utah housing interest rates

This DPA is in the form of a 30 year fixed rate second loan. The DPA can be used for down payment and/or closing costs for the FHA first mortgage. You must be a. Utah Mortgage Rates. Get a personalized rate quote and search for the perfect home. Welcome to the neighborhood! Whether you're Utah-born-and-raised or you. Compare Utah's mortgage rates and refinance rates from today across home loan lenders and choose one that best fits your needs.

Utah housing interest rates -

About these rates: the lenders whose rates appear in this table are The Mortgage Reports advertising partners. This information may be different from what you see when you visit a lender's site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner's assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

CityAverage Home PriceFHA Monthly Payment1Conv. Monthly Payment2
Salt Lake City 358000 ... ...
St. George 325020 ... ...
Park City 871000 ... ...

Buying a Home in Utah

House hunting can look completely different from one corner of Utah to another. Maybe you’re looking for a cozy ski cabin — or maybe a sprawling ranch.

You can find these, and most anything in between, in the Beehive State.

But when it comes to the actual home buying process, you’ll encounter some laws that apply no matter where you buy.

Seller disclosures in Utah

In Utah, most property sellers will fill out a disclosure form provided by their real estate agent. This will then be provided to you, the potential buyer.

Utah law explicitly requires only one disclosure: A seller must tell any prospective buyer if there has been “use, storage, or manufacture of methamphetamines” within the property (Utah Code. Annot. § 57-27-201).

In spite of such minimal requirements, sellers in Utah are generally prepared to provide a lot more information to buyers. But it’s up to buyers to make sure they see a disclosure form. If you haven’t seen a disclosure form for the property, insist on seeing one before negotiating further.

Inspections are essential

Of course, no seller can be expected to disclose problems they don’t know about. So don’t rely wholly on the disclosure form.

Most buyers in Utah will want to order an independent home inspection as well, even when provided with a seemingly comprehensive and candid disclosure form.

An inspection may reveal problems that convince you to buy a different home. Or, if you still want to move forward, issues listed on the home inspection report could be grounds to negotiate the purchase price or get the seller to make repairs before you move in.

Verify your home buying eligibility in Utah (Nov 25th, 2021)

Refinancing in Utah

The Utah Department of Financial Institutions has some useful tips for mortgage borrowers, many of which apply to existing homeowners who want to refinance. In particular, it urges Utah borrowers to:

  1. Shop around for the best refinance rates — You could save thousands
  2. Steer clear of dubious lenders — Do an online search, including the Better Business Bureau’s website
  3. Beware of “no-cost” offers — This typically means you’ll pay closing costs over the life of your mortgage (with interest) or pay a higher interest rate in exchange for an upfront fee reduction
  4. Refinance only when you’ll get a real benefit— Good reasons to refinance can include getting a lower interest rate and monthly mortgage payment; replacing an adjustable-rate mortgage with a fixed-rate loan; eliminating an FHA loan’s mortgage insurance premiums; or getting cash out for home improvements
  5. Read all your documentation carefully — Some lenders use “gotcha” clauses
  6. Make sure you get a written “Loan Estimate” (your lender should send you one by law) and that your closing documents match up with its promises. Your lender needs a genuinely good reason to change the loan terms or fees your original estimate

Of course, the vast majority of lenders are reputable and honest. But it’s important you protect yourself from occasional rogues.

And even the best lenders aren’t always the most competitive. Occasionally, they may increase their rates because they need to reduce their workflow or they’re waiting on new money. In those circumstances, a lender may actually need to deter borrowers by being expensive.

Verify your refinance eligibility (Nov 25th, 2021)

First-time home buyers in Utah

First-time home buyers in Utah may be able to get assistance from the Utah Housing Corporation.

The UHC offers four separate down payment assistance programs, helping to cover your out-of-pocket loan costs up to 4-6% of the mortgage loan amount (depending on which loan program you qualify for).

  • FirstHome Loan & Home Again Loan — Covers down payment and closing costs up to 6% of the loan amount. Requires a 660 credit score and FHA loan or VA mortgage
  • Score Loan — Covers down payment and closing costs up to 4% of the loan amount. Requires a 620 credit score and FHA loan or VA mortgage
  • NoMI Loan — Covers down payment and closing costs up to 5% of the loan amount. Requires a 700 credit score and a conventional mortgage

You can find out more about Utah’s statewide down payment assistance programs here, or use Google to research other, local DPA programs in your area.

If you don’t qualify for first time home buyer assistance in Utah, you might still find a great deal on your mortgage with one of these low- or no-down payment loans. >>

Mortgage calculator: Utah

Calculate your mortgage payment for a home in Utah. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.

How to find the best mortgage rates in Utah

To get the best mortgage rates in Utah — as in any state — you’ll need to compare rate quotes from a few different lenders. We recommend checking rates from at least 3-4 companies to find your best deal.

Check out these comparison reviews to see how the biggest nationwide lenders stack up:

Or, take a look at the biggest lenders in the state. These are America First Federal Credit Union, Mountain American Federal Credit Union, Academy Mortgage Corporation, Veritas Funding, and Security National Mortgage Co., according to Value Penguin.

How your mortgage interest rate is determined

Whether you’re shopping for a ski lodge in Ogden, a condo in St. George, or a cabin near one of Utah’s five national parks, comparing mortgage lenders can help home shoppers find lower rates.

But home loan shoppers should also understand how their own financials affect their rate.

National average interest rates — which drive rate quotes and news analyses — are just that: national averages. They encompass a broad range of borrowers, some of whom get higher-rate loans.

To get a shot at the best Utah mortgage rates, you may need a better credit score or a bigger down payment.

