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Utah Mortgage Rates

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Utah Mortgage Rates

Comparing Utah Mortgage Rates with National Rates

In order to help you see how Utah mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Utah

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Utah

In order to qualify for the best mortgage rates in Utah it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Utah

Utah is the thirty first most populous US state. According to the US census, as of 2017, there is an estimated population of over 3 million residents, which represents 0.9% of the US population.

According to Wikipedia, "Utah has a largely mixed economy covering industries like tourism, mining, agriculture, manufacturing, information technology, finance, and petroleum production. The majority of Utah's gross state product is produced along the Wasatch Front, containing the state capital Salt Lake City."

Based on 2015 HMDA data, Utah compared to National loan program distribution, had a lower percentage of conventional loans (64% vs 69% nationally) as well as VA loan (7.7% vs 9.7% nationally). FHA loans were a significantly higher percentage of the total loans, 25.9% vs 19.6% nationally.

Here are some outside resources that can help you understand the Utah mortgage environment:

  1. FHA loan amounts in Utah: (note:set the table to Utah). There are 29 counties in the state of Utah of which 3% of the single family units meet the Highest loan limit, currently at $636,150. A majority, 55% of the counties are at the Standard loan limit, currently at $275,665. The remaining 41% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Utah and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, 90% of the counties meet this limit. 3% of the counties have the Highest Loan limit of $636,150. The remaining 7% are between those two limits.
  3. Utah Mortgage Programs: The Utah Housing Corporation (UHC) aims to help provide affordable housing to low and moderate income households. They have four different loan and down payment assistance programs: FirstHome, Loan HomeAgain, Loan Score, Loan NoMI Loan. The first three programs are available through FHA/VA loans and the last program through a Fannie Mae Conventional Loan. There are property, income and credit requirements. Down payment assistance comes as a second loan. The UHC posts current rates for their Utah mortgage programs.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Utah

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Utah and the US:

  • Mortgage Rates for Conventional Loans in Utah
  • Mortgage Fees for Conventional Loans in Utah
  • Loan Amount for Conventional Loans in Utah

 

Mortgage Rates for Conventional Loans in Utah vs USA

 

Mortgage Fees for Conventional Loans  Utah vs USA

 

Purchase Price for Conventional Loans in Utah vs USA

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