Utah Mortgage Rates as of September 22, 2024
This past week, we have seen a slight decrease in rate with most of the mortgage types and a slight increase in rates for Conventional 15 Year Fixed Utah Mortgages. By far the most substantial change over the past week is with the fixed Utah FHA mortgage loans which saw a decrease of .54% in the 30 year fixed Utah FHA mortgage rate and a whopping 1.47% decrease in the 15 year fixed Utah FHA mortgage rate. After a bit of a rate hike over the past couple of weeks, it’s nice to see the rates fall a bit, even if it’s not by much. Even though rates have fallen over the past week, I would recommend that most potential Utah home buyers wait another week before checking the rates again. Utah mortgage rates have been steadily decreasing over the past three months but we have seen a spike over the past couple of weeks and we are currently at the peak of the spike. Therefore I recommend waiting to apply for a mortgage for potential Utah home buyers. On the other hand, if the home buyer qualifies for a Utah FHA mortgage loan, then I would recommend they consider applying for a mortgage due to the steep drop the mortgage type experienced. Keep reading if you want to know if you qualify for a Utah FHA mortgage loan, as well as information and directories for all other major mortgage types.
Current Utah Mortgage Rates for Conventional Loans Analysis
If you’re considering a Conventional Home Loan in Utah, it’s essential to understand how the current Utah mortgage rates and Utah interest rates can impact your decision. These loans typically appeal to buyers with a strong credit history and a stable income looking for stability and predictable payments. The current average interest rate for a 30 year fixed Utah conventional mortgage loan is 5.73%, which has dropped by 0.04% in the past week. The average interest rate for a 15 year fixed Utah conventional mortgage loan is 5.12%, which has risen by 0.03% in the past week. While there’s been a slight increase in Utah 15 Year interest rates, the average Utah mortgage rates for conventional loans can vary. With the recent fluctuations, particularly the drop in Utah 30 Year interest rates, now might be a good time to explore your options.
Current Utah Mortgage Rates for VA Loans Analysis
If you served in the military, then you should really consider applying for a VA loan. Utah VA loans come from a mortgage loan program offered by the Department of Veterans Affairs. These loans are exclusively for veterans, service members, and their families in purchasing, refinancing, building, repairing, or improving their home. Private lenders like banks and mortgage companies offer these loans, but those eligible are able to get better loan terms than with a conventional loan since the VA guarantees a portion of the loan. In order to qualify for a VA loan, you have to request a Certificate of Eligibility. This certificate contains information on your service history and duty status. You can find out if you meet the credentials for a Certificate of Eligibility here. The limits for VA home loans are the same as FHFA limits, which are Conforming Loan Limits. The 2024 limits sorted by county can be found on the FHFA website.
The current average interest rate for a 30 year fixed mortgage rate VA loan is 5.48%, which has dropped by 0.06% in the past week. The average interest rate for a 15 year fixed mortgage rate VA loan is 5.38%, which has dropped by 0.03% in the past week. For the most part, these rates are noticeably lower than the other rate options.
To learn more information about VA loans and if it’s the right loan for you, visit this post on our blog dedicated to VA loans.
Current Utah Mortgage Rates for FHA Loans Analysis
For those exploring FHA Loans in Utah, this option is ideal for first-time homebuyers, individuals with limited savings for a down payment, or those with less-than-perfect credit histories. These loans are particularly beneficial for buyers who may struggle to meet the stricter requirements of conventional financing. Recently, we’ve seen a significant drop in the FHA 30 Year Fixed Mortgage Rate, now at 6.27% after a decrease of 0.54%, and the FHA 15 Year Fixed Mortgage Rate has reached 6.18% with an impressive 1.47% decrease—the largest drop among loans. With these favorable rates, now is a great time to consider this route. To learn more about FHA loans and their benefits, check out this blog post all about FHA loans.
Current Utah Mortgage Rates for Jumbo Loans Analysis
If you plan on buying a home for over $766,550, then you need to apply for a jumbo loan. A Utah jumbo loan is a mortgage used to finance properties that financially exceed a conventional conforming loan. In most counties in Utah, the maximum amount for a conforming loan for a single unit house is $766,550. But if you intend to move to Summit or Wasatch county, then the limit is $1,149,825 while the limit in Wayne county is $997,050. You can see jumbo loan limits by Utah county here. Jumbo loan limits are determined by the Federal Housing Finance Agency every year, and also varies by house size (single unit, duplex, etc.) Homes that exceed the local conforming loan limit require a jumbo loan in Utah, and are usually used for high-value properties. Jumbo loans have stricter criteria for borrowers: a higher credit score, larger income/assets, and bigger down payments. Therefore, they can vary significantly based on the borrower’s creditworthiness, income, and overall financial profile.
In the current market, the average 30-year fixed jumbo mortgage APR stands at 6.13%, decreasing 0.09% from the previous week. The 15-year fixed jumbo mortgage rate is slightly higher at 6.37%, which has decreased by 0.6% in the past week.
Final Summary
Make sure to come back next week for updated information and analysis on current Utah mortgage rates. Make sure to regularly visit our blog, where you can find new information about all of the major mortgage types as well as refinancing. Visit our monthly reddit ama on r/Utah where you can ask a Utah mortgage expert any questions you may have about applying for a mortgage in the state. If there is any information you’d like to know that we don’t seem to have, feel free to message us through our contact page.
Sources
“See Today’s Mortgage Rates on Zillow.” Zillow, www.zillow.com/mortgage-rates/ut/. Accessed 22 Sept. 2024.
“VA-Backed Veterans Home Loans.” Department of Veterans Affairs, www.va.gov/housing-assistance/home-loans/#:~:text=VA%20direct%20and%20VA%2Dbacked,programs%E2%80%94and%20how%20to%20apply. Accessed 24 Sept. 2024.
VA Home Loans, Veterans Benefits Administration. Department of Veterans Affairs, www.benefits.va.gov/homeloans/#:~:text=VA%20helps%20Veterans%2C%20Servicemembers%2C%20and,you%20with%20more%20favorable%20terms. Accessed 24 Sept. 2024.
Dehan, Andrew. “What Is a Jumbo Loan?” Bankrate, 2 Apr. 2024, www.bankrate.com/mortgages/what-is-jumbo-mortgage/.
Banton, Caroline. “Underwriting: Definition and How the Various Types Work.” Investopedia, Investopedia, www.investopedia.com/terms/u/underwriting.asp. Accessed 20 Sept. 2024.
“Jumbo Loans: What You Need to Know.” NerdWallet, www.nerdwallet.com/article/mortgages/jumbo-loans-what-you-need-to-know. Accessed 20 Sept. 2024.
Segal, T. (n.d.). Federal Housing Administration (FHA) loan: Requirements, limits, how to qualify. Investopedia. https://www.investopedia.com/terms/f/fhaloan.asp Conventional loans. Consumer Financial Protection Bureau. (n.d.). https://www.consumerfinance.gov/owning-a-home/conventional-loans/