Even spending a couple months working on your credit could save you money by getting a lower fixed-rate mortgage. Here are a few strategies that can help your credit report and score:

  • Make on-time payments — Your FICO credit score relies heavily on your payment history. Making on-time payments and avoiding missed payments will help your score
  • Leave paid-off accounts open — FICO also emphasizes your credit utilization ratio. You could lower your ratio by paying down credit card balances and keeping old accounts open even after you’ve paid them off
  • Avoid unnecessary borrowing — Excessive credit inquiries (which happen when you apply for a credit card or a loan) can knock a few points off your FICO score

You could also get a quick boost by checking your credit report and disputing any errors that appear.

Interest rates vary by loan type, too

Many borrowers assume a conventional loan will be their path to homeownership. But other loan types could help you find a lower rate, especially if you have credit or down payment challenges.

  • FHA Loans — Federal government insurance helps lenders extend competitive mortgage rates even to borrowers with FICO scores of 580. A few FHA-authorized lenders may even write mortgages for borrowers with scores as low as 500
  • USDA Loans — USDA loans help lower-income borrowers by eliminating the down payment requirement for a home loan. You have to meet income requirements and live an area USDA considers “rural in character” (this includes many suburbs)
  • VA Loans — Veterans, active-duty service members, and eligible spouses can borrow with no down payment and no ongoing mortgage insurance requirements. VA loans typically offer the lowest rates, too

If you’re buying a high-value home, you may need a jumbo loan which doesn’t conform to Fannie Mae and Freddie Mac’s loan limits.

The type of loan you choose, as well as your finances and the overall interest market, will impact your final mortgage rate.

So make sure you do your homework to find the best loan type, lender, and rate for your situation.

Verify your new rate (Nov 25th, 2021)

Buying a home doesn't need to be stressful—or expensive.

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Источник: https://themortgagereports.com/mortgage-rates/utah

Historical Mortgage Rates: Averages and Trends from the 1970s to 2020

Since 1971, historical mortgage rates for 30-year fixed loans have hit historic highs and lows due to various factors. Using data from Freddie Mac’s Primary Mortgage Market Survey (PMMS), we’ll do a deep dive into what’s driven historical mortgage rate movements over time, and how they affect buying or refinancing a home.

Historical mortgage rates: 1971 to 2020

In 1971, the same year when Freddie Mac started surveying lenders, 30-year fixed-rate mortgages hovered between 7.29% to 7.73%. The annual average rate of inflation began rising in 1974 and continued through 1981 to a rate of 9.5%. As a result, lenders increased rates to keep up with unchecked inflation, leading to mortgage rate volatility for borrowers.

The Federal Reserve combated inflation by increasing the federal funds rate, an overnight benchmark rate that banks charge each other. Continued hikes in the fed funds rate pushed 30-year fixed mortgage rates to an all-time high of 18.63% in 1981. Eventually, the Fed’s strategy paid off, and inflation fell back to normal historical levels by October 1982. Home mortgage rates remained in the single-digits for much of the next two decades.

The mortgage rates trend continued to decline until rates dropped to 3.31% in November 2012 — the lowest level in the history of mortgage rates. To put it into perspective, the monthly payment for a $100,000 loan at the historical peak rate of 18.63% in 1981 was $1,558.58, compared to $438.51 at the historical low rate of 3.31% in 2012.

This year, interest rates are expected to stay around 3.8%, according to Freddie Mac. This is good news for consumers as home prices continue to rise.

20193.63%5.34%4.25%
20183.95%4.94%4.54%
20173.78%4.30%3.99%
20163.41%4.32%3.65%
20153.59%4.09%3.85%
20143.80%4.53%4.17%
20133.34%4.58%3.98%
20123.31%4.08%3.66%
20113.91%5.05%4.45%
20104.17%5.21%4.69%
20094.71%5.59%5.04%
20085.10%6.63%6.03%

Show All Rows

Comparing 30-year fixed rates vs. 15-year fixed rates

Looking at interest rates over time, 30-year fixed mortgage rates have always trended slightly higher than 15-year interest rates. That’s because the lender takes on extra risk that you might default over a longer period of time. Comparing a 30-year mortgage rates chart and a 15-year mortgage rates chart, you’ll see that rates remain near historic lows.

Homebuyers often choose a 30-year fixed mortgage for the stability of a fixed, low monthly payment. The higher rate and longer loan term result in higher lifetime interest charges.

Fifteen-year fixed mortgage rates, however, are typically lower. That means you pay less interest over the life of the loan. The shorter repayment schedule increases your principal and interest payments, though.

Lenders offer more than just 30- and 15-year terms. You may find 10- to 40- year terms at some lenders.

Below is an example of the cost difference between a 15- and 30-year fixed mortgage at current mortgage rates.

15 Years$250,000˟3.04%˟˟$1,731.27$61,628.17$0$97,552.65
30 Years$250,000˟3.6%˟˟$1,136.61$159,180.82$594.66$0

Fixed-rate loans vs. adjustable-rate mortgages

Average rates for five-year adjustable-rate-mortgages (ARMs) have historically offered lower initial rates than 30-year fixed-rate mortgages. If you compare mortgage rates since 2005, 5-year ARM rates have trended lower than 30-year fixed rates. Interest rates for ARMs are 0.37 percentage points lower than fixed-rate mortgages through 2019.

With lower initial interest-rate periods available from three to 10 years, ARMs could offer short-term savings for homebuyers. If fixed rates are lower, though, it makes sense to consider refinancing your ARM to a fixed loan before the ARM resets.

The savings offered with an ARM are temporary. Once the initial low-rate period expires, the rate will adjust based on the index and margin you agreed to, and can’t rise above a certain level, called a cap.

The index is the moving part of your ARM and is tied to a benchmark rate. The margin is the fixed part and is added to the index to determine your rate after the initial-rate period passes.

For example, a 5/1 ARM loan with 2/2/6 caps means:

  • The first adjustment can’t exceed 2% above the initial rate.
  • The second adjustment can’t exceed 2% per year for subsequent adjustments.
  • The maximum rate increase is 6% above the start rate for the life of the loan.

