Today's Mortgage Rates in Utah

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Updated: July 17, 2024

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Today's 30-year mortgage rate in Utah is 6.64%, while the national average is 6.90% for the same loan type. Utah homebuyers can benefit from programs like Down Payment Assistance and Home Loans, which are designed to help reduce the cost of mortgages.

We'll help you understand today's 30-year mortgage rate in Utah across different loan types and how rates are affected by credit scores. You'll also gain insight into the various mortgage types, the structure of mortgage rates and the local lenders. You will also discover assistance mortgage programs available in Utah to navigate the financing of your home efficiently.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Utah. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Utah

In July 2024, the average APR for a 30-year fixed-rate mortgage in Utah is 6.64%, a slight decrease from June's 6.40%. With a $250,000 loan and a 20% down payment, this movement in interest rates could mean a reduction in total cost by $10,420 over the life of the loan, not including additional expenses like property taxes or HOA fees.

Market economics and Federal Reserve actions can cause these shifts. Our line chart demonstrates how mortgage rates in Utah have trended over the past several months, influencing your payment plans.

Current Mortgage Rates in Utah (Jan to May)

Understanding the current mortgage rate in Utah can help you budget for a new home as rates can vary each day.

Who Needs to Know Current Mortgage Rates in Utah?

Understanding today's mortgage interest rates in Utah is beneficial for two kinds of borrowers amid shifting conditions in the housing market:

    coupleG icon

    First-time homebuyers

    First-time homebuyers in Utah can learn what rates to expect and gauge if they're competitive, aiding their financial decisions.

    homeowner icon

    Homeowners with mortgages

    Existing homeowners might use current rates to consider a mortgage refinance if new rates are lower than their own.

Purchase rates and refinance rates for mortgages are not identical. In Utah, the current mortgage rate for a 30-year fixed mortgage to buy a home is 6.64%. Meanwhile, the average APR for refinancing that same loan type is 7.05%.

Current Mortgage Rates in Utah by Loan Type

A 30-year fixed-rate mortgage in Utah has higher interest rates than a 15-year fixed-rate mortgage. Lenders risk more with longer terms because there's more time for interest rate changes and the possibility you might not pay back the loan.

Understanding different mortgage loan types in Utah helps you find a rate that suits your budget. Use a mortgage calculator to see how various rates would impact your monthly payments, as understanding your options will guide you toward the best decision.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.67%APR5.88%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

An interest rate is the price you pay each year to borrow money for your mortgage. As of July 2024, the average mortgage interest rate for a 30-year fixed-rate mortgage in Utah is 6.56%.

The APR, or annual percentage rate, represents the yearly cost of your loan, which includes the interest rate and other charges. Utah's average APR for a 30-year fixed-rate mortgage is 6.64%, giving you a broader picture of the loan's yearly expenses beyond the mortgage interest rate.

Current Mortgage Rates in Utah by Credit Score

If you're in Utah with a stellar credit score of 740 or above and plan to make a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.37%. If your score is below 680, the average APR for the same loan type rises to 8.08%.

Your credit score directly impacts the mortgage rates you might get in Utah. Check out the interactive table below to find out what rates you could qualify for based on your credit score and down payment:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR6.17%
15-year FixedAPR6.22%
20-year FixedAPR6.93%
30-year FixedAPR7.10%
5-year ARMAPR7.82%
7-year ARMAPR7.65%

Mortgage Types in Utah

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Utah. Knowing your options can make a significant difference in your monthly payments and overall interest paid. Explore the full range of mortgage loans available in Utah:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Utah

Conventional Loans

Conventional loans in Utah are not insured or guaranteed by the government.

Interest rates for conventional loans may vary based on credit score and down payment.

6.64%

FHA Loans

FHA loans in Utah are backed by the Federal Housing Administration and may allow lower credit scores.

FHA loans often have lower interest rates for borrowers with lower credit scores.

7.05%

VA Loans

VA loans in Utah are backed by the Department of Veterans Affairs and are available to service members and veterans.

VA loans offer competitive rates due to government backing, often without a down payment.

6.46%

USDA Loans

USDA loans in Utah are designed for rural homebuyers and backed by the United States Department of Agriculture.

USDA loans can offer lower rates due to government backing but are limited to certain rural areas.

currently unavailable

Jumbo Loans

Jumbo loans in Utah exceed the conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans usually carry higher rates because they present more risk to lenders.

7.17%

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MORTGAGE RATE STRUCTURES IN UTAH

Mortgage rates in Utah come in two types: fixed and adjustable.

  • Fixed mortgage rates lock in your interest, so your monthly mortgage payments won't change, giving you stability.
  • Adjustable mortgage rates begin with a lower rate that can adjust over time, potentially reducing your initial payments.

As of July 2024, the average APR for a 30-year fixed-rate loan in Utah is 6.64% and 7.43% for a 7-year adjustable-rate mortgage.

Mortgage Lenders in Utah

New American, Better and Loan Depot are solid choices for a mortgage in Utah. These lenders meet the criteria of state availability, Better Business Bureau accreditation and the provision of homeowner assistance programs. Remember, there are additional lenders in Utah to consider for your mortgage needs.

