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Utah Mortgage and Refinance Rates

On Tuesday, June 18, 2024, the national average 30-year fixed mortgage APR is 7.06%. The national average 30-year fixed ... refinance APR is 7.00%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Utah

As of Tuesday, June 18, 2024, current interest rates in Utah are 7.25% for a 30-year fixed mortgage and 6.88% for a 15-year fixed mortgage. While mortgage rates have leveled off some since jumping in 2022, today’s higher rate environment still makes housing affordability a challenge for Utah homebuyers, and refinances less desirable for homeowners. While mortgage rates are difficult to predict, many housing economists expect them to drift downward throughout 2024.


Refinance rates in Utah


While mortgage refinance rates have more than doubled since the pandemic, 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

Mortgage rates in Utah have trended upward since 2022, with rates hitting a peak near 8 percent in Oct. 2023. Since then, rates have dropped below 7 percent, and are expected to slowly drop throughout 2024.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.02% 7.06%
15-Year Fixed Rate 6.43% 6.50%
5-1 ARM 6.69% 7.86%
30-Year Fixed Rate FHA 6.86% 6.90%
30-Year Fixed Rate VA 7.02% 7.06%
30-Year Fixed Rate Jumbo 7.17% 7.22%

Rates as of Tuesday, June 18, 2024 at 6:30 AM



Mortgage statistics in Utah

Utah is known for its stunning geography and recreational opportunities. It has a population of 3.8 million people, with a median household income of $86,833, according to the U.S. Census Bureau. Here are some more stats about mortgages and real estate in Utah:

  • Average home value (as of Feb. 2024): $500,981 
  • Homeownership rate: 70.7% 
  • Average mortgage loan size in 2022: $452,130

Sources: Zillow, U.S. Census Bureau, Home Mortgage Disclosure Act

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 no more than 45 percent. With a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, 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 this type of 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). These 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 in order 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 that must be met in order to qualify.

Learn more: Utah first-time homebuyer assistance programs

How to find the best mortgage rate in Utah

  • 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.
  • 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

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Recent Customer Reviews

Rating: 4.94 stars out of 5



Additional Utah mortgage resources

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.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

ousing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita