Mortgage rates in Utah are based upon several risk factors such as foreclosures and defaults in the area. Depending on which county you are purchasing or refinancing in, mortgage rates will differ somewhat based on what has taken place in the specific area. If an area experiences a high number of foreclosures, it is deemed risky by banks and interest rates are higher. When high credit scores are coupled with a large down payment or considerable equity (5% or greater), the risk of default on the mortgage is considered low. Utah has a very low default rate which means that rates in Utah are lower than most other states in the US. When buying or refinancing a home in Utah, know that if your credit score is high and you have at least 5% equity or downpayment, you can qualify for the lowest rate available. Remember: Low risk = low mortgage rates in Utah!