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Utah Mortgage and Refinance Rates

Written by

Jeff Ostrowski

Edited by

Suzanne De Vita

Edited by

Suzanne De Vita

On Monday, May 13, 2024, the national average 30-year fixed mortgage APR is 7.23%. The national average 30-year fixed refinance APR is 7.23%, according to ... Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Utah

As of Monday, May 13, 2024, current interest rates in Utah are 7.07% for a 30-year fixed mortgage and 6.47% for a 15-year fixed mortgage. While mortgage rates have leveled off some since jumping in 2022, today’s higher rate environment still makes housing affordability a challenge for Utah homebuyers, and refinances less desirable for homeowners. While mortgage rates are difficult to predict, many housing economists expect them to drift downward throughout 2024.

Refinance rates in Utah

While mortgage refinance rates have more than doubled since the pandemic, many Utah homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: How and why to do a cash-out refinance

Utah rate trends

Mortgage rates in Utah have trended upward since 2022, with rates hitting a peak near 8 percent in Oct. 2023. Since then, rates have dropped below 7 percent, and are expected to slowly drop throughout 2024.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	7.18%	7.23%
15-Year Fixed Rate	6.62%	6.70%
5-1 ARM	6.71%	7.92%
30-Year Fixed Rate FHA	7.15%	7.19%
30-Year Fixed Rate VA	7.15%	7.20%
30-Year Fixed Rate Jumbo	7.24%	7.29%

Rates as of Monday, May 13, 2024 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	7.18%	7.23%
15-Year Fixed Rate	6.68%	6.76%
5-1 ARM	6.55%	7.81%
30-Year Fixed Rate FHA	7.22%	7.26%
30-Year Fixed Rate VA	7.61%	7.64%
30-Year Fixed Rate Jumbo	7.26%	7.31%

Rates as of Monday, May 13, 2024 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

Mortgage statistics in Utah

Utah is known for its stunning geography and recreational opportunities. It has a population of 3.8 million people, with a median household income of $86,833, according to the U.S. Census Bureau. Here are some more stats about mortgages and real estate in Utah:

Average home value (as of Feb. 2024): $500,981
Homeownership rate: 70.7%
Average mortgage loan size in 2022: $452,130

Sources: Zillow, U.S. Census Bureau, Home Mortgage Disclosure Act

Mortgage options in Utah

These are some of the most common types of home loans for homebuyers in Utah:

Utah conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
Utah FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
Utah VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent.
Utah USDA loans: If you’re buying a rural property in Utah, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.

Learn more: Types of home loans

First-time homebuyer programs in Utah

Utah Housing Corporation, the state’s housing finance authority, offers several programs to assist low- and moderate-income first-time homebuyers, including:

FirstHome: The FirstHome mortgage is for first-time buyers who have a credit score of 660 or better and don’t exceed the income and purchase price limits for their area.
HomeAgain: For first-time homebuyers who don’t want to be restricted by purchase price guidelines, the HomeAgain mortgage might be an option. In order to be eligible, buyers must have a credit score of 660 or higher. While the program doesn’t have purchase price limits, it does impose an annual income limit in order to qualify.
Score: If you have a history of credit challenges, you might qualify for the Score program, which provides financing to those with a credit score as low as 620. Like the other mortgage programs from Utah Housing Corporation, there are purchase and income limits that must be met in order to qualify.

Learn more: Utah first-time homebuyer assistance programs

How to find the best mortgage rate in Utah

Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
Step 3: Know your mortgage options - There are a few different types of mortgages.
Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

Lender

Garden State Home Loans

NMLS: 473163

State License: MB-473163

3.6

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Bankrate's take

Garden State Home Loans doesn’t solely work with borrowers in New Jersey; it also lends in a handful of other states, including Florida, New York, Pennsylvania and Texas. While that limits who can work with this lender, if you’re in one of its operating states, Garden State can be a smart choice if you’re looking for dedicated service — including a loan officer available nights and weekends — and swift closings.

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Nationwide availability

Connecticut, Delaware, Florida, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Pennsylvania, Tennessee, Texas and Virginia

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans

Recent Customer Reviews

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.

5.0

562reviews

Read full lender review

Lender

Homefinity

NMLS: 2289

State License: 4965

4.5