How historical mortgage rates affect homebuying

When mortgage rates are lower, buying a home is more affordable. A lower payment may also help you qualify for a more expensive home. The Consumer Financial Protection Bureau (CFPB) recommends keeping your total debt, including your mortgage, to 43% of what you earn before taxes (known as your debt-to-income ratio, or DTI).

When rates are higher, an ARM may give you temporary payment relief if you plan to sell or refinance before the loan resets. Ask your lender about convertible-ARM options that allow you to convert your loan to a fixed-rate mortgage without having to refinance before the fixed-rate period expires.

How historical mortgage rates affect refinancing

When mortgage interest rates slide, refinancing becomes more attractive to homeowners. A refinance replaces your current loan with a new loan, typically at a lower rate. The extra monthly savings could give you wiggle room in your budget to pay down other debt or boost your savings.

If the equity in your home has grown, you can tap it with a cash-out refinance and make home improvements. With this type of refinance, you’ll take on a loan for more than you owe. You can use the extra as cash to make home improvements or pay off other debt. Lower rates may help minimize the larger monthly payment.

When rates go up, there’s less financial benefit to refinancing. Another caveat to refinancing, in general, is ensuring that you stay in your home long enough to recoup closing costs. To do this, divide the total loan costs by your monthly savings. The result tells you how many months it takes to recoup refinance costs, called the breakeven. The quicker you reach your breakeven, typically, the more cost-effective the refinance becomes.

Источник: https://www.valuepenguin.com/mortgages/historical-mortgage-rates

The Best Mortgage Company in Utah

The Right Mortgage Company

 

Welcome to Community Lending Group, the best mortgage company in Utah.

We take pride in being a locally owned mortgage company in Salt Lake City. With our extensive knowledge of the local market and the expertise of our mortgage professionals, we can assist you in buying a new home or refinancing your current one. We will take the time to find the best loan program and to make sure it fits the needs of any new homebuyer. This will allow you to focus on the excitement surrounding your new home.

 

Mortgage Loans and Programs

 

Community Lending Group provides a wide range of mortgage loans and options for first-time homebuyers. As a premier mortgage company, we cater to borrowers all over Utah. We have loans and options for veterans, investors, and sellers. We have the right loan for you, whether you are looking for a conventional mortgage loan or a specialty type of loan.  Our programs include, but are not limited to, the following:

 

  • Conventional
  • Home Path
  • Federal Housing Authority Loans
  • USDA (US Department of Agriculture Lands)
  • Veteran Affairs Loans
  • Reverse Mortgages
  • Good Neighbor Next Door
  • Construction Loans

 

Home Buying and Refinancing Made Easy

 

In addition to providing a variety of loans and programs, we strive to make the entire process quick and easy. We offer an easy online loan application to make it convenient for potential homebuyers to apply for and get the right mortgage program.

Look no further than Community Lending Group for the mortgage program that suits your needs. We offer only the best mortgage rates in Salt Lake City that will fit right into your budget. Use our mortgage calculator to research what your house payment will be.

 

Why Choose Community Lending Group

 

Our company was founded in 2004 on the principles of trust, honesty, and integrity. We have helped many homeowners purchase and refinance their homes since our beginning.  We make it a priority to fit our customers with the best mortgage rates and loans and educate them on the benefits of each type. Our team of friendly, local, and respected mortgage professionals is committed to helping you every step of the way.

Find the right mortgage in Salt Lake City today. Give us a call today with any questions or needs, and we will be happy to help.

Источник: https://www.communitylendinggroup.com/

Current Mortgage Interest Rates

Mortgage and Refinance Rates in Utah

Use our comparison table to compare refinance and mortgage rates in Utah

Today's Rates In Utah

Searching for the best mortgage rates in Utah can be a challenge. There are literally hundreds of lenders, a crazy quilt of loan options, and all kinds of odd-sounding terms like APR, HELOCs, LIBOR, ARMs, PMI and more.   Fortunately, Mortgageloan.com has some great resources to help you learn just about everything you need to know about mortgages and buying a home.

Browse or search through our collection of consumer-focused articles to get the information you need to become a savvy borrower, use our wide variety of mortgage calculators to figure out the costs for various types of mortgage loans and situations, and use our rate request form, at the top of the page, to request personalized rate quotes from multiple lenders that are based on your credit and financial profile, be it for  a home purchase, refinance or home equity loan.

Utah mortgage rates

Current mortgage rates for Utah are listed at the top of the page. But the rate you get may vary, based on your credit score, financial profile and the type of loan you're seeking.

Fortunately, shopping for a mortgage in Utah doesn't have to be that difficult. Though it's a big state, you don't have to look far to find lenders who do business where you live. Many Utah mortgage lenders do business online, so you can compare rates and loan offers from the comfort of your own home – they don't even have to have a branch office in your town.

The best mortgage rates you can get in Utah will depend on a number of factors, including your credit score, type of loan, down payment and other personal factors.  There's also the lender you choose.  Home loan rates in Utah vary from lender to lender, and each one prices their loans differently, depending on their business model.  So you need to shop around – the Utah lender who may have the best mortgage rates for you may not have the best deal for your neighbor or in-laws – so you have to shop around.

The rate quote form at the top of this page makes it easy to shop around. Just indicate what sort of loan you're seeking and some other basic information, and you can get personalized offers from multiple lenders tailored specifically to you!

What affects your mortgage rate?

Your search for the best Utah mortgage rate will be more efficient if you know what factors are going to influence your rate. First off, the factors that you can control include:

  • Your qualifications. Lenders use your income and credit history to determine how risky you are as a borrower. More risk means a higher interest rate.
  • The loan type. Loans with delayed repayment (such as interest-only mortgages) have higher interest rates.
  • The loan amount. High-dollar loans are more expensive that low-dollar loans. Loans in an amount greater than 80 percent of a home's value are also more expensive.
  • There's also one big factor that you can't control-the economy. Home mortgage rate changes related to the economy are often cyclical and gradual.

