interest payments over the course of your loan.
Understand Trends in Wyoming Mortgage Interest Rates
In the past few years, Wyoming refinance rates have seen significant changes. By understanding the history of rates in your state, you can get a sense of what might be a realistic change in rates in the near future.
Historical U.S. Mortgage Interest Rates
If you’re waiting for an interest rate drop to undertake a refinance and you have your eye on a certain magic number, looking at the graphic below might help you determine whether your expectations are realistic. In more than a half-century of interest rates in the United States, mortgage rates below 4.00% have been relatively unusual.
Historical Interest Rates in Wyoming
When it comes to Wyoming refinance rates, it’s helpful to know that the state’s interest rates typically follow the national trend. As you can see from the chart below, it’s pretty unusual for rates to rise or fall by more than a percentage point from year to year.
| Year | Wyoming Rate | National Rate |
|---|---|---|
| 2000 | 8.19 | 8.14 |
| 2001 | 6.98 | 7.03 |
| 2002 | 6.56 | 6.62 |
| 2003 | 5.67 | 5.83 |
| 2004 | 5.74 | 5.95 |
| 2005 | 5.88 | 6.00 |
| 2006 | 6.55 | 6.60 |
| 2007 | 6.40 | 6.44 |
| 2008 | 6.11 | 6.09 |
| 2009 | 4.97 | 5.06 |
| 2010 | 4.76 | 4.84 |
| 2011 | 4.63 | 4.66 |
| 2012 | 3.45 | 3.74 |
| 2013 | 3.90 | 3.92 |
| 2014 | 4.21 | 4.24 |
| 2015 | 3.94 | 3.91 |
| 2016 | 3.69 | 3.72 |
| 2017 | 4.12 | 4.03 |
| 2018 | 4.63 | 4.57 |
Choose the Right Mortgage Refi Type
Wyoming mortgage refinance rates can fluctuate depending on the type of refinance you opt for. Here are a few common options to consider:
Conventional Refi
A conventional refinance, also known as a rate-and-term refi, typically has higher interest rates than government-backed loans such as FHA loans (backed by the Federal Housing Administration). With this type of refi, you can adjust your interest rate and loan term. This is a good option if you’re looking to lower your monthly payments or pay off your loan faster. But it may not be the best option if you need to take cash out or have a lower credit score.
15-Year Mortgage Refi
Refinancing to a 15-year mortgage can be a game-changer, even with the prospect of higher monthly payments. Many people refinance to a shorter loan term when they are in their peak earning years and want to pay off their mortgage before heading into retirement. Others want to get their home loan paid off before they start paying for college for kids.
Adjustable-Rate Mortgage Refi
With an adjustable-rate mortgage (ARM), you might start out with a lower refinance mortgage rate than with a fixed-rate loan, making it a tempting option for short-term financial goals. For example, if you have a 30-year fixed mortgage but plan to move before the loan is paid off, you might be able to save money with an ARM if you only keep the loan for a few years before selling. Just keep in mind that the rate will adjust based on market conditions and could be higher in the future, which would mean a higher monthly payment.
Cash-Out Refi
With a cash-out refinance, you can unlock the equity in your home, receiving a lump sum that can be used for a variety of purposes, from home improvements to debt consolidation. Here’s an example: If your home is valued at $500,000 and your current mortgage balance is $300,000, you have $200,000 in equity. A lender might let you borrow up to 80% of that equity. Keep in mind that cash-out refis generally come with higher refinance rates, but they can be a smart financial move when used for the right reasons.
FHA Refi
FHA refinances, which are insured by the Federal Housing Administration, often come with lower mortgage refinance rates than conventional loans. An FHA Simple Refinance or FHA Streamline Refinance are for those who already have an FHA loan. But even if you don’t have an existing FHA loan, you might still be able to benefit from an FHA cash-out refinance or an FHA 203(k) refinance. These loans are designed to help you make home improvements and fund rehabilitation projects that can improve the value and functionality of your home.
VA Refi
VA refinances, which are government-backed loans facilitated by the U.S. Department of Veterans Affairs, are known for their competitive mortgage refinance rates. To be eligible for a VA refinance, which is called an interest rate reduction refinance loan (IRRRL), you need to have an existing VA loan.
Compare Mortgage Refi Interest Rates
Once you’ve zeroed in on which type of mortgage refinance might be right for you, take these steps to help ensure you get the best available rate.
• Shop around and obtain rate and fee information from multiple lenders to compare mortgage refinancing costs.
• Don’t just compare interest rates. Look at each loan’s annual percentage rate (APR), which includes the interest rate and fees.
• Weigh the cost of buying discount points to lower your interest rate.
• Keep in mind, lower rates can sometimes mean higher fees. Some lenders offer a no-closing-cost refinance, but you may see that their rates are higher to compensate.
Using a refinance calculator can help you estimate potential savings and determine if refinancing is worth it.
Use an Online Refinance Calculator
An online refinance calculator can help you get an initial look at what your new monthly payment might be and compare different refinance options. This can help you make a decision that’s right for your financial situation and goals. Here are a few of our favorite calculators.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage can be a smart financial move, giving you the opportunity to secure a lower mortgage refinance rate, reduce your monthly payments, or tap into equity in your home. But it’s important to carefully consider the costs and benefits, including closing costs and the potential for long-term interest savings, to make sure refinancing makes sense for your financial situation.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Can you lower your interest rate without refinancing?
If you have the means, a mortgage recast might be a good option. With a mortgage recast, you make a large payment toward your principal balance. You then ask your lender to recalculate your monthly payments, which could lower them. A mortgage recast won’t change your mortgage rate, but it can reduce your monthly payments and save you money on interest over the life of the loan.
Can I get cash out of my house without a refinance?
You can tap into your home equity without adjusting your current mortgage by obtaining a home equity line of credit (HELOC) or a home equity loan. These financial tools allow you to access the equity you’ve built up in your home without the hassle of a full refinance — technically, either of these would be a second mortgage.
How much are closing costs for a refinance?
The average closing costs for a refinance fall between 2% and 5% of the loan amount. So if you’re refinancing a $300,000 mortgage, you could be looking at a cost range of $6,000 to $15,000. Keep in mind, these numbers are ballpark figures. The actual costs can vary based on your lender, loan type, and your unique situation.
Will refinancing hurt my credit score?
Refinancing can cause a temporary dip in your credit score because it involves a hard inquiry into your credit history. But don’t worry, the impact is usually quite minimal and short-lived. The long-term benefits of securing a lower mortgage refinance rate likely outweigh this temporary dip.
How many times can you refinance your home loan?
There are no rules on how many times you can refinance your home, but it’s important to be mindful of the costs and potential impact on your credit score. Each time you refinance, you’ll need to pay closing costs. Plus, the hard credit inquiry required for a refinance may cause a temporary dip in your credit score. Weigh the benefits and drawbacks of each mortgage refinance before making a decision.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances. ²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
SOHL-Q125-205
Browse other Wyoming home guides.
-
-
More refinance resources.
-
How Much Does It Cost to Refinance a Mortgage?
-
How to Refinance a Home Mortgage Loan
-
7 Signs It’s Time for a Mortgage Refinance
Apply online or call for a complimentary mortgage consultation.
-
