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Compare Current Mortgage Rates in Utah

All major mortgage loan types are available in Utah. Rates vary by loan type, lender, and other factors.

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    If you’re like most homebuyers, you’ll take out a 30-year fixed-rate mortgage loan to finance your home purchase. The rate you pay on that loan has a significant effect on the size of your monthly mortgage payments.

    Utah mortgages averaged $360,000 as of October 2023, according to the Utah Housing Corp. If you were to borrow that much at 6.70%, your monthly principal and interest payment would be $2,323. With just a half-point increase to 7.20%, the payment jumps to $2,444.


    How are mortgage rates determined in Utah?

    Many lenders post mortgage rates on their websites, but not only do those rates vary considerably from one lender to the next, they also vary from one day to the next. In addition, the rates you see posted aren’t necessarily the rates you’ll be offered if you apply for a loan.

    That’s because lenders set their own rates, and they base them on many variables. Location is one — you might get different rates depending on the state you buy in or whether you are looking for a home in a rural area vs. an urban area.

    Lenders also weigh your qualifications, as well as economic and business considerations.

    Borrower qualifications

    When a lender evaluates your mortgage application, it’s looking for two things: whether you can afford the loan and how likely you are to default. A high degree of affordability and low risk of default correlate with lower interest rates. 

    Here are some of the things they look for:

    • Credit score: Lenders use your credit score to predict whether you’ll make your payments on time.
    • Debt-to-income ratio (DTI): Your DTI tells lenders how much of your income is available to pay your mortgage, property taxes, and homeowners insurance. A low DTI could earn you a lower rate.
    • Down payment: A larger down payment suggests you can afford to buy a home. In addition, investing your own money upfront reduces the risk that you’ll default. However, you can still get a good rate with a low down payment. With less than 20% down, you’ll have to pay mortgage insurance, which protects the lender if you default.
    • Loan features: The type of loan you take out, the amount you borrow, and the loan term determine your mortgage payment. They can also predict default risk. Shorter loan terms, for example, are less risky and come with a lower rate. Very large loans, on the other hand, are riskier and often have higher rates.

    The economy

    Supply and demand influence prices for all goods and services, including mortgage loans. Conditions like low unemployment, low home prices, and rising stock prices increase demand for mortgage loans and drive up rates. High home prices and a troubled economy tend to squelch demand and drive rates down.

    Federal interest rates also affect demand through changes to the federal funds rate. The Federal Reserve raises and lowers the rate to encourage or discourage spending and borrowing as economic conditions warrant. Mortgage lenders usually change their rates in the same direction.

    The prime rate also affects mortgage rates — adjustable rates in particular. Each bank sets its own prime rate based on the federal funds rate, but prime rates from the nation’s largest banks are averaged and posted. Lenders add a margin, or markup, to the prime rate to set mortgage rates. 

    Mortgage lenders’ marketing strategies

    Price-sensitive consumers gravitate toward inexpensive products and services, including mortgage loans. Mortgage lenders lower their rates to direct borrowers to certain loans or entice borrowers away from competitors. 

    Alternatively, lenders might increase rates to discourage borrowers from applying for certain loans. This might happen if demand for a particular loan is higher than the lender can handle, according to the Consumer Finance Protection Bureau. Raising the rate can cool demand.

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    Does Utah have a first-time homebuyer program?

    Utah has several first-time homebuyer programs as well as assistance and loan programs available to eligible buyers regardless of whether they’ve ever owned a home. The Utah Housing Corporation (UHC) administers the programs.

    • First-time homebuyer program assistance: This program provides up to $20,000 to first-time buyers purchasing new construction with a Utah Housing Mortgage obtained through a Utah Housing participating lender. You can use the funds for closing costs, a down payment, or an interest rate reduction.
    • Veterans grant: Qualified veterans who’ve separated from military service within the last five years could receive a $2,500 grant when they purchase their first home.
    • Law enforcement officer grant: This incentive provides grants to qualified law enforcement officers purchasing their first home. You also must qualify for a Utah Housing Mortgage loan from an approved lender to be eligible.
    • Mortgage loans: The UHC offers mortgage loans that buyers may combine with down payment assistance to buy a home with little or no out-of-pocket cost.


    National mortgage rates by loan term

    Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.

    ProductInterest rateAPR

    Last updated on Jun 17, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

    How do I get the best mortgage rate in Utah?

    Getting Utah’s best mortgage rate requires shopping around to compare rates. But the better qualified you are, the lower those quotes might be.

    These tips can help you qualify for the lowest rates:

    • Boost your credit score: You can qualify for a conventional loan with a 620 credit score but not at the best rate. You’ll likely get the best rates with a score of 760 or higher. However, adding just 20 points to that 620 can save you tens of thousands of dollars in interest over the life of your Utah mortgage loan. You can improve your credit by paying down your debts, making payments on time, and correcting any errors on your credit report.
    • Put more money down: If you can afford it, resist the urge to go with the lowest possible down payment. A 20% down payment could get you a better rate.
    • Get a 15- or 20-year loan: Shorter loan terms are less risky to lenders, so the rates are lower. 
    • Buy points: A point is prepaid interest totaling 1% of your loan amount. Paying the interest upfront increases your closing costs but reduces the interest rate on your loan.
    • Lock in a low rate: If rates are on the rise, locking in the rate your lender offers can save you money.

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    What type of mortgage can I get in Utah?

    Utah mortgage lenders offer all types of mortgage loans. Some programs might be a better choice if you have poor credit or a small down payment, while others might help if you’re trying to buy a more expensive home. 

    Here are the most common types:


    • Description: Meets standards set by Fannie Mae and Freddie Mac, available with fixed or adjustable rates.
    • Minimum credit score: 620.
    • Minimum down payment: 3%.
    • Terms available: 10 to 30 years.


    • Description: Government-insured loans for credit-worthy borrowers who don’t qualify for conventional loans, available with fixed or adjustable rates.
    • Minimum credit score: 500.
    • Minimum down payment: 3.5% for buyers with a credit score of 580 or higher, and 10% for buyers with a credit score of 500-579.
    • Terms available: 15 to 30 years.


    • Description: VA-guaranteed loan for veterans and active-duty military and their eligible family members, available with fixed or adjustable rates.
    • Minimum credit score: Varies by lender but typically 620.
    • Minimum down payment: A down payment is not required.
    • Terms available: 15 to 30 years.


    • Description: USDA-guaranteed loans for low- and moderate-income borrowers purchasing in rural-designated areas, fixed rates only.
    • Minimum credit score: No minimum, but it may be easier to qualify if your score is above 640.
    • Minimum down payment: A down payment is not required.
    • Terms available: 30 years.


    • Description: Large loan that exceeds the conforming limit for conventional loans, available with fixed or adjustable rates.
    • Minimum credit score: Varies by lender, but typically at least 700.
    • Minimum down payment: Varies by lender, but typically 20% or more.
    • Terms available: Up to 30 years.


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