Home mortgage loans

Conventional loans, the name often given to mortgages backed by Fannie Mae and Freddie Mac, are the most common type of residential mortgage in this country. They offer low rates and fees for borrowers with good credit and are available as a range of options – 30-year fixed rate, 15-year fixed rate, adjustable-rates, etc.  Down payments can be as little as three percent for well-qualified borrowers, though you can get a better rate by putting down more.

Utah FHA loans

If you're a first-time homebuyer, you might consider an FHA loan. Down payments can be as low as 3.5 percent, making them attractive to borrowers with limited financial resources, and Utah FHA rates are very competitive –  for borrowers with less-than-perfect credit, they're often better than you can get with other loan types.  FHA loans also have less stringent credit requirements than conventional loans, making them easier to qualify for.

Mortgage refinance in Utah

Refinancing a mortgage is very similar to taking out a loan to buy a home – they are the same product. You're simply taking out a new mortgage and using it to pay off your old one.  The main difference is that your home equity plays the same role in a refinance that a down payment does in a home purchase – representing your financial stake in the property, so the lender isn't assuming all the risk.

Utah refinance rates are pretty much identical to the rates on home purchase mortgages for a borrower with the same financial and credit profile.  Borrowers who refinance have typically accumulated additional equity since they bought the home and may have improved credit scores as well, so they can often get a better rate when they refinance, relative to the market.

One way to get a better rate when refinancing is by choosing a loan with a shorter term. Many borrowers choose to refinance into a 15-year loan after several years of paying down a 30-year one. Utah mortgage rates on 15-year loans can be significantly lower than those on comparable 30-year ones, meaning you can sometimes shave several years off your mortgage with little or no change in your monthly payments. And paying your mortgage off several years faster means you can save thousands of dollars in interest payments.

Subprime

Subprime mortgages are loans that are offered to borrowers with low credit scores. Each lender has its own guidelines for deciding whether a borrower is subprime. As a general guideline, if your credit score is in the low-600s or below, you might be subprime or very close to it. In that case, finding a good mortgage lender might be a little more challenging. You'll want to talk to lots of prospects, and avoid any lender that makes you feel uncomfortable about your situation. Use every available resource at your disposal, including mortgage calculators, to compare your mortgage quotes. Ultimately, you're the one who has to decide what you can and can't afford.

Comparing

As the song goes, "Utah! This is the Place!" With its rugged outdoors and great housing, Utah is the place to call home, as well as the place to find a great deal on your mortgage. You'll be able to find that mortgage with a little help from the Utah broker directory and Mortgageloan.com's calculators. These mathematical assistants can help you decide how much to borrow, what type of loan you need, whether you should consolidate debt into your mortgage, and much more.

Once you begin submitting loan applications and receiving written mortgage quotes, you can return to the calculators to compare your options. Note that a pre-qualification letter from a lender is just an estimate, while an approved loan application usually generates a written quote and temporarily locked-in rate.

Источник: https://www.mortgageloan.com/

Current Mortgage Interest Rates

About these rates: the lenders whose rates appear in this table are The Mortgage Reports advertising partners. This information may be different from what you see when you visit a lender's site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner's assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.

CityAverage Home PriceFHA Monthly Payment1Conv. Monthly Payment2
Salt Lake City 358000 . .
St. George 325020 . septa key card expiration date utah housing interest rates .
Park City 871000 . .

Buying a Home in Utah

House hunting can look completely different from one corner of Utah to another. Maybe you’re looking for a cozy ski cabin — or maybe a sprawling ranch.

You can find these, and most anything in between, in the Beehive State.

But when it comes to the actual home buying process, you’ll encounter some laws that apply no matter where you buy.

Seller disclosures in Utah

In Utah, most property sellers will fill out a disclosure form provided by their real estate agent. This will then be provided to you, the potential buyer.

Utah law explicitly requires only one disclosure: A seller must tell any prospective buyer if there has been “use, storage, or manufacture of methamphetamines” within the property (Utah Code. Annot. § 57-27-201).

In spite of such minimal requirements, sellers in Utah are generally prepared to provide a lot more information to buyers. But it’s up to buyers to make sure they see a disclosure form. If you haven’t seen a disclosure form for the property, insist on seeing one before negotiating further.

Inspections are essential

Of course, no seller can be expected to disclose problems they don’t know about. So don’t rely wholly on the disclosure form.

Most buyers in Utah will want to order an independent home inspection as well, even when provided with a seemingly comprehensive and candid disclosure form.

An inspection may reveal problems that convince you to buy a different home. Or, if you still want to move forward, issues listed on the home inspection report could be grounds to negotiate the purchase price or get the seller to make repairs before you move in.

Verify your home buying eligibility in Utah (Nov 25th, 2021)

Refinancing in Utah

The Utah Department of Financial Institutions has some useful tips for mortgage borrowers, many of which apply to existing homeowners who want to refinance. In particular, it urges Utah borrowers to:

  1. Shop around for the best refinance rates — You could save thousands
  2. Steer clear of dubious lenders — Do an online search, including the Better Business Bureau’s website
  3. Beware of “no-cost” offers — This typically means you’ll pay closing costs over the life of your mortgage (with interest) or pay a higher interest rate in exchange for an upfront utah housing interest rates reduction
  4. Refinance only when you’ll get a real benefit— Good reasons to refinance can include getting a lower interest rate and monthly mortgage payment; replacing an adjustable-rate mortgage with a fixed-rate loan; eliminating an FHA loan’s mortgage insurance premiums; or getting cash out for home improvements
  5. Read all your documentation carefully — Some lenders use “gotcha” clauses
  6. Make sure you get a written “Loan Estimate” (your lender should send you one by law) and that your closing documents match up with its promises. Your lender needs a genuinely good reason to change the loan terms or fees your original estimate

Of course, the vast majority of lenders are reputable and honest. But it’s important you protect yourself from occasional rogues.

And even the best lenders aren’t always the most competitive. Occasionally, they may increase their rates because they need to reduce their workflow or they’re waiting on new money. In those circumstances, a lender may actually need to deter borrowers by being expensive.

