Rock Springs FHA Loan Rates, Closing Costs & Stats

Rock Springs, WY

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Rock Springs's 31 lenders originated 155 FHA loans during 2023. The total origination value was $40,565,000, with an average FHA loan value of $261,710.

    Rock Springs FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rock Springs averaged -0.01% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Rock Springs's average FHA mortgage closing costs are $7,798.

    The average rate for the prior week (2024-11-08) was 6.4% and one month ago for the week of 2024-10-11, the average rate was 6.1%.

    The average rate one year ago was 6.85%.

    For refis of the same type during the week of 2024-11-15, the average rate was -0.2%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Rock Springs FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Rock Springs level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 59 6.12% $10,022
    Paramount Residential Mortgage Group, Inc. 20 7.12% $11,485
    QUICKEN LOANS, LLC 16 6.57% $12,000
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.26% $9,378
    Flanagan State Bank 7 6.66% $11,299
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 6 6.54% $9,737
    GUILD MORTGAGE COMPANY 3 6.58% $10,098
    PENNYMAC LOAN SERVICES, LLC 2 5.94% $11,814
    Glacier Bank 2 7.06% $10,195
    CRESCENT MORTGAGE COMPANY 2 6.69% $7,523
    AMERICAN FINANCIAL RESOURCES, INC. 2 6.75% $7,378
    PNC Bank 1 6.25% $10,511
    PREMIA MORTGAGE, LLC 1 6.13% $4,969
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 7.13% $14,249
    RELIANCE FIRST CAPITAL, LLC 1 7.63% $8,856
    Servion, Inc. 1 6.00% $12,549
    The Loan Store, Inc. 1 7.13% $14,499
    U.S. Bank 1 6.63% $7,629
    Wallick & Volk, Inc. 1 7.75% $3,721
    ADVANTAGE PLUS 1 6.50% $11,196
    Wells Fargo Bank 1 5.50% $3,656
    BAY EQUITY LLC 1 6.25% $10,793
    BROKER SOLUTIONS, INC. 1 5.75% $11,512
    CHERRY CREEK MORTGAGE, LLC 1 5.75% $3,301
    CORNERSTONE HOME LENDING, INC. 1 4.99% $9,457
    CROSSCOUNTRY MORTGAGE, LLC 1 7.25% $15,631
    First Federal Bank 1 6.63% $8,030
    INTERCAP LENDING INC. 1 7.63% $14,025
    LIBERTY HOME MORTGAGE CORPORATION 1 7.50% $11,943
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 8.00% $7,813
    MOUNTAIN AMERICA 1 6.13% $9,651

    The top Rock Springs FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 59 FHA loans originated. Their average total fees are $10,022, which is $1,463 lower than the next largest lender, Paramount Residential Mortgage Group, Inc..

    The lowest fee Rock Springs FHA lenders (with over 10 loans originated) are AMERICAN PACIFIC MORTGAGE CORPORATION ($9,378), UNITED WHOLESALE MORTGAGE, LLC ($10,022), Paramount Residential Mortgage Group, Inc. ($11,485), QUICKEN LOANS, LLC ($12,000) and .

    The lowest rate Rock Springs FHA lenders (with over 10 loans originated) are UNITED WHOLESALE MORTGAGE, LLC (6.12%), AMERICAN PACIFIC MORTGAGE CORPORATION (6.26%), QUICKEN LOANS, LLC (6.57%), Paramount Residential Mortgage Group, Inc. (7.12%) and .

