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 | 6.271% | 6.35% | -0.13% |
| Conventional 15 year fixed | 5.719% | 5.859% | -0.11% |
| Conventional 5 year ARM | 6.333% | 7.477% | -0.13% |
| VA 30 year fixed | 5.722% | 5.993% | Unchanged |
| VA 15 year fixed | 5.25% | 5.733% | Unchanged |
| VA 5 year ARM | 6.1% | 6.855% | Unchanged |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
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:
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.
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:
Borrower requirements:
If you need to refinance a home in Utah to take advantage of favorable Utah mortgage rates, you can do any of the following:
A streamlined refinance is a possibility assuming you have the right type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
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.
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