Updated: January 9, 2025
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The current mortgage refinance rates in Utah show that the average for a 15-year fixed mortgage refinance is 6.29%, while the 30-year fixed stands at 6.69%. The national averages are 6.12% and 7.08%, respectively.
Our detailed sections provide knowledge about refinancing mortgages in Utah, from understanding today's rates and trends to learning the refinancing process and timing, helping you confidently navigate the refinancing landscape.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Utah is 6.69%. According to Experian, the average mortgage debt in Utah is $294,227 as of September 2023. Consider refinancing your mortgage to manage debt by potentially reducing monthly payments and the total interest paid over the life of the loan.
If your current mortgage rate is higher, refinancing could also be beneficial. Below are the current refinance rates in Utah to help you explore your options.
| 15-Year Fixed | 6.18% | 6.29% |
| 30-Year Fixed | 6.62% | 6.69% |
In recent months, both 15-year and 30-year refinance rates have increased in Utah. This trend suggests that now may not be a favorable environment for refinancing for Utah homeowners considering long-term loan options or looking for potential savings.
Interest rates can rise due to decisions by the US Federal Reserve, economic shifts and inflation. These factors also shape refinance rate trends in Utah, affecting homeowners and buyers.
Refinancing your mortgage in Utah can lead to lower payments or interest rates, but knowing the proper steps is crucial. This guide breaks down the process into simple, manageable steps, ensuring you make informed choices tailored to your needs.
Credit scores impact the rates you qualify for; higher scores often lead to better rates. If your score is low, consider paying down debt. Utah's average is 731, so improve if you're below this.
Evaluate your current mortgage terms against current market rates. Utah's 15-year rate is 6.29% and 30-year is 6.69%. If these are lower than your current rate, refinancing might be beneficial. Consider your home tenure plans, too.
Collect documents like pay stubs, tax returns and your original mortgage. This ensures a smooth refinancing process by providing lenders with the necessary information upfront.
Compare lenders for competitive rates, favorable terms and excellent customer service to help you find the best refinancing deal tailored to your financial needs.
Be aware of closing costs, which average $5,563 in Utah, according to the National Association of Realtors. Knowing these costs helps you budget effectively for refinancing.
Submit your application with the chosen lender. Ensure all information is accurate to avoid delays. Using online portals can streamline the process and make it more efficient.
Secure your rate with a mortgage rate lock to protect against market fluctuations. Timing is key, so act quickly once you're satisfied with the rate.
Finalize the refinancing by signing the necessary documents. Reviewing all terms carefully can prevent future misunderstandings and ensure you're fully informed.
Begin payments according to your new loan terms. Setting up automatic payments can help you stay on track and avoid late fees.
Periodically assess your mortgage terms and market conditions. Staying informed can help you decide if future refinancing could benefit your financial situation.
How soon you can refinance a mortgage in Utah depends on your loan type. For conventional loans, you can refinance almost immediately, though a cash-out refinance typically requires a six-month seasoning period. USDA loans generally have a 12-month waiting period to ensure compliance with USDA guidelines.
The average refinance rate in Utah for September was 5.98%, dropping from the previous months and illustrating a favorable moment to refinance. However, refinancing comes with additional closing costs, which can take years to recuperate. While you could refinance a mortgage within a year, it's usually not worth it unless there's a drastic reduction in interest rates.
Refinancing your mortgage in Utah can reduce monthly payments by lowering interest rates. However, closing costs might offset these savings. Knowing when to refinance a mortgage in Utah ensures you truly gain financially. Let's delve into situations where refinancing could be a wise choice.
Refinancing when interest rates drop can lower monthly payments and mortgage costs. To find the best rates, consult with local credit unions or banks, as they may offer competitive options.
High home value can boost home equity, making refinancing attractive. Renovations like kitchen upgrades can increase value. With Utah's average home value at $521,221, leveraging this equity can lead to better loan terms.
A better credit score can qualify you for lower interest rates when refinancing. Paying off debts and maintaining low credit card balances can improve your score, potentially reducing mortgage payments.
Refinancing to a shorter loan term can save on interest and pay off your mortgage faster. Benefits include reduced total interest paid and quicker equity buildup, making it a smart financial move for long-term savings.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can stabilize payments. This change protects against rate hikes, providing predictable monthly expenses and long-term financial security.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score can impact the rates you qualify for in Utah. For example, the current average refinance rate in Utah for a 30-year fixed with a loan-to-value ratio of 80% or lower is 6.95% for scores between 680 and 740, compared to 6.69% for scores above 740. See the table below for more details.
| 5.97% | 6.36% |
Your chosen loan type can affect the rates you qualify for in Utah. For example, Utah's current average refinance rates are 6.69% for a 30-year fixed loan and 8.41% for a 30-year FHA. The table below shows average APRs for various loan types in Utah.
| 6.10% | 6.36% |
In this section, we address homeowners' most common questions about refinance rates in Utah, providing clear and factual insights to guide understanding.
Refinancing your mortgage can be smart if it reduces your interest rate or monthly payment or if you need to access home equity. Before deciding, consider your long-term financial goals and any costs associated with refinancing.
To get the best mortgage refinance rate, shop around or compare different lenders' offers. You can also improve your credit score and consider paying down your mortgage to make your application more attractive.
The pros of refinancing include potential savings on interest, lower monthly payments and access to home equity. The cons include closing costs and extending the loan term, which might increase the total interest paid over time.
Refinancing a mortgage typically costs between 2% and 5% of the loan amount. These can include application fees, appraisal fees and closing costs, so you must factor them into your decision.
In Utah, the current average refinance rate for a 15-year fixed loan is 6.29% and 6.69% for a 30-year fixed loan. Rates in Salt Lake City are likely to mirror state averages, but the rates you qualify for may vary based on factors like your credit score and loan-to-value ratio.
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.
