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Mortgage rates in Utah
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.125%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.250% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Utah home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on October 6 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Utah by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
|Credit score||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Utah home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
|Loan type||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
|15-year FHA||2.625%||2.500%||Not elegible||Not elegible|
|30-year FHA||3.125%||3.063%||Not elegible||Not elegible|
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
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.
Home values in Utah are forecast to increase
Utah’s sales prices are already breaking records in 2021, but according to Zillow, the good news for today’s buyers is that home values are expected to rise throughout 2022 to meet the inflated prices.
Home values in four of the largest cities in Utah are predicted to increase by over 18%, with Provo and St. George forecast to reach almost a 20% rise. And while most cities will see increases of 10% or more, all Utah cities are predicted to see a minimum 6% growth in home value.
4 fast facts about the Utah housing market
Consider the following Utah housing facts before starting your search for a new home:
- Utah’s property tax rates are low, at .63%, which ranks 40th in the US.
- Utah has a higher cost of living than many states, with the average home costing over $100,000 more than the national average at a record-breaking $400,000 in 2021.
- The state has five special buying assistance programs for first-time homebuyers and veterans who need help with their down payment and closing costs.
- Sales prices on homes have almost increased 20% in 2021, which has led to bidding wars and longer-than-normal house searches for buyers.
Mortgage rates in Utah vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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