Verify your refinance eligibility (Nov 25th, 2021)

First-time home buyers in Utah

First-time home buyers in Utah may be able to get assistance from the Utah Housing Corporation.

The UHC offers four separate down payment assistance programs, helping to cover your out-of-pocket loan costs up to 4-6% of online checking account no credit check mortgage loan amount (depending on which loan program you qualify for).

  • FirstHome Loan & Home Again Loan — Covers down payment and closing costs up to 6% of the loan amount. Requires a 660 credit score and FHA loan or VA mortgage
  • Score Loan — Covers down payment and closing costs up to 4% of the loan amount. Requires a 620 credit score and FHA loan or VA mortgage
  • NoMI Loan — Covers down payment and closing costs up to 5% of the loan amount. Requires a 700 credit score and a conventional mortgage

You can find out more about Utah’s statewide down payment assistance programs here, or use Google to research other, local DPA programs in your area.

If you don’t qualify for first time home buyer assistance in Utah, you might still find a great deal on your mortgage with one of these low- or no-down payment loans. >>

Mortgage calculator: Utah

Calculate your mortgage payment for a home in Utah. Start by finding your current mortgage rate using the filters above. Then enter your rate, home price, down payment, and loan term into the mortgage calculator below to estimate your monthly payment.

How to find the best mortgage rates in Utah

To get the best mortgage rates in Utah — as in any state — you’ll need to compare rate quotes from a few different lenders. We recommend checking rates from at least 3-4 companies to find your best deal.

Check out these comparison reviews to see how the biggest nationwide lenders stack up:

Or, take a look at the biggest lenders in the state. These are America First Federal Credit Union, Mountain American Federal Credit Union, Academy Mortgage Corporation, Veritas Funding, and Security National Mortgage Co., according to Value Penguin.

How your mortgage interest rate is determined

Whether you’re shopping for a ski lodge in Ogden, a condo in St. George, or a cabin near one of Utah’s five national parks, comparing mortgage lenders can help home shoppers find lower rates.

But home loan shoppers should also understand how their own financials affect their rate.

National average interest rates — which drive rate quotes and news analyses — are just that: national averages. They encompass a broad range of borrowers, some of whom get higher-rate loans.

To get a shot at the python tdb Utah mortgage rates, you may need a better credit score or a bigger down payment.

Even spending a couple months working on your credit could save you money by getting a lower fixed-rate mortgage. Here are a few strategies that can help your credit report and score:

  • Make on-time payments — Your FICO credit score relies heavily on your payment history. Making on-time payments and avoiding missed payments will help your score
  • Leave paid-off accounts open — FICO also emphasizes your credit utilization ratio. You could lower your ratio by paying down credit card balances and keeping old accounts king realty company even after you’ve paid them off
  • Avoid unnecessary borrowing — Excessive credit inquiries (which happen when you apply for a credit card or a loan) can knock a few points off your FICO score

You could also get a quick boost by checking your credit report and disputing any errors that appear.

Interest rates vary by loan type, too

Many borrowers assume a conventional loan will be their path to homeownership. But other loan types could help you find a lower rate, especially if you have credit or down payment challenges.

  • FHA Loans — Federal government insurance helps lenders extend competitive mortgage rates even to borrowers with FICO scores of 580. A few FHA-authorized lenders may even write mortgages for borrowers with scores as low as 500
  • USDA Loans — USDA loans help lower-income borrowers by eliminating the down payment requirement for a home loan. You have to meet income requirements and live an area USDA considers “rural in character” (this includes many suburbs)
  • VA Loans — Veterans, active-duty service members, and eligible spouses can borrow with no down payment and no ongoing mortgage insurance requirements. VA loans typically offer the lowest rates, too

If you’re buying a high-value home, you may need a jumbo loan which doesn’t conform to Fannie Mae and Freddie Mac’s loan limits.

The type of loan you choose, utah housing interest rates well as your finances and the overall interest market, will impact your final mortgage rate.

So make sure you do your homework to find the best loan type, lender, and rate for your situation.

Verify your new rate (Nov 25th, 2021)

Buying a home doesn't need to be stressful—or expensive.

Let us make your dream home a reality!

All StatesFloridaCaliforniaGeorgiaPennsylvaniaNew York

Tools

Mortgage Calculator

FHA Loan Calculator

VA Loan Calculator

USDA Loan Calculator

Источник: https://themortgagereports.com/mortgage-rates/utah
November 2021

Mortgage Interest Rates 2020-2021 Monthly Trends

The average mortgage interest rates increased for two of the three main loan types — 30-year fixed increased (2.98% to 3.10%), as did 15-year fixed (2.27% to 2.39%) and 5/1 ARM decreased slightly (2.53% to 2.49%).

Weekly Rate Recap

Mortgage Rates Today

The number of mortgage applications decreased 2.8% as reported by Mortgage Bankers Association. “Refinance applications decreased for the seventh time in eight weeks, as mortgage rates moved higher after two weeks of declines. Activity has been particularly sensitive to rate movements, and last week’s decline was driven by a drop in conventional and FHA refinance applications, which offset an increase in VA refinance applications. All mortgage rates in MBA’s survey increased, with the 30-year fixed rate climbing to 3.2 percent.” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Purchase applications increased for both conventional and government loan segments, as housing demand continues to show resiliency at a time – late fall – when home buying activity typically slows. The second straight increase in purchase applications suggests that stronger sales activity may continue in the weeks to come. Despite elevated demand, purchase applications were 5.7 percent lower than a year ago.”

The interest rates reported below are from a weekly survey of 100+ lenders by Freddie Mac PMMS. These average rates are intended to give you a snapshot of overall market trends and may not reflect specific rates available for you.

