In Utah, a 15-year fixed-rate mortgage (FRM) has an average interest rate of 4.38%, slightly below the national average of 4.45%. Similarly, the average interest rate on a 30-year FRM in the state is 5.18%, lower than the national average of 5.30%. Although these refinance rates are presently less expensive than nationwide mortgage averages, Utah's 5/1 adjustable-rate mortgage (ARM) of 4.36% is above the national average of 4.19%.
When refinancing your mortgage, there's nothing wrong with looking for a "good" or low-interest rate. However, you should consider more than just the interest rate. How much interest you can afford to pay, for instance, will depend on your finances and your credit history.
Mortgage lenders offer different refinance rates in Utah, so it's wise to get quotes from several of them. This is to help you find a rate that best fits your specific needs. Don't wait too long before applying for a mortgage because rates change nearly every day.