    Rock Springs FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ROCK SPRINGS, WY SWEETWATER 2022 $420,680 $538,650 $651,050 $809,150
    ROCK SPRINGS, WY SWEETWATER 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rock Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $229,900 (12.2%) $266,166 (13.2%) 0.00 231
    2018-02-01 $229,900 (13.6%) $267,415 (13.7%) 0.00 223
    2018-03-01 $242,000 (9.5%) $270,704 (10.8%) 0.00 217
    2018-04-01 $246,000 (5.8%) $278,099 (7.9%) 0.00 237
    2018-05-01 $243,450 (3.4%) $280,137 (9.4%) 0.00 229
    2018-06-01 $239,000 (-2.1%) $275,272 (4.6%) 0.00 259
    2018-07-01 $239,000 (-1.8%) $271,081 (4.6%) 0.00 261
    2018-08-01 $235,000 (-1.9%) $273,826 (7.3%) 0.00 260
    2018-09-01 $235,000 (-1.5%) $267,813 (4.9%) 0.00 261
    2018-10-01 $234,950 (3.6%) $264,177 (6.7%) 0.00 261
    2018-11-01 $231,450 (3.4%) $265,723 (5.5%) 0.00 243
    2018-12-01 $224,900 (-2.0%) $263,012 (1.2%) 0.00 228
    2019-01-01 $219,900 (-4.4%) $259,019 (-2.7%) 0.00 208
    2019-02-01 $219,925 (-4.3%) $258,331 (-3.4%) 0.00 221
    2019-03-01 $220,143 (-9.0%) $258,320 (-4.6%) 0.00 209
    2019-04-01 $224,900 (-8.6%) $258,401 (-7.1%) 0.00 196
    2019-05-01 $227,000 (-6.8%) $260,777 (-6.9%) 0.00 191
    2019-06-01 $229,900 (-3.8%) $262,644 (-4.6%) 0.00 191
    2019-07-01 $237,625 (-0.6%) $270,528 (-0.2%) 0.00 186
    2019-08-01 $239,818 (2.1%) $271,896 (-0.7%) 0.00 182
    2019-09-01 $244,420 (4.0%) $272,228 (1.7%) 0.00 185
    2019-10-01 $248,000 (5.6%) $272,648 (3.2%) 0.00 191
    2019-11-01 $248,000 (7.2%) $276,698 (4.1%) 0.00 170
    2019-12-01 $239,850 (6.7%) $279,898 (6.4%) 0.00 166
    2020-01-01 $235,225 (7.0%) $273,860 (5.7%) 0.00 169
    2020-02-01 $232,950 (5.9%) $272,153 (5.4%) 0.00 164
    2020-03-01 $228,450 (3.8%) $264,371 (2.3%) 0.00 175
    2020-04-01 $228,000 (1.4%) $273,004 (5.7%) 0.00 171
    2020-05-01 $228,000 (0.4%) $269,334 (3.3%) 0.00 173
    2020-06-01 $232,450 (1.1%) $274,001 (4.3%) 0.00 168
    2020-07-01 $234,075 (-1.5%) $273,309 (1.0%) 0.00 174
    2020-08-01 $232,400 (-3.1%) $274,601 (1.0%) 0.00 178
    2020-09-01 $234,950 (-3.9%) $268,217 (-1.5%) 0.00 179
    2020-10-01 $233,225 (-6.0%) $269,936 (-1.0%) 0.00 174
    2020-11-01 $228,500 (-7.9%) $266,933 (-3.5%) 0.00 159
    2020-12-01 $224,975 (-6.2%) $262,871 (-6.1%) 0.00 152
    2021-01-01 $224,900 (-4.4%) $259,206 (-5.4%) 0.00 139
    2021-02-01 $232,450 (-0.2%) $261,880 (-3.8%) 0.00 125
    2021-03-01 $225,250 (-1.4%) $258,488 (-2.2%) 0.00 117
    2021-04-01 $223,500 (-2.0%) $260,929 (-4.4%) 0.00 105