Shop and compare your personalized rates from multiple lenders. (Nov 25th, 2021)
Weekly Rate Trends30-Year Fixed15-Year Fixed5/1 ARM
11/18/213.10% ↑2.39% ↑2.49%
11/11/212.98%2.27%2.53%
11/4/213.09%2.35%2.54%
10/28/213.14%2.37%2.56%
10/21/213.09%2.33%2.54%
10/14/213.05%2.30%2.55%
10/7/212.99%2.23%2.52%
9/30/213.01%2.28%2.48%
9/23/212.87%2.16%2.45%
9/16/212.86%2.12%2.51%
9/9/212.88%2.19%2.42%
9/2/212.87%2.18%2.43%

Copyright 2021 Freddie Mac. Averages are based on conforming mortgages with 20% down.

How do I get the best mortgage rate?

To get the best mortgage interest rate for your situation, it’s best to shop around with multiple lenders. According to research from the Consumer Financial Protection Bureau (CFPB), almost half of consumers do not compare quotes when shopping for a home loan, which means losing out on substantial savings. Interest rates help determine your monthly mortgage payment as well as the total amount of interest you’ll pay over the life of the loan. While it may not seem like much, even a half of a percentage point decrease can amount to a significant amount of money.

Comparing quotes from three to four lenders ensures that you’re getting the most competitive mortgage rate for you. And, if lenders know you’re shopping around, they may even be more willing to waive certain fees or offer better terms for some buyers. Either way, you reap the benefits.

What determines my mortgage interest rate?

There are seven things that lenders consider when determining mortgage interest rates. Any change to one of these things can directly impact the specific interest rate you’ll qualify for.

Credit Score

Your credit score has one of the biggest impacts on your mortgage rate as it’s a measure of how likely you’ll repay the loan on time. The higher your score, the lower your rates. If you haven’t pulled your credit score and addressed any issues, then start there before reaching out to lenders.

Down Payment

In general, the higher your down payment the lower your interest rate, because you’re viewed as a less risky borrower than someone who finances the entire purchase. If you’re unable utah housing interest rates put at least 20 percent down, then most lenders require Private Mortgage Insurance (PMI), which will be added to the cost of your overall monthly mortgage payment.

Loan Type

There are different types of mortgage loans on the market with different eligibility requirements. Not all lenders offer all loan types, and rates can vary significantly depending on the loan type you choose. Some common mortgage loan products are conventional, FHA, USDA, and VA loans.

Loan Terms

Your loan term indicates how long you have to repay the loan. Shorter term loans tend to have lower interest rates, but higher monthly payments. Exactly how much lower your interest rate and how much higher the monthly payment will depend a lot on the specific loan term and interest rate type you choose.

Interest Rate Type

There are two basic types of interest rates: fixed and adjustable. Fixed interest rates stay the same for the entire loan term. Adjustable rates have an initial fixed period (five or seven years is common), but will fluctuate after that period based on the current market rates for the remainder of the loan.

Loan Amount

Your loan amount is not just the price of the home, but the total amount you’ll need to borrow. This amount is calculated by the home price plus closing costs minus your down payment. If you roll the closing costs and other borrowing fees into your loan, you may pay a higher interest rate than someone who pays those fees upfront. Loans that are smaller or larger than the limits for conforming loans may pay higher interest rates too.

Location

Interest rates vary slightly depending on the state you live as well as whether you’re looking to purchase in a rural versus urban area. Some loan products like USDA loans offer generally lower rates than conventional mortgage options for eligible borrowers.

Why does my mortgage interest rate matter?

Your mortgage interest rate impacts the amount you’ll pay monthly as well as the total interest costs you’ll pay over the life of your loan. While it may not seem like a lot, a lower interest rate even by half of a percent can add up to significant savings for you.

For example, a borrower with a good credit score and a 20 percent down payment who takes out a 30-year fixed-rate loan for $200,000 with an interest rate of 4.25% instead of 4.75% translates to almost $60 per month in savings — in the first five years, that’s a savings of $3,500. Just as important is looking at the total interest costs too. In the same scenario, a half percent decrease in interest rate means a savings of almost $21,400 in total interest owed over the life of the loan.

The Cost Savings of Different Interest Rates for a $200K 30-Year Fixed Loan

Interest Rate*Monthly Mortgage Payment**Total Interest Costs
4.25%$984$154,200
4.75%$1,043$175,592

*Interest rates assume a good credit rating and 20% down payment.
**Amount doesn’t include property taxes, homeowners insurance, or HOA dues (if applicable).

Current Mortgage Interest Rates

Freddie Mac’s weekly report covers mortgage rates from the previous week, but interest rates change daily — mortgage rates today may be different than reported. To find out what rates are currently available, compare quotes from multiple lenders.

Shop and compare your personalized rates from multiple lenders. (Nov 25th, 2021)
Tim Lucas (NMLS #118763 ) is editor of MyMortgageInsider.com. He has appeared on Time.com, Realtor.com, Scotsman Guide, and more. Connect with Tim on Twitter.
Источник: https://mymortgageinsider.com/current-mortgage-interest-rates-today/

No income, no appraisal? No problem.

Streamline your FHA loan to a lower interest rate without the hassle of a normal refinance.

The Utah FHA streamline refinance is a special mortgage program designed to help refinance your existing FHA mortgage loan.

Whether you are underwater on your mortgage, or just looking to lower your interest rate and monthly payment, the FHA streamline process is easy and cost effective.

What makes this refinance program so awesome is that does not require an appraisal or any income qualification! Your credit score is also of very little importance, as long as you don’t have more than one late mortgage payment in the past 12 months and no late payments in the past 6 months.

The FHA streamline refinance must however have a purpose:  one of these 2 net tangible benefits have to be met:

  • Your new mortgage payment needs to experience a reduction of at least 5%
  • Or: An adjustable ARM mortgage is being refinanced into a fixed rate.

Other restrictions apply:

  • Any cashback received at closing may not exceed $500
  • Cash-Out transactions are not allowed – the FHA streamline refinance is, in fact, a rate-and-term refinance
  • The loan balance can only increase by the amount of the upfront mortgage insurance premium. Loan costs are not to be covered – don’t worry: your loan officer will cover them with a slightly higher interest rate unless instructed to do otherwise.

