Prospective homebuyers in Wyoming are facing significantly higher monthly mortgage payments compared to three years ago, as rising interest rates and home prices continue to affect affordability, Wyoming News Now reports.
Recent analysis by Construction Coverage, which examined data from Freddie Mac and Zillow, shows that the estimated mortgage payment for a median-priced home in Wyoming has increased by 63.3% between February 2022 and February 2025.
This translates to a $718 increase in monthly payments, rising from approximately $1,134 in early 2022 to $1,853 in 2025. During the same period, the median home price in Wyoming increased from $305,818 to $353,827.
The increase in mortgage payments is largely driven by a sharp rise in mortgage interest rates. The average 30-year fixed mortgage rate has climbed from 3.8% in early 2022 to about 6.8% in early 2025, representing an 80% increase. Though mortgage rates have dipped slightly from their late 2023 peak of 7.6%, they remain near their highest levels since 2002.
At the same time, home prices have continued to rise, albeit at a more moderate pace. While some Western states have seen price declines or stagnation, Wyoming’s housing market has maintained steady price growth, contributing to higher overall costs for buyers.
Nationally, the typical monthly mortgage payment on a median-priced home increased by nearly 60% over the same three-year period, rising from $1,177 to $1,870. Wyoming’s increase slightly exceeds the national average.
Affordability challenges persist as mortgage payments remain elevated compared to the early pandemic period, when historically low interest rates provided temporary relief despite rising home prices. The combination of higher borrowing costs and ongoing limited housing inventory continues to impact prospective buyers across the country, including Wyoming.
For a more detailed look at regional differences and methodology, the full report is available on the Construction Coverage website.
