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.
WEEKLY TRENDS AND INSIGHTS
On the week of October 4, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
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.
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:
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.
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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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.
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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.
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Oct 06, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Oct 06, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
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:
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:
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