    2021-05-01 $219,000 (-4.0%) $273,993 (1.7%) 0.00 89
    2021-06-01 $219,750 (-5.5%) $269,502 (-1.6%) 0.00 98
    2021-07-01 $222,000 (-5.2%) $261,195 (-4.4%) 0.00 91
    2021-08-01 $220,000 (-5.3%) $264,879 (-3.5%) 0.00 92
    2021-09-01 $224,900 (-4.3%) $264,222 (-1.5%) 0.00 90
    2021-10-01 $227,500 (-2.5%) $260,237 (-3.6%) 0.00 84
    2021-11-01 $222,450 (-2.7%) $239,272 (-10.4%) 0.00 83
    2021-12-01 $226,550 (0.7%) $242,889 (-7.6%) 0.00 69
    2022-01-01 $225,000 (0.0%) $261,114 (0.7%) 0.00 64
    2022-02-01 $222,200 (-4.4%) $263,492 (0.6%) 0.00 57
    2022-03-01 $230,000 (2.1%) $274,711 (6.3%) 0.00 62
    2022-04-01 $238,000 (6.5%) $294,111 (12.7%) 0.00 58
    2022-05-01 $251,000 (14.6%) $316,710 (15.6%) 0.00 74
    2022-06-01 $229,000 (4.2%) $309,163 (14.7%) 0.00 69
    2022-07-01 $229,900 (3.6%) $333,715 (27.8%) 0.00 75
    2022-08-01 $236,000 (7.3%) $347,857 (31.3%) 0.00 83
    2022-09-01 $241,500 (7.4%) $342,061 (29.5%) 0.00 76
    2022-10-01 $249,450 (9.7%) $355,921 (36.8%) 0.00 68
    2022-11-01 $242,950 (9.2%) $349,909 (46.2%) 0.00 70
    2022-12-01 $255,000 (12.6%) $359,782 (48.1%) 0.00 66
    2023-01-01 $255,000 (13.3%) $335,143 (28.4%) 0.00 64
    2023-02-01 $282,925 (27.3%) $355,007 (34.7%) 0.00 62
    2023-03-01 $302,925 (31.7%) $367,813 (33.9%) 0.00 53
    2023-04-01 $291,000 (22.3%) $366,055 (24.5%) 0.00 56
    2023-05-01 $287,450 (14.5%) $344,901 (8.9%) 0.00 60
    2023-06-01 $314,975 (37.5%) $341,514 (10.5%) 0.00 69
    2023-07-01 $310,000 (34.8%) $340,790 (2.1%) 0.00 87
    2023-08-01 $309,975 (31.4%) $338,541 (-2.7%) 0.00 91
    2023-09-01 $315,000 (30.4%) $334,766 (-2.1%) 0.00 103
    2023-10-01 $311,875 (25.0%) $328,178 (-7.8%) 0.00 90
    2023-11-01 $296,000 (21.8%) $321,567 (-8.1%) 0.00 91
    2023-12-01 $289,000 (13.3%) $326,008 (-9.4%) 0.00 90
    2024-01-01 $289,250 (13.4%) $331,403 (-1.1%) 0.00 73
    2024-02-01 $283,750 (0.3%) $330,125 (-7.0%) 0.00 71
    2024-03-01 $280,000 (-7.6%) $335,838 (-8.7%) 0.00 69
    2024-04-01 $297,500 (2.2%) $353,181 (-3.5%) 0.00 72
    2024-05-01 $328,750 (14.4%) $379,236 (10.0%) 0.00 80
    2024-06-01 $323,500 (2.7%) $386,479 (13.2%) 0.00 84
    2024-07-01 $329,500 (6.3%) $391,846 (15.0%) 0.00 78
    2024-08-01 $330,000 (6.5%) $388,309 (14.7%) 0.00 85
    2024-09-01 $310,000 (-1.6%) $363,241 (8.5%) 0.00 87
    2024-10-01 $324,750 (4.1%) $379,032 (15.5%) 0.00 85
    Rock Springs's median listing price for 2024-10-01 was $324,750, a difference of $12,875 (4.1%) versus the prior year and $14,750 versus the prior month.

