HELOC rates in Utah increased from 3.8% in early 2022 to 9.1% by 2024. If this trend continues, rates may rise further. Homeowners should consider locking in a rate now to potentially avoid higher costs.
HELOC
Best HELOC Rates in Utah (January 2025)
Updated: January 18, 2025
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Utah with an 80% LTV is 8.2%, compared with 8.8% for a 90% LTV.
HELOC rates vary by city in Utah. Helper has an average APR of 7.3%, whereas North Logan's is 9.3%.
Different lenders offer varying rates. Transwest Credit Union's average APR is 7.3%, whereas KeyBank National Association's is 11.0%.
Current HELOC Rates in Utah
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HELOC Rates in Utah by LTV Ratio
HELOC rates in Utah vary depending on your loan-to-value (LTV) ratio and line limit. A lower LTV ratio is less risky for lenders, as it indicates more equity in your home. For instance, with an 80% LTV, you've borrowed less against your home's value compared to a 90% LTV, making it less likely you'll default on your HELOC.
The table below allows you to filter between different loan amounts, offering a clearer view of what you may qualify for:
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Line Limit:$100,000
| 8.4% | 9.1% |
HELOC Rates in Utah by City
HELOC rates in Utah vary between cities due to differences in local housing markets and lender competition. For instance, cities with a robust real estate market may offer lower rates.
Use the table below to filter by your city and see average APRs for $50k and $100k HELOCs.
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City:Salt Lake City
| $100,000 | 8.6% |
| $50,000 | 8.7% |
HELOC Rates in Utah by Lender
HELOC interest rates in Utah vary by lender due to different pricing strategies and risk assessments. The table below shows the five lenders in Utah offering the lowest average APRs, helping you compare competitive rates.
| Utah Power Credit Union | 7.4% |
| Chevron Federal Credit Union | 7.8% |
| Alpine Credit Union | 7.8% |
| D.L. Evans Bank | 7.8% |
| Jordan Federal Credit Union | 7.8% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter by city and compare average APRs, helping you find the best rate available in your area.
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City:Salt Lake City
| Utah Power Credit Union | Credit Union | 7.4% |
| Security Service Federal Credit Union | Credit Union | 7.8% |
| Chevron Federal Credit Union | Credit Union | 7.8% |
| Zions Bancorporation | Commercial Bank | 7.9% |
| Goldenwest Federal Credit Union | Credit Union | 8.0% |
| Deseret First Federal Credit Union | Credit Union | 8.0% |
| Cyprus Federal Credit Union | Credit Union | 8.0% |
| Bank of Utah | Commercial Bank | 8.2% |
| Chartway Federal Credit Union | Credit Union | 8.5% |
| Delta Community Credit Union | Credit Union | 8.5% |
| Granite Federal Credit Union | Credit Union | 8.5% |
| Mountain America Federal Credit Union | Credit Union | 8.5% |
| Regions Bank | Commercial Bank | 8.5% |
| Utah First Federal Credit Union | Credit Union | 8.5% |
| BMO BANK NATIONAL ASSOCIATION | Commercial Bank | 8.5% |
| American United Federal Credit Union | Credit Union | 8.8% |
| America First Federal Credit Union | Credit Union | 9.2% |
| Cache Valley Bank | Commercial Bank | 9.3% |
| U.S. Bank National Association | Commercial Bank | 9.5% |
| Banner Bank | Commercial Bank | 9.7% |
| University First Federal Credit Union | Credit Union | 9.8% |
| KeyBank National Association | Commercial Bank | 11.3% |
COMPARING HELOC RATES IN UTAH: BANKS VS. CREDIT UNIONS
HELOC rates in Utah vary between banks and credit unions. Commercial banks often have higher rates, with the best HELOC rate in Utah for commercial banks averaging 8.8%. In contrast, credit unions offer lower rates, averaging 8.2%, as they are not-for-profit institutions.
