Updated: November 12, 2024
Advertising & Editorial Disclosure
Today's 30-year mortgage rate in Utah is 6.77%, lower than the national average of 7.15%. Utah homebuyers can benefit from programs such as Down Payment Assistance and the First-Time Homebuyers Assistance Program (New Construction), which help reduce mortgage costs.
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).
This data was last updated in November 2024.
In November 2024, the average APR for a 30-year fixed-rate mortgage in Utah is 6.77%, up from 5.95% in October by 82 basis points. For a $250,000 loan with a 20% down payment, this increase means an additional cost of $42,442 over the life of the loan, excluding property taxes and HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current rates in Utah can help you budget for a new home, as rates vary each day.
Understanding today's mortgage interest rates in Utah is beneficial for two kinds of borrowers amid shifting conditions in the housing market:
First-time homebuyers
First-time homebuyers can find out what rates to expect and gauge if they're competitive.
Homeowners with mortgages
Existing homeowners might use current rates to consider a mortgage refinance if new rates are lower than their own.
In Utah, the current rate for a 30-year fixed mortgage to buy a home is 6.77%. However, the average APR for refinancing is 6.56%. This difference highlights the distinct rates for purchasing a home versus refinancing an existing mortgage.
A 30-year fixed-rate mortgage typically has higher interest rates than a 15-year fixed-rate one. Lenders face more risk with longer terms, including interest rate fluctuations and the potential for borrower default.
To find the best mortgage rate for your budget, explore different mortgage types in Utah and use a mortgage calculator to see how varying rates affect your monthly payments.
| 5.62% | 5.81% |
An interest rate is the percentage you pay each year to borrow money for your mortgage. As of November 2024, the average interest rate for a 30-year fixed-rate mortgage in Utah is 6.69%.
An APR (annual percentage rate) represents your loan's yearly cost, including the interest rate and other charges. Utah's average APR for a 30-year fixed-rate mortgage is 6.77%, giving you a broader picture of the loan's yearly expenses.
In Utah, if you have a 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 7.29%. However, if your score is below 680, the APR increases to 7.46%.
Your credit score directly impacts the rates you could qualify for. Check the table below to get a clearer idea of what rate you might receive based on your credit score and down payment.
| 10-year Fixed | 6.53% |
| 15-year Fixed | 6.48% |
| 20-year Fixed | 6.77% |
| 30-year Fixed | 7.29% |
| 5-year ARM | 8.37% |
| 7-year ARM | 7.63% |
As of November 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Utah at 6.4%. Knowing your options can significantly affect your monthly payments and overall interest paid. Explore the full range of mortgage types in Utah:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Utah |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured by any government agency and adhere to conforming loan standards. | Credit score and down payment size directly influence the rates. | 6.77% |
FHA loans | FHA loans are insured by the Federal Housing Administration and designed for lower credit scores. | Backed by the government, FHA loans may offer lower rates for those with less credit history. | currently unavailable |
VA loans | VA loans are guaranteed by the Veterans Affairs for eligible service members with no down payment required. | Rates are typically lower due to the government backing. | 6.4% |
USDA loans | USDA loans are backed by the U.S. Department of Agriculture for eligible areas and borrowers, catering to homebuyers in rural areas. | Rates can be lower owing to government support, targeting rural development. | currently unavailable |
Jumbo loans | Jumbo loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac and are for high-priced properties. | Rates may be higher due to larger loan amounts. | 6.74% |
Mortgage rates come in two types: fixed and adjustable.
As of November 2024, the average APR for a 30-year fixed-rate loan in Utah is 6.77%. For a seven-year ARM, it's 7.12%.
New American, Better and LoanDepot are solid mortgage options in Utah. These lenders meet important criteria like state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Explore other lenders to ensure you find the best fit for your needs.
Since mortgage rates vary depending on the lender and loan type, compare rates from multiple lenders to secure the most favorable terms.
New American offers various mortgage options, including conventional loans with a 3% down payment, FHA loans for lower credit scores with at least 3.5% down and USDA loans with a credit score requirement of 580. Jumbo loans are also available for higher loan amounts, requiring a credit score of 680.
Customer service is available via phone or email on weekdays from 8 a.m. to 9 p.m. CT and Saturdays from 10 a.m. to 2 p.m. CT. New American’s BBB rating of A reflects its commitment to customer satisfaction.
Pros
Cons
Better offers online services with various options, including fixed-rate and adjustable-rate mortgages. Conventional loans require a 620 credit score, while FHA loans are available with a 580 score. Down payments start at 3% for conventional loans, and if your credit score is below 580, a 10% down payment is required. A 3.5% down payment for FHA loans is needed if your credit score is 580 or higher.
Phone and email support is available Monday to Friday, 8 a.m. to 9 p.m. ET, and weekends from 9 a.m. to 9 p.m. ET. The Better Real Estate discount is also offered to help reduce homebuying costs.
Pros
Cons
LoanDepot provides various mortgage options with digital convenience and in-person support. It offers fixed-rate and adjustable-rate loans to suit different borrower needs. FHA loans are available with a minimum credit score of 580, while conventional loans require at least a 5% down payment. FHA loans can require as little as 3.5% down. If your credit score is below 580, expect to pay a 10% down payment.
Customer service is available Monday to Friday from 10 a.m. to 9 p.m. ET via phone or email. LoanDepot also offers Loss Mitigation Assistance to help homeowners struggling with their mortgage payments.
Pros
Cons
Owning a home involves hidden costs that can affect your budget. You can get support from the Utah Housing Corporation through its mortgage programs.
Program | Description |
|---|---|
Provides funds for down payments and closing costs. 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. | |
Offers 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) | 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. |
Covers mortgage costs up to $25,000 for law enforcement and correctional officers. It's 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. |
We 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.
Current average APRs in Utah, as of November 2024, are as follows: 7.12% for a seven-year adjustable-rate mortgage (ARM), 6.77% for a 30-year fixed-rate mortgage, 6.74% for a jumbo 30-year fixed-rate mortgage and 7.26% for a seven-year ARM jumbo.
As of November 2024, Utah's average APRs are 7.45% for a five-year ARM and 6.77% for a 30-year fixed mortgage, both lower than the national averages of 7.97% and 7.15%, respectively.
Your credit score significantly affects the rates you can secure. A higher credit score generally results in lower mortgage rates.
Mortgage programs in Utah include Down Payment Assistance, Home Loans, and First-Time Homebuyers Assistance Program for new construction.
To get the best mortgage rates, consider making a larger down payment, maintaining a good credit score and comparing offers from different lenders.
As of November 2024, today's average refinance rates in Utah are 6.06% for a 15-year fixed and 6.56% for a 30-year fixed mortgage.
To calculate your mortgage payments, use a mortgage calculator for Utah that considers the loan amount, term, interest rate and other relevant factors.
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.
