The average 30-year mortgage rate has decreased to 6.60% this week, sparking interest in how much it costs to purchase a typical home in Wyoming, Realtor.com reports.
The median listing price for a home in Wyoming stands at $460,000. To purchase this home, a 20% down payment of $92,000 is required. With a 6.60% mortgage rate and a 20% down payment, your monthly mortgage payment would be approximately $2,350.
Alternatively, with a 10% down payment of $46,000, your monthly mortgage payment would increase to around $2,644. These figures do not include additional costs like taxes and insurance, which are essential to consider when budgeting for homeownership.
At the peak of mortgage rates in October 2023, when rates reached 7.79%, monthly payments for a home in Wyoming were significantly higher. With a 20% down payment, payments were $297 more per month, and with a 10% down payment, they were $333 higher. These savings demonstrate the impact of the recent rate drop.
While mortgage rates have decreased this week, there is no certainty about their future direction. The housing market can be unpredictable, so if you are considering buying a home, now may be an ideal time to act before rates rise again.
Before starting your home search, it’s crucial to get pre-approved for a mortgage. This will help you understand how much home you can afford and give you a competitive edge as a serious buyer. To get pre-approved, you’ll need documents such as proof of income, tax filings, and your Social Security number. Checking your credit score beforehand can also improve your chances of securing a favorable rate.
Pre-qualification is typically available online through platforms like Realtor.com®, allowing you to compare offers from different lenders. Once you’re pre-approved, you’ll be ready to make an offer with confidence, moving forward to final approval from your lender.
