Today's 30-year mortgage rate in Utah is 6.37%, lower than the national average of 6.83%. Utah homebuyers can access programs such as Down Payment Assistance and Grants for Law Enforcement, which help reduce mortgage costs.
Mortgage
Today's Mortgage Rates in Utah (December 2024)
Updated: December 13, 2024
Advertising & Editorial Disclosure
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 December 2024.
Current Mortgage Rates in Utah
In December 2024, the average APR for a 30-year fixed-rate mortgage in Utah is 6.37%, down from 6.77% the previous month. For a $250,000 loan with a 20% down payment, this rate drop means around $10,420 less in total interest over the life of the loan, excluding property taxes and HOA fees.
Mortgage rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in 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.
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:
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 is 6.37%, while the average APR for refinancing is 6.69%. This difference reflects the varying rates for home purchases and refinancing.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in Utah by Loan Type
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.
Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
| 6.00% | 6.17% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate is the percentage you pay each year to borrow money for your mortgage. As of December 2024, the average interest rate for a 30-year fixed-rate mortgage in Utah is 6.29%.
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 6.37%, giving you a broader picture of the loan's yearly expenses.
Current Mortgage Rates in Utah by Credit Score
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 7.15%. 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.
Data filtered by:Results filtered by:
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Credit Score Range:740 or higher
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Down Payment:5% to 20%
| 10-year Fixed | 6.53% |
| 15-year Fixed | 6.31% |
| 20-year Fixed | 6.77% |
| 30-year Fixed | 7.15% |
| 5-year ARM | 8.03% |
| 7-year ARM | 7.63% |
Mortgage Types in Utah
As of December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in Utah at 6.30%. Knowing your options can significantly affect your monthly payments and overall interest . Explore the mortgage types in Utah:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Utah |
|---|---|---|---|
Conventional loans | Conventional loans aren't insured or guaranteed by the government. | Credit score and down payment size directly influence rates. | 6.37% |
FHA loans | FHA loans are backed by the Federal Housing Administration and allow lower credit scores. | Backed by the government, FHA loans may offer lower rates for those with less credit history. | 7.91% |
VA loans | VA loans are for veterans and are guaranteed by the Department of Veterans Affairs. | Rates are typically lower due to the government backing, reducing lender risk. | 6.30% |
USDA loans | USDA loans target rural home buyers and backed by the U.S. Department of Agriculture. | Rates can be lower for eligible rural and suburban homebuyers, with 100% financing options. | currently unavailable |
Jumbo loans | Jumbo loans exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Rates may be higher due to the larger loan amounts and increased lender risk. | 6.63% |
MORTGAGE RATE STRUCTURES IN UTAH
Mortgage rates come in two types: fixed and adjustable.
- Fixed-rate mortgages lock in your interest, so your monthly payments won't change, giving you stability.
- Adjustable-rate mortgages (ARM) begin with a lower rate that can adjust over time, potentially reducing your initial payments.
As of December 2024, the average APRs in Utah are 6.37% for a 30-year fixed mortgage and 7.41% for a seven-year ARM.
Mortgage Lenders in Utah
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
- 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 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
- 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
- Limited branch availability in 11 states
- 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 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
- No commission fees for loan officers
- Provides commitment letter quickly
- Supports customers on Sundays
Cons
- No VA or USDA loans
- Entirely online with no physical branches
- B+ rating from BBB
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
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
- Loan mitigation support during hardship
- Interactive mortgage calculator available
- Online prequalification process
Cons
- No unique mortgage products
- Customer support unavailable on weekends
Mortgage Programs in Utah
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. |
FAQ: Mortgage Rates in Utah
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.
What are the current mortgage rates in Utah?
Current average APRs in Utah for December 2024 vary by loan type: 6.37% for a 30-year fixed conforming loan, 7.91% for a 30-year fixed FHA loan and 6.63% for a 30-year fixed jumbo loan.
How do mortgage rates in Utah compare to national rates?
As of December 2024, the current average APR for a five-year adjustable-rate mortgage in Utah is 7.24%, lower than 7.79% nationally. For a 30-year fixed-rate mortgage, the state average is 6.37%, below the national average of 6.83%.
How does my credit score impact the mortgage rates I get in Utah?
Your credit score significantly affects the rates you can secure. A higher credit score generally results in lower mortgage rates.
Are there any special mortgage programs in Utah to help homebuyers?
Mortgage programs in Utah include Down Payment Assistance, Home Loans, and First-Time Homebuyers Assistance Program for new construction.
How can I get the best possible mortgage rate in Utah?
To secure the best mortgage rate in Utah, consider increasing your down payment, maintaining a high credit score and comparing offers from multiple lenders.
What are today's mortgage refinance rates in Utah?
Today's average refinance rates in Utah are 6.29% for a 15-year fixed and 6.69% for a 30-year fixed-rate loan.
How do I calculate my mortgage payments?
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.
sources
- Utah Housing Corporation. "Down Payment Assistance." Accessed December 13, 2024.
- Utah Housing Corporation. "First-time Homebuyers Assistance Program (New Construction)." Accessed December 13, 2024.
- Utah Housing Corporation. "Grants for Law Enforcement." Accessed December 13, 2024.
- Utah Housing Corporation. "Home Loans." Accessed December 13, 2024.