Recent FHA guideline changes have caused variations in the amount of FHA Mortgage Insurance collected. What makes a difference is a date when a particular FHA loan was endorsed.

If your FHA loan was endorsed before May 31st, 2009:

When you do an FHA streamline refinance, you will have a negligible Up Front Mortgage Insurance premium of 0.01% of your loan balance;

Your monthly mortgage insurance premium will stay the same at 0.55%, but it will be in effect for the life of the loan.

If your FHA loan was endorsed after May 31st, 2009:

You will incur an Up Front Mortgage Insurance Premium (MIP) of 1.75% of your loan balance;

Your Annual Mortgage Insurance Premium will be as follows:

  • 15 year loans with loan-to-values over 90% : 0.70%
  • 15 year loans with loan-to-values under 90% : 0.45%
  • 30 year loans with loan-to-values over 95% : 0.85%
  • 30 year loans with loan-to-values under 95% : 0.80%

*Jumbo FHA mortgages are subject to additional mortgage insurance fees.  Loans with terms of 20 years or 30 years pay an additional 0.20%, while 15-year loan terms pay an additional 0.25% annually.

Your Up Front Mortgage Insurance Premium (MIP) refund:

If you financed/refinanced your FHA loan in the past 3 years, you will be entitled to a refund of your prior FHA up front premium. See this official HUD link .

How is your FHA up front mortgage insurance refund calculated? Your refund is reduced by 2 percentage points each month after your initial FHA loan closing date. See chart below:

Note that the MIP refund will be applied towards your new up front premium, not refunded as cash, and it only applies to FHA to FHA refinances.

Between the low current interest rates, the reduced monthly FHA mortgage insurance premium rate, and the Up Front FHA premium refund you may be entitled to – it’s a really good idea to look into streamlining your Utah FHA loan.

Other benefits of the FHA streamline refinance:

Skip up to 2 mortgage payments

Get a refund of your current escrow account, and do as you please with it. My suggestion: if you’re having trouble finding the cash to establish your emergency fund, use this money to get started.

Contact me today for a no obligation FHA Streamline refinance quote. No credit pull necessary.

For those of you stuck in an FHA Loan with a Second Mortgage, such as those offered through Utah Housing – read my blog post on How To Refinance Your Utah Housing FHA Loan.

If you’re in Utah and have further questions, you can visit the official HUD link, or e-mail me at [email protected]. I can also be reached by phone or text me at (801) 473-3154.

Источник: https://www.utahmortgageresource.com/fha-streamline-refinance/

Utah is among the top states in the West and the nation with record-breaking housing price increases — and is now facing a “severe imbalance” in its housing market.

Housing prices have skyrocketed so much, now more than half of Utah’s households are unable to afford the state’s median priced home, which for single-family homes was $460,000 in 2021. For renters, these relentless price increases mean the path to ownership has narrowed even further.

That’s according to the latest research released Wednesday by the University of Utah’s Kem C. Gardner Policy Institute in a report titled the State of the State’s Housing Market.

By the end of 2020, Utah’s median home sales price climbed to $380,000, pricing out about 48.5% of Utah households. Prices continued upward in 2021, and now more than 50% of Utah households can’t afford to buy. For renters, realities are even more challenging. In 2019, the median priced home was already out of reach for about 63% of renter households. In 2020, that share 36 c to f priced-out renters increased to nearly 73%, according to the report.

“Utah has a long history of rapid price acceleration in housing,” said one of the report’s authors, James Wood, the Ivory-Boyer senior fellow at the University of Utah’s Kem C. Gardner Policy Institute, during a panel discussion about the report Wednesday morning.

But over the past year, especially as the COVID-19 pandemic disrupted supply chains and threw the national housing market into upheaval, Utah’s housing market has emerged as one of the central bank lake of the ozarks online banking in the nation, second only to Idaho. In the second quarter of 2021, Utah’s housing prices increased a staggering 28.3% from 2020, ranking No. 2 in the utah housing interest rates for year-over-year percent increase. Idaho saw a jaw-dropping increase of 37.1%.

There are some mind-boggling figures out of some of Utah’s more desirable locations, like Summit County, home of the ski resort destination of Park City. There, the utah housing interest rates sales price shot up by nearly $350,000 to $1.15 million in 2021. Nearby, in neighboring Wasatch County, the median sales price was nearly $758,500, the state’s utah housing interest rates priced housing market.

“An aberration, anomaly or outlier? I’m not sure,” Wood said. “But this last year, in my work on housing over many years, we’ve never seen anything like this.”

Does Utah have a housing bubble?

Naturally, seeing as prices have rocketed beyond what they were prior to the 2008 housing market crash and the ensuing Great Recession, Wood said he’s often asked, “Do we have a housing bubble?”

“I believe that a housing bubble is unlikely,” he said. “First of all, bubbles are defined by a prolonged period of price decline, not deceleration or moderation, but actual price decline.”

Even though both “brief and prolonged” price declines in Utah have always come with job losses and recessions, “neither appears likely in the next two to three years,” the report states.

“And I think the financial markets and household balance sheets are much better off than they were when we had what I consider really (Utah’s) only housing bubble,” Wood said, during the Great Recession when the state saw 15 consecutive quarters of declining housing prices.

Seeing no bubble about to pop, housing experts like Wood see no end in sight, though price increases may slow slightly if mortgage rates bump up. But prices will likely remain expensive.

In 2022, “price acceleration and production are expected to remain positive in 2022,” the report states. The year “will be dictated by mortgage rates, while demographic tailwinds are expected to keep housing demand robust for the rest of the decade.”

An average of eight mortgage rate forecasts shows the 30-year mortgage rate rests at 3.1% utah housing interest rates 2021 and is expected to climb to 3.6% in 2022. “While this isn’t a dramatic rise in rates, it is expected to impact affordability and bring price acceleration in Utah to single-digit growth,” the report states.

