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Utah Mortgage and Refinance Rates

Written by

Jeff Ostrowski

Edited by

Laurie Richards

Edited by

Laurie Richards

On Monday, January 20, 2025, the national average 30-year fixed mortgage APR is 7.16%. The national average 30-year ... fixed refinance APR is 7.17%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Utah

As of Monday, January 20, 2025, current interest rates in Utah are 0.00% for a 30-year fixed mortgage and 0.00% for a 15-year fixed mortgage.

Refinance rates in Utah

With refinance rates much higher than those seen during the pandemic, it doesn't make sense for many homeowners to refinance right now. However, many Utah homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: How and why to do a cash-out refinance

Utah rate trends

Utah mortgage rates have seesawed since the start of 2024, with rates topping over 7 percent in May 2024 and then dropping to just above 6 percent last September. Since then, rates have climbed nearly a percentage point higher. Although mortgage rates are difficult to predict, many experts think that rates will stay in the 6 to 7 percent range for most of 2025, following a brief rise above 7 percent.

Today’s rate environment, coupled with high home prices, still makes housing affordability a challenge for Utah homebuyers, and refinances less desirable for homeowners. The median sales price in the state was $504,167 as of November 2024, according to Zillow data. This figure is nearly $100K over the November national median home price of $406,100, per the National Association of Realtors.

Learn more: Latest mortgage forecast

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	7.11%	7.16%
15-Year Fixed Rate	6.39%	6.47%
5-1 ARM	6.56%	7.11%
30-Year Fixed Rate FHA	7.07%	7.12%
30-Year Fixed Rate VA	6.88%	6.92%
30-Year Fixed Rate Jumbo	7.14%	7.19%

Rates as of Monday, January 20, 2025 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	7.12%	7.17%
15-Year Fixed Rate	6.43%	6.50%
5-1 ARM	6.43%	6.94%
30-Year Fixed Rate FHA	7.06%	7.10%
30-Year Fixed Rate VA	6.77%	6.81%
30-Year Fixed Rate Jumbo	7.13%	7.18%

Rates as of Monday, January 20, 2025 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

Mortgage statistics in Utah

Utah is known for its stunning geography and recreational opportunities. It has a population estimate of 3.5 million people as of July 2024, with a median household income of $91,750, according to the U.S. Census Bureau. Here are some more stats about mortgages and real estate in Utah:

Median sales price (as of Nov. 2024): $504,167
Homeownership rate (Q3 2024): 65.8%
Median days to pending (Dec. 2024): 34
Number of homes sold (Oct. 2024): 4,180 (up 11.3% from year prior)
Median down payment (Oct. 2024): $72,829

Sources: Zillow, U.S. Census Bureau, ATTOM

Mortgage options in Utah

These are some of the most common types of home loans for homebuyers in Utah:

Utah conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI), as well.
Utah FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for an FHA loan with a credit score as low as 580.
Utah VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent.
Utah USDA loans: If you’re buying a rural property in Utah, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). USDA loans don’t require a down payment. But you’ll need to purchase in a designated rural area and meet the area’s income limits.

Learn more: Types of home loans

First-time homebuyer programs in Utah

Utah Housing Corporation, the state’s housing finance authority, offers several programs to assist low- and moderate-income first-time homebuyers, including:

FirstHome: The FirstHome mortgage is for first-time buyers who have a credit score of 660 or better and don’t exceed the income and purchase price limits for their area.
HomeAgain: For first-time homebuyers who don’t want to be restricted by purchase price guidelines, the HomeAgain mortgage might be an option. In order to be eligible, buyers must have a credit score of 660 or higher. While the program doesn’t have purchase price limits, it does impose an annual income limit to qualify.
Score: If you have a history of credit challenges, you might qualify for the Score program, which provides financing to those with a credit score as low as 620. Like the other mortgage programs from Utah Housing Corporation, there are purchase and income limits you must meet to qualify.

Learn more: Utah first-time homebuyer assistance programs

How to find the best mortgage rate in Utah

As you’re shopping for a mortgage, you can read Bankrate’s reviews of mortgage lenders. Here are ways to lock in the best deal:

Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
Step 3: Know your mortgage options - There are a few different types of mortgages.
Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies to get the best deal, and be sure to read reviews from different lenders.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Additional Utah mortgage resources

Utah loan limits by county: Learn the conforming loan limit for your city or town.
Utah mortgage lenders: Explore mortgage lenders in your state.
How to buy a house in Utah: Get set up for a successful house hunt with this guide.
Utah housing market: Learn more about the cost of homes for sale, inventory and other housing metrics in Utah.
Salt Lake City housing market: Find out more about real estate and home prices in the Salt Lake City area.
Best homeowners insurance companies in Utah: Check out recommended carriers offering homeowners insurance policies in Utah.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.