Current Utah Mortgage and Refinance Rates
Mortgage interest rates currently average 6.06% for 30-year fixed loans and 5.22% for 15-year fixed loans.
Refinance rates in Utah
30-year FIXED
Current refinance rates are averaging:
6.48%
15-year FIXED
Current refinance rates are averaging:
6.06%
There are many home refinance options, and each comes with slightly different features and rates.
- Rate-and-term refinances can help you reduce your monthly mortgage payment by altering your interest rate or loan term. Refinance rates are often higher than purchase mortgage rates.
- Cash-out refinances are a way to refinance and, at the same time, convert some of your home equity into cash. They do, however, come with higher interest rates than regular refinances.
- Conventional refinances aren’t a part of a government loan program. You can expect them to come with higher rates than government-backed refinances.
- FHA refinances, which are insured by the Federal Housing Administration (FHA), are a common option for those who can’t qualify for a conventional loan. In Utah’s current rates environment, FHA loan rates are likely to be around a full percentage point lower.
- VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and are offered as part of the benefits package for qualified military service members. VA loan rates typically outcompete both conventional and FHA loan rates.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
The current mortgage rates forecast is for national rates to stay around 6.0% in early 2026 after three rate cuts by the Federal Reserve in 2025.
But the affordability of housing is an ongoing challenge for Utahns and won’t be solved by lower rates alone. Read on to learn what actions you can take to get the best mortgage interest rate in Utah.
How do I get the best mortgage rate for my Utah home loan?
Let’s look at which aspects of your mortgage rates you can influence and what actions you can take today to get the lowest mortgage rates in Utah. There are many factors determining mortgage rates that are out of your control, but here are a few things you can control right now:
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Boost your credit
If you can lift your credit score, you’ll unlock lower rates. -
Lower your debt-to-income (DTI) ratio
Lenders use a metric called a DTI ratio to evaluate your debt load. Most lenders set a maximum DTI — but the lower you can push it, the better your interest rate offers are likely to be. -
Buy a single-family, site-built home
Lower interest rates go to borrowers who want to buy single-family homes. If you’re buying a manufactured home, a property with more than one unit, a vacation home or an investment property, you should expect to pay higher rates. -
Pay mortgage points
Mortgage points allow you to “buy down” your interest rate, which means you can save money on interest every month you’re paying off your loan. One mortgage point will typically reduce your rate by 0.25 percentage point per mortgage point, and costs 1% of your loan amount. -
Compare offers from multiple lenders
Applying for three to five loans on the same day will allow you to directly compare the interest rates you’re offered. Choose the best rate and you could save tens of thousands of dollars, according to LendingTree data.
Read more about our picks for the best mortgage lenders.
If you’ve applied for a mortgage, you should have received a loan estimate with the exact loan terms the lender is willing to offer you. Once you’re confident that these are good terms for you, it’s time to request that the lender give you a mortgage rate lock. A rate that’s locked can’t go up for a specified amount of time. This gives you a window that lets you make it to closing without having to worry about losing your rate.
Utah first-time homebuyer programs
There are many good options for first-time homebuyers looking to purchase in Utah. Here are a few programs you may want to look into as you get you started on your homeownership journey.
Who qualifies as a first-time homebuyer
- People who have never owned a home
- People who haven’t owned real estate in the last three years
Utah Housing Corporation First-time Homebuyers Assistance Program
Designed for first-time homebuyers purchasing new construction homes, this program offers up to $20,000. The funds can be used toward a down payment, closing costs or mortgage points. The best part is that these funds don’t have to be repaid as long as you stay in the home until you pay off the loan in full — but if you sell, refinance or transfer ownership before the end of the term, you will have to repay the money.
Who qualifies
Borrowers must:
- Purchase a home for no more than $450,000
- Purchase using a Utah Housing Mortgage
- Use an approved lender
- Meet income limits
- Have been a resident of Utah for at least one year before closing
Utah Housing FirstHome loan program
First-time homebuyers anywhere in Utah can apply for the FirstHome loan program, which offers down payment assistance of up to 6% of the mortgage amount. The funds can also be used toward closing costs, and will come in the form of a 30-year, fixed rate second mortgage.
Who qualifies
Borrowers must:
- Be able to qualify for an FHA loan
- Meet income limits, which vary by county and family size
- Have a minimum 660 FICO Score
- Purchase a home within the program’s price limits, which range from $349,500 to $400,300, depending on location
Chenoa Fund down payment assistance program
The Chenoa Fund provides down payment assistance to Utahns who want or need a “zero-down” home loan option. In fact, the program encompasses two different options — one you have to repay and one that’s forgivable — that both typically allow borrowers to cover the entire down payment amount of an FHA loan.
Who qualifies
Borrowers must:
- Use the assistance in conjunction with an FHA loan
- Have a minimum credit score of 600
- Purchase a 1-2 unit property
- Remain within certain income limits (these apply to forgivable down payment assistance only; borrowers whose income exceeds the limits can still get repayable down payment assistance)
Learn about different types of UT mortgage loans
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Utah conventional loans
If you choose a conventional loan, you’re in good company: They’re a common choice and are considered the industry standard. They can be a great option for borrowers who meet the minimum requirements set by Fannie Mae and Freddie Mac. -
Utah FHA loans
Borrowers who can’t qualify for conventional loans may want to explore FHA loans, since FHA loan requirements are a little more accessible. You can qualify with a credit score as low as 500 if you make a 10% down payment. If your down payment fund isn’t very large, you can put down as little as 3.5% as long as you have a 580 credit score. -
Utah VA loans
VA loan requirements are very forgiving, and VA loans offer very attractive loan terms. For instance, most borrowers can purchase a home with no money down and no mortgage insurance. -
Utah streamline refinances
are an umbrella term that refers to FHA streamline refinance loans and VA interest rate reduction refinance loans(IRRRLs). They’re “streamline” because the process you’ll go through is quicker and requires less documentation than most other refinances. Just make sure you’re okay with sticking with your loan type — a streamline refinance can only refinance an FHA loan into an FHA loan, or a VA loan into a VA loan.