When choosing between the two, consider more than just rates. Banks may offer more convenience, while credit unions often provide better customer service and lower fees. Check membership requirements for credit unions and watch for hidden fees or rate adjustments with both lenders.
Ask the experts:
What are the common fees or costs associated with HELOCs that borrowers should be aware of, and how do these affect the overall cost of borrowing?
Credit & Mortgage Expert
Most banks and credit unions charge little to no fees when getting a HELOC. Typically, you will pay the cost of the appraisal — anywhere from $150 to $450 depending on the type of appraisal done. But closing costs are usually covered by the bank or credit union. This is why it’s best to shop around with at least three different lenders when applying for a HELOC to compare not only the rates but also any costs involved. Getting a rate that is 0.25% lower but having to pay a couple thousand dollars in costs may not make financial sense.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Utah HELOC payment calculator to estimate your monthly payments based on amount draws, loan terms and APR.
Our calculator also provides a full amortization schedule, showing how much goes toward interest and principal over time. Understanding these details can help you manage your HELOC more effectively and plan for future payments.
Utah HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
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How to Get the Best HELOC Rates in Utah
Finding the best HELOC rates in Utah can save you thousands throughout the duration of your loan. For example, a 1% lower rate on a $100,000 HELOC could save you $1,000 annually. To achieve these savings, consider these five strategies:
Maintain a strong credit score
Utah's average credit score is 731, which is good. Improving it can help you secure more competitive HELOC rates.
Compare offers from multiple lenders
Shopping around for lender offers can help you find competitive HELOC rates and use them to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios indicate financial stability. Paying off small debts can improve your chances for better rates.
Increase your home equity
More equity reduces lender risk, leading to lower rates. Consider paying down your mortgage or making home improvements.
Review closing costs and rate caps
Closing costs affect loan expenses. Understanding rate caps helps manage HELOC costs as rates adjust.
HELOC Loan Rates vs. Home Equity Loan Rates in Utah
HELOC interest rates in Utah average 8.4%, while home equity loan rates are 7.9%. The difference stems from HELOCs having variable rates, making them less predictable compared to the fixed rates of home equity loans.
- HELOCs are revolving credit lines with variable rates, which can increase in rising interest rate environments, potentially impacting homeowners' finances over time.
- In contrast, home equity loans offer a lump sum at a fixed rate, providing stability and predictability, ideal for situations requiring financial certainty.
Deciding between these options depends on whether you prioritize the flexibility of a HELOC or the stability of a home equity loan. Consider how changes in interest rates might affect your ability to manage payments and how each option aligns with your financial goals. Borrowing against your home's equity requires careful consideration of both current needs and future financial stability.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is an HELOC alternative that replaces your existing primary mortgage with a new, larger loan to access cash. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
For example, with a Federal Housing Administration (FHA) mortgage, if your home is valued at $300K and your mortgage balance is $150K, an FHA cash-out refinance of $200K provides $50K in cash, with payments based on $200K.
FAQ: Best HELOC Rates in Utah
What are the current HELOC rates in Utah and how do they compare to national rates?
Utah's HELOC rates average 8.4%, slightly above the national average of 8.2%.
What fees are commonly associated with HELOCs in Utah?
Common fees include application fees, appraisal fees, annual fees, and early closure fees, but specifics vary by lender.
How do HELOC rates in Utah compare to home equity loan rates?
Utah's HELOC rates average 8.4%, while home equity loan rates are lower at 7.9%, making them a potentially better option for those with bad credit.
How do HELOC Rates in Utah vary between banks and credit unions?
Banks in Utah offer HELOC rates averaging 8.8%, while credit unions offer lower rates at 8.2%.
What's the best HELOC rate in Salt Lake City? How does it compare to the current HELOC rate in Utah?
Salt Lake City's rates are consistent with the state average, both at 8.4%.
MoneyGeek examined 34 different banks and credit unions in Utah using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of January 10, 2025.
34Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.