Compare today’s mortgage rates in Utah
If you are looking to buy or refinance a home in Salt Lake City, West Valley City, Provo, West Jordan, Orem, or any nearby area, checking today’s mortgage rates is the best place to begin. Utah homebuyers can explore multiple financing programs that make it easier to find a plan with the right monthly payment and loan term for their goals.
Get a quoteAll rates, APRs, and payment examples listed below are current as of today but can change anytime. They are based on a FICO® Score of 780 or above, and the down payment amount noted for each loan type. Each scenario assumes the property is a single-family home used as a primary residence, and that one mortgage discount point may be purchased to reduce the interest rate. For personalized options, talk with a local mortgage specialist.
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Purchase rates
Conventional Fixed Rate Loans
A conventional fixed rate loan offers dependable monthly payments that never change for the entire term, whether it’s 15, 20, or 30 years. Buyers usually provide a down payment of 3 to 20 percent, depending on their financial situation. If equity is less than 20 percent, private mortgage insurance may apply. Your credit score, home appraisal, and savings for closing costs all play a part in approval.
Conforming Adjustable Rate Mortgage (ARM) Loans
An adjustable rate mortgage, often called an ARM, begins with a lower interest rate compared to fixed loans. This means initial payments are smaller, but the rate can change later depending on the market. ARMs are a practical choice for buyers who plan to move or refinance in a few years.
Federal Housing Administration (FHA) Loans
FHA loans, insured by the Federal Housing Administration, are designed to help buyers with modest credit or smaller savings. The minimum down payment is 3.5 percent, and borrowers pay both upfront and annual mortgage insurance. These loans are popular among first-time homebuyers throughout Utah.
Veteran Affairs (VA) Loans
VA loans, guaranteed by the U.S. Department of Veterans Affairs, make homeownership easier for veterans, active service members, and surviving spouses. These loans require no down payment and no mortgage insurance, offering competitive rates and flexible qualifications compared to conventional loans.
Jumbo Loans
Jumbo loans are designed for properties that exceed conventional lending limits. They are often used for higher-value homes in Utah’s growing metro areas. Borrowers typically need strong credit, larger down payments, and stable income to qualify. Rates can be slightly higher than conforming loans due to the size of the mortgage.
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Refinance rates
Conventional Fixed rate loans
Refinancing with a conventional fixed rate loan offers long-term payment consistency and predictable interest rates. Homeowners generally need at least 20 percent equity to avoid private mortgage insurance. Key factors like credit score, home value, and available funds influence the approval process.
Conforming Adjustable Rate Mortgage (ARM) Loans
An ARM refinance starts with a lower interest rate during the initial years and may change later. This option is well-suited for homeowners who plan to sell soon or expect to pay off their loan before the adjustment period. ARMs can help reduce monthly costs in the short term.
Federal Housing Administration (FHA) Loans
An FHA refinance is a good solution for homeowners with limited equity or lower credit scores. These government-backed loans provide flexible terms but include mortgage insurance throughout the life of the loan.
Veteran Affairs (VA) Loans
VA refinance programs allow qualified veterans and active-duty members to lower their payments, consolidate debt, or change loan terms. These programs require no down payment and no mortgage insurance, making them an affordable option for eligible borrowers.
Jumbo Loans
A jumbo refinance is used by homeowners with large mortgage balances that exceed conforming limits. It can help adjust the loan term, lower payments, or access home equity. These loans require solid credit, reliable income, and often higher down payments.
Frequently asked questions about mortgage rates
1. How do adjustable rate mortgages work?
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2. What makes FHA loans attractive to new buyers?
3. Who can qualify for VA loans in Utah?
4. When is a jumbo loan the right choice?
5. Can I refinance my FHA or VA loan into a conventional mortgage?
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