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Utah Mortgage and Refinance Rates

On Friday, September 22, 2023, the national average 30-year fixed mortgage APR is 7.76%. The national average 30-year fixed refinance APR is 7.88%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Friday, September 22, 2023, the national average 30-year fixed mortgage APR is 7.76%. The national average 30-year fixed refinance APR is 7.88%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Current mortgage rates in Utah

As of Friday, September 22, 2023, current interest rates in Utah are 7.72% for a 30-year fixed mortgage and 6.79% 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 remain well above their historical lows for the foreseeable future.


Refinance rates in Utah

Utah borrowers who saw their home equity rise during the pandemic might be interested in refinancing their mortgage as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.

How to find the best mortgage rate in Utah for you

When shopping for a mortgage, compare at least three loan offers — research shows this exercise can save you thousands of dollars over the life of a loan.

Bankrate can help you find the best mortgage deal. Here are some basic steps to securing a loan on favorable terms:


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 standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through

Step 2: Determine your budget

To find the right mortgage, you’ll need a good handle on how much house you can afford. That’s because a lender could qualify you for more mortgage than you need, or one that would max out your budget and leave no room for unexpected expenses.

Step 3: Know your mortgage options

There are a few different types of mortgages. Many lenders offer conventional loans that require as little as 3 percent down. FHA loans also have a low down payment threshold, while VA loans (for veterans) and USDA loans (for borrowers in rural areas) have no down payment requirement. If you’re in the market for a jumbo loan, check Utah’s county-by-county loan limits.

Step 4: Compare rates and terms from several lenders

Don’t settle on the first lender you talk to — rate-shop with at least three different banks or mortgage companies. You can look to your bank or other banks, credit unions, online lenders and local independents to ensure you’re getting the best deal on rates, fees and terms.

Step 5: Get preapproved for a mortgage

As you comparison-shop, keep in mind that getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Mortgage options in Utah

If you’re looking to get a mortgage in Utah, there are several options:

  • 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. If you make 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 backed 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 starts at 2.15 percent for homebuyers.

First-time homebuyer programs in Utah

Utah Housing Corporation offers several programs designed to assigned to assist low- and moderate-income first-time homebuyers, including:

  • FirstHome: The FirstHome mortgage was created for first-time buyers who have a credit score of 660 or better. There are income and purchase price limits associated with this program based on family size and location.
  • 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. Similar to the FirstHome loan, income limits vary based on family size.
  • Score: If you have a history of credit challenges, there’s a first-time homebuyer loan program specifically for you in Utah. The Score mortgage program provides financing for those who have a less than stellar financial background but now have a credit score of 620 or more. Like other mortgage programs from Utah Housing Corporation, there are purchase and income limits that must be met in order to qualify, and those limits vary by family size and location.
  • NoMI: For homebuyers who have a credit score of 700 or better, the NoMI loan is yet another option. The key point to remember about this program is that it typically provides the lowest monthly mortgage payment. That’s because it offers loans that do not require mortgage insurance, which is an added monthly cost. Also noteworthy, this program does not have purchase price limits for participants, but it does include annual income limits.