Utah Mortgage and Refinance Rates
Current mortgage rates in Utah
As of Thursday, May 15, 2025, current interest rates in Utah are 6.96% for a 30-year fixed mortgage and 6.00% for a 15-year fixed mortgage.
Mortgage rates in Utah — and nationally — have more than doubled from the pandemic lows of several years ago. Although mortgage rates are difficult to predict, many experts think that rates will stay in the 6-percent range for most of 2025 and into 2026.
Refinance rates in Utah
If you bought your home within the last few years, at a time when rates were closer to 8 percent, it may make sense to refinance now. Refinance rates in Utah, like elsewhere in the country, have fallen below 7 percent recently due to concerns about a potential recession and rising inflation. However, if you refinanced or took out your mortgage when rates were below 4 percent, refinancing again is unlikely to save you money anytime soon.
On the other hand, if you have a large expense coming up, tapping your equity with a cash-out refinance could be more affordable than other borrowing options. According to real estate data provider ATTOM, more than 40 percent of homes in Utah are “equity rich,” meaning that a home’s mortgage balance is 50 percent or less than its value.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.89% | 6.95% |
| 15-Year Fixed Rate | 6.06% | 6.15% |
| 30-Year Fixed Rate FHA | 7.06% | 7.10% |
| 30-Year Fixed Rate VA | 7.14% | 7.19% |
| 30-Year Fixed Rate Jumbo | 6.87% | 6.92% |
Rates as of Thursday, May 15, 2025 at 6:30 AM
Utah housing market statistics and trends
- Median home sales price, Jan. 2025: $508,749
- Median home value, Jan. 2025: $530,000
- Median down payment, Jan. 2025: $198,950
- Median days on the market, Feb. 2025: 64
- Percentage of homes sold above list price, Feb. 2025: 21.6%
- Percentage of homes with price drops, Feb. 2025: 26.6%
- Homeownership rate, 2024: 68.3%
Sources: ATTOM, Redfin, Federal Reserve Bank of St. Louis
Mortgage options in Utah
These are some of the most common types of 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 credit score of at least 580, you may be eligible for an FHA loan with a down payment as low as 3.5 percent.
- Utah VA loans: If you’re a veteran or an active-duty member of the military, you may qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan won’t typically require a down payment, and you won’t have to pay for mortgage insurance, but you will need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent of the loan amount.
- 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.
First-time homebuyer programs in Utah
Utah Housing Corporation, the state’s housing finance authority, offers several programs for 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.
- HomeAgain: If you’re a repeat buyer, you may qualify for HomeAgain. There’s no purchase price limit, but you must meet the annual income limit and have a credit score of 660 or higher.
How to find the best mortgage rate in Utah
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Step 1: Strengthen your credit score
Long before you start looking for a mortgage lender or apply for a loan, give your finances a check-up. This will give you time to pay down debt and improve your credit score, if needed.
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Step 2: Determine your budget
To find the right mortgage, you’ll need a good handle on how much house you can afford.
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Step 3: Know your mortgage options
Your budget and financial situation will help you determine what type of loan you need.
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Step 4: Compare rates and terms from several lenders
Reading reviews and ratings of Utah mortgage lenders can help you narrow down your options. Then compare rates and terms from at least three lenders to find the best deal possible.
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Step 5: Get preapproved for a mortgage
Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation. It also shows sellers you’re a serious buyer.
Additional Utah mortgage resources
- Utah loan limits by county: Learn the conforming loan limit for your city or town.
- How to buy a house in Utah: Get ready 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.
Edited by: Alice Holbrook, Editor, Home Lending
I have been a writer and editor in the personal finance space for more than a decade, with more than three of those focused on homebuying and homeownership. I’ve had work appear in outlets including Newsweek, The Washington Post, The Associated Press, USA Today and MarketWatch.