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Mortgage rates in Utah
How they can vary, where they’re expected to trend and how to get a lower one.
While house hunting in the Beehive State is no-doubt exciting, you’ll want to do everything you can to get the best mortgage rate possible. Utah rates average 4.703% for 30-year terms. Find out where they’ll go from there and how to better your chances of saving money.
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How much do Utah rates vary?
Average mortgage rates in Utah range from 4.513% to 4.954% for 30-year loans and 3.982% to 4.254% for 15-year terms. Several criteria, such as loan type, can sway your interest rate. For example, government-backed products like FHA loans frequently have lower interest rates and stricter property and borrower requirements than conventional mortgages.
2018 average rates in Utah by loan type
|Loan type||15-year average rate||30-year average rate|
Based on data from ffiec.cfpb.gov.
Say you have a $255,000, 30-year conventional loan with the 2018 average interest rate of 4.954%. Your monthly mortgage payment might be around $1,360, not including taxes and costs unique to your loan.
Alternatively, if you qualify for a government-insured FHA loan with the 2018 average rate of 4.778%, you might pay $1,330 each month. Even this savings of $30 per month could save you $9,800 over the life of the loan.
Which way are rates trending in Utah?
Mortgage rates in Utah will likely hover around the mid to upper 3% range.
Utah mortgage rates generally come in below the national average. In the last decade, mortgage rates averaged 0.03% lower than the rest of the country.
Housing agencies nationwide are expecting 30-year mortgage rates to stay under 4%, with predictions ranging from 3.55% to 3.90%. We can expect Utah mortgage rates to perform slightly below the national average in 2020.
Compare mortgage rates throughout Utah
The Beehive State has a handful of metropolitan areas. Although the average mortgage rate doesn’t vary much between regions, these areas do have different median loan amounts.
Using data from the Home Mortgage Disclosure Act, we formulated an estimate of the monthly cost of the average 30-year fixed-rate mortgage in distinct metropolitan areas in Utah. Rates and amounts do not account for costs specific to your loan.
|Metropolitan statistical area (MSA)||Average mortgage rate||Median loan amount||Estimated monthly cost|
|Logan MSA (Cache County, UT)||4.776%||$215,000||$1,120|
|Salt Lake City||4.899%||$275,000||$1,460|
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Utah
A few ways to help you get the best rate possible:
- Consider different loan programs. Lenders assign specific interest rates to their various loan products. Figure out what loans you qualify for to find the most competitive rate for your situation.
- Touch up your credit profile. Lenders typically reserve their best rates for those with the highest scores. Up your credit score and pay down debts to become a more attractive borrower.
- Assess the closing costs. Closing costs in Utah average 1.97% of the final purchase price in closing costs. Some lenders charge reduced interest rates while tacking on more fees and closing costs. Weigh your closing costs and mortgage rate together to see the actual cost of your home loan.
Historical mortgage interest rates in Utah
Although rates in Utah generally reflect the national average and may even come in slightly lower, lenders set your mortgage rate. Comparing loan products and lenders can help you find the most competitive rate and terms.
Frequently asked questions
What state programs with lower mortgage rates does Utah support?
No. There are no Utah state programs with discounted mortgage rates.
Where can I attend a homebuyer education course in Utah?
Although the Utah Housing Corporation doesn’t administer homebuyer education courses, it can connect you with a provider. To get started:
- On the Utah Housing Corporation homepage, select the Homebuyer tab
- Choose the box Down Payment Assistance, Home Loans, Veterans Grant.
- Select Homebuyer Education on the menu on the left-hand side.
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