Interest Rate
4.79%
APR*
4.88%
Average home price
$348.376

If you’re planning to buy a home in Utah, you can do a few things to increase your chances of getting an optimal mortgage rate. Your mortgage rate depends on a few important factors, such as your level of income, your credit score, your debt-to-income ratio, and how big of a down payment you can make.

Your chances of getting an optimal mortgage rate in Utah improve if you look up your credit score before you apply for a home loan, you make sure all of your documentation is in order, and you get preapproved by a reputable mortgage lender.

Here’s a quick look at current Utah mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 4.79% 4.88% +0.02%
Conventional 20 year fixed 4.434% 4.538% Unchanged
Conventional 15 year fixed 3.88% 4.043% Unchanged
Conventional 7 year ARM 4.698% 4.043% Unchanged
Conventional 5 year ARM 4.344% 4.054% +0.38%
VA 30 year fixed 4.067% 4.336% -0.08%
VA 15 year fixed 4.042% 4.624% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Utah

Playing with the idea of buying a home in Utah? This could be an ideal to shop for a home in the Beehive State. Here’s what you need to know:

Start by deciding on where in the state to settle down. Utah has a population of well over 2.8 million, and more than one in five live in the five most packed cities in this expansive state:

  • Salt Lake City (state capital)
  • West Valley City
  • Provo
  • West Jordan
  • Orem

Think about your budget and affordability. Utah ranks 7th in US homes for sale at average price, and 21st for homes over $1,000,000. Getting preapproved can nail down your budget before you go shopping.

First-time Homebuyers

If you are a first-time home buyer, you may be able to qualify for assistance through a program administered by the Utah Housing Corporation (UHC or Utah Housing).

There are several mortgage programs available to first-time homebuyers, with down payment assistance that can be combined with any of them:

  • Utah Housing FirstHome loans are designed for first-time buyers and eligible single parents or veterans. They have very low interest rates.
  • Utah Housing’s Score loans make homeownership possible for first-time homebuyers who have a poor credit history and a low income.

Borrower requirements:

  • 660 minimum credit score
  • Maximum debt-to-income ratio based on FHA or VA loan requirements; if applying with a co-signer, the co-signer’s DTI ratio can’t exceed 45 percent
  • Must meet Utah Housing income limits
  • Must complete homebuyer education course

Refinancing in Utah

If you need to refinance a home in Utah to take advantage of favorable Utah mortgage rates, you can do any of the following:

  • Refinance to better your interest rate
  • Refinance to lengthen your loan term
  • Refinance to access equity in the form of cash
  • Refinance to get rid of payments for private mortgage insurance (PMI)

A streamlined refinance is a possibility assuming you have the right type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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