    Rock Springs's median listing price comes in at 0% of the national average.

    Rock Springs's average listing price for 2024-10-01 was $379,032, a difference of $50,854 (15.5%) versus the prior year and $15,791 versus the prior month.

    For the 2024-10-01 period, Rock Springs had 85 MLS listings, a difference of -2 listings (-2%) versus the prior month and -5 listings (-6%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rock Springs (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,141 sqft
    2018-02-01 0 days 2,122 sqft
    2018-03-01 0 days 2,166 sqft
    2018-04-01 0 days 2,244 sqft
    2018-05-01 0 days 2,291 sqft
    2018-06-01 0 days 2,176 sqft
    2018-07-01 0 days 2,224 sqft
    2018-08-01 0 days 2,247 sqft
    2018-09-01 0 days 2,222 sqft
    2018-10-01 0 days 2,227 sqft
    2018-11-01 0 days 2,193 sqft
    2018-12-01 0 days 2,176 sqft
    2019-01-01 0 days 2,064 sqft
    2019-02-01 0 days 2,064 sqft
    2019-03-01 0 days 2,064 sqft
    2019-04-01 0 days 2,049 sqft
    2019-05-01 0 days 2,050 sqft
    2019-06-01 0 days 2,049 sqft
    2019-07-01 0 days 2,088 sqft
    2019-08-01 0 days 2,113 sqft
    2019-09-01 0 days 2,158 sqft
    2019-10-01 0 days 2,187 sqft
    2019-11-01 0 days 2,263 sqft
    2019-12-01 0 days 2,136 sqft
    2020-01-01 0 days 2,097 sqft
    2020-02-01 0 days 2,060 sqft
    2020-03-01 0 days 2,056 sqft
    2020-04-01 0 days 2,024 sqft
    2020-05-01 0 days 2,016 sqft
    2020-06-01 0 days 2,035 sqft
    2020-07-01 0 days 2,096 sqft
    2020-08-01 0 days 2,112 sqft
    2020-09-01 0 days 2,112 sqft
    2020-10-01 0 days 2,104 sqft
    2020-11-01 0 days 2,082 sqft
    2020-12-01 0 days 2,013 sqft
    2021-01-01 0 days 1,932 sqft
    2021-02-01 0 days 1,949 sqft
    2021-03-01 0 days 1,971 sqft
    2021-04-01 0 days 1,973 sqft
    2021-05-01 0 days 1,984 sqft
    2021-06-01 0 days 2,016 sqft
    2021-07-01 0 days 1,996 sqft
    2021-08-01 0 days 1,980 sqft
    2021-09-01 0 days 1,953 sqft
    2021-10-01 0 days 2,016 sqft
    2021-11-01 0 days 1,963 sqft
    2021-12-01 0 days 1,967 sqft
    2022-01-01 0 days 1,978 sqft
    2022-02-01 0 days 2,112 sqft
    2022-03-01 0 days 2,142 sqft
    2022-04-01 0 days 2,082 sqft
    2022-05-01 0 days 2,091 sqft
    2022-06-01 0 days 1,980 sqft
    2022-07-01 0 days 2,016 sqft
    2022-08-01 0 days 2,109 sqft
    2022-09-01 0 days 2,104 sqft
    2022-10-01 0 days 1,992 sqft
    2022-11-01 0 days 1,981 sqft
    2022-12-01 0 days 1,976 sqft
    2023-01-01 0 days 1,966 sqft
    2023-02-01 0 days 2,120 sqft
    2023-03-01 0 days 2,187 sqft
    2023-04-01 0 days 2,224 sqft
    2023-05-01 0 days 2,368 sqft
    2023-06-01 0 days 2,456 sqft
    2023-07-01 0 days 2,314 sqft
    2023-08-01 0 days 2,285 sqft
    2023-09-01 0 days 2,280 sqft
    2023-10-01 0 days 2,122 sqft
    2023-11-01 0 days 2,065 sqft
    2023-12-01 0 days 2,100 sqft
    2024-01-01 0 days 2,122 sqft
    2024-02-01 0 days 2,125 sqft
    2024-03-01 0 days 2,115 sqft
    2024-04-01 0 days 2,102 sqft
    2024-05-01 0 days 2,225 sqft
    2024-06-01 0 days 2,192 sqft
    2024-07-01 0 days 2,264 sqft
    2024-08-01 0 days 2,378 sqft
    2024-09-01 0 days 2,241 sqft
    2024-10-01 0 days 2,206 sqft
    Rock Springs's median listing age (time on market) for 2024-10-01 was 0 days.

    Rock Springs's median square footage for active listings during the 2024-10-01 period was 2,206 sqft. One year prior, the average listing was 2,122 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).