Your selected lender influences the mortgage rate you secure in Utah, as each offers varying mortgage options and loan terms. To secure the best rate, compare mortgage rates from several lenders across Utah.


  • New American
    • 8Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours

    New American offers varous mortgage options in Utah. Homebuyers can choose from conventional loans with a minimum 3% down payment to FHA loans that adapt to lower credit scores and require a down payment of at least 3.5%. Homebuyers can also consider FHA and USDA loans, with a credit score requirement of 580. More substantial jumbo loans are also available, requiring a credit score of up to 680.

    New American provides customer service from 8 a.m. to 9 p.m. CT on weekdays and 10 a.m. to 2 p.m. CT on Saturdays, available via phone or email. The lender also has loan aid options that help you fulfill the dream of homeownership. For Utah residents, the home-buying journey is supported by accessible service hours and the strength of a BBB rating of A, showing a commitment to customer satisfaction and trust. Whether you're a first-time buyer or looking to refinance, this lender tailors options to fit diverse needs and goals.

    Pros

    • Wide mortgage selection, including exclusive options
    • User-friendly mobile mortgage management app
    • 14-day close guarantee on purchases

    Cons

    • Missing FAQ section for quick info
    • No online prequalification available
    • Limited branch availability in 11 states
    New American

  • Better
    • 4Number of Mortgage Options
    • YesOnline Application
    • B+BBB Rating
    • Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours

    Better offers its mortgage services exclusively online, catering to the modern borrower in Utah with a range of options. It provides fixed-rate and adjustable-rate mortgages to suit different financial needs. You'll need a 620 credit score for conventional loans but just 580 for an FHA loan. Down payments are as friendly, with 3% for conventional loans. However, if your credit score is below 580, prepare to pay up to 10%. Meanwhile, a 3.5% down payment is enough if your credit score is 580 or higher.

    Better marks its presence with a blend of mortgage products and customer care that extends throughout the week. It serves you Monday to Friday from 8 a.m. to 9 p.m. ET and during weekends from 9 a.m. to 9 p.m. ET. Support is readily accessible via phone or email. It also offers the Better Real Estate discount, which aims to make the home-buying process lighter on your wallet.

    Pros

    • No commission fees for loan officer
    • Provides commitment letter quickly
    • Supports customers on Sundays

    Cons

    • No VA or USDA mortgages offered
    • Entirely online with no physical branches
    • B+ BBB rating
    Better

  • Loan Depot
    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    Loan Depot provides a broad scope of loan opportunities with digital convenience and in-person assistance. It offers fixed-rate and adjustable-rate loans, catering to different borrower needs. FHA loans require a credit score of at least 580. For conventional loans, a minimum of 5% down payment is required, while down payment for FHA loans can go as low as 3.5%. If your credit score is below 580, expect the down payment needed to increase to 10%.

    Homebuyers can contact Loan Depot by phone or email Monday to Friday from 10 a.m. to 9 p.m. ET for guidance or questions. It also provides Loss Mitigation Assistance to support homeowners who might be struggling with their mortgage — a valuable resource for staying afloat in tough times.

    Pros

    • Loan mitigation support during hardship
    • Interactive mortgage calculator available
    • Prequalification process online

    Cons

    • No unique mortgage products
    • Customer support not available on weekends
    Loan Depot

Mortgage Programs in Utah

Homeownership has hidden costs that can affect your budget. In Utah, you can turn to the Utah Housing Corporation for mortgage programs designed to assist you.

Program
Content

Down Payment Assistance

The Down Payment Assistance program provides funds for down payments and closing costs to eligible applicants. The program partners with approved participating lenders and allows you to borrow the down payment and a portion of closing costs on a 30-year fixed-rate second mortgage from Utah Housing Corp.

Home Loans

Utah’s Home Loans program features various options for buyers, including single-family homes and condos. First, you must secure FHA, VA or conventional loans. Utah Housing has programs requiring credit scores starting at 620 and incomes of up to $8,900 per month. Utah Housing Corp guides you through the process with approved participating lenders.

First-Time Homebuyers Assistance Program (New Construction)

The First-Time Homebuyers Assistance Program assists with a $20,000 loan at 0% interest for new constructions and requires no monthly payments. Qualifying through a participating lender, you’re also eligible for down payment support, which is repayable upon sale or refinancing. Residency in Utah for a year is necessary.

Grants for Law Enforcement

For law enforcement and correctional officers, Utah offers the Law Enforcement Grant, covering mortgage costs up to $25,000. It is a non-repayable grant provided you continue service in Utah for five years. Its usage is flexible, aiding with down payments, closing costs or mortgage rates. It requires residency within 30 days of closing.

FAQ: Mortgage Rates in Utah

We've addressed your pressing questions about today's mortgage rates in Utah. Understanding current rates can help you make informed choices when securing a mortgage for your new home.

What are the current mortgage rates in Utah?
How do mortgage rates in Utah compare to national rates?
How does my credit score impact the mortgage rates I get in Utah?
Are there any special mortgage programs in Utah to help homebuyers?
How can I get the best possible mortgage rate in Utah?
What are today's mortgage refinance rates in Utah?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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