What’s exacerbating Utah’s ‘affordability woes’

The COVID-19 pandemic created “unprecedented conditions” in the national housing market by disrupting the labor market and supply chains (with 30% of construction materials imported from China). Plus, the Federal Reserve “distorted” demand through lower interest rates and an “extraordinary increase in liquidity via quantitative easing.” Those moves “triggered high rates of demand, which in turn pushed up housing prices to record-breaking levels,” the report states.

Dejan Eskic, senior research fellow at the Gardner Policy Institute, noted the lower interest rates allowed buyers to buy more expensive homes with lower monthly payments — but that’s “masking that price acceleration.”

“Buyers are able to afford more of the mortgage without changing utah housing interest rates monthly payment, so that also helped drive up prices in 2020 and 2021,” Eskic said. “What it also did is added to our affordability woes we’ve had over what feels like the last decade.”

All this has exacerbated what housing experts have for years been sounding alarms for, even before the pandemic: Utah’s housing shortage. The cumulative shortage from 2010 to 2020 totals 44,500 housing units, the report states, leading to record-low rental vacancy rates (now at about 2% along the Wasatch Front), the smallest supply of unsold vacant homes, and the smallest supply of vacant for-sale existing homes.

“In other words, the shortage has removed vacant units from the housing market, an unhealthy condition leading to higher housing prices and rental rates,” the report states. “Given the sizable gap between household growth and housing units, it will take several years for the housing market to return to a healthy condition.”

So what are the solutions? Wood said policymakers — especially at the local level, starting with city councils, planning commissions and zoning ordinances — need to make room for all types of housing, especially more affordable housing like apartments and accessory dwelling units (also known as mother-in-law apartments).

They also need to prioritize preserving existing affordable housing, Eskic said.

“It’s very challenging,” he said. “But preserving the current affordable units from going to investors that basically flip them and jack up the rents . I think preservation is the low-hanging fruit right now.”

Are big hedge funds, investors and cash buyers to blame?

Another common question housing experts often hear is whether Utah’s housing prices are being driven up by cash buyers or investors swooping in, snatching up properties and flipping them for a quick profit as a sale or as a rental property.

Matt Ulrich, president of the Salt Lake Board of Realtors, said it’s not happening as often as some Utahns may think.

“People think it’s a lot higher than it is,” Ulrich said, estimating 18% to 20% of Utah properties sold are purchased by cash buyers.

Homebuilder Paul Peterson, regional president at Richmond American Homes, said that figure is even lower in his vantage point.

“As a company we’ve experienced even lower than that,” he said. “Ironically, I thought we would see more cash buyers, but it’s not necessarily the case. We’re seeing a pretty consistent amount of cash buyers we would have seen prior. Maybe a small increase, but not necessarily something that would register for me.”

As for how many investors are flipping properties, about 16% of Utah’s market is investor driven, Eskic said, with about 25% in Salt Lake County. As for the “big Wall Street firms” or the hedge funds, Eskic said “they’re still relatively small in our market, about less than 2%.”

While real estate remains a lucrative business, Ulrich noted investing when prices are this high also comes with a cost.

“Everybody wants to get into real estate,” he said, but he added investment properties can be “tough to find. There’s just as many, but the profit is not as big, so I’d say it’s kind of evening out.”

Peterson said his company is “selling to real buyers” who are planning on living in the home. “But I do believe there are a higher number of people looking for an opportunity to Airbnb a basement or find a way to offset that higher increased payment.”

Источник: https://www.deseret.com/utah/2021/10/13/22724522/as-housing-market-rages-utah-faces-severe-imbalance-idaho-home-price-increases

Historical Mortgage Rates: Averages and Trends from the 1970s to 2020

Since 1971, historical mortgage rates for 30-year fixed loans have hit historic highs and lows due to various factors. Using data from Freddie Mac’s Primary Mortgage Market Survey (PMMS), we’ll do a deep dive into what’s driven historical mortgage rate movements over time, and how they affect buying or refinancing a home.

Historical mortgage rates: 1971 to 2020

In 1971, the same year when Freddie Mac started surveying lenders, 30-year fixed-rate mortgages hovered between 7.29% to 7.73%. The annual average rate of inflation began rising in 1974 and continued through 1981 to a rate of 9.5%. As a result, lenders increased rates to keep up with unchecked inflation, leading to mortgage rate volatility for borrowers.

The Federal Reserve combated inflation by increasing the federal funds rate, an overnight benchmark rate that banks charge each other. Continued hikes in the fed funds rate pushed 30-year fixed mortgage rates to an all-time high of 18.63% in 1981. Eventually, the Fed’s strategy paid off, and inflation fell back to normal historical levels by October 1982. Home mortgage rates remained in the single-digits for much of the utah housing interest rates two decades.

The mortgage rates trend continued to decline until rates dropped to 3.31% in November 2012 — the lowest level in the history of mortgage rates. To us bank phone number please it into perspective, the monthly payment for a $100,000 loan at the historical peak rate of 18.63% in 1981 was $1,558.58, compared to $438.51 at the historical low rate of 3.31% in 2012.

This year, interest rates are expected to stay around 3.8%, according to Freddie Mac. This is good news for consumers as home prices continue to rise.

20193.63%5.34%4.25%
20183.95%4.94%4.54%
20173.78%4.30%3.99%
20163.41%4.32%3.65%
20153.59%4.09%3.85%
20143.80%4.53%4.17%
20133.34%4.58%3.98%
20123.31%4.08%3.66%
20113.91%5.05%4.45%
20104.17%5.21%4.69%
20094.71%5.59%5.04%
20085.10%6.63%6.03%

Show All Rows

Comparing 30-year fixed rates vs. 15-year fixed rates

Looking at interest rates over time, 30-year fixed mortgage rates have always trended slightly higher than 15-year interest rates. That’s because the lender takes on extra risk that you might default over a longer period of time. Comparing a 30-year mortgage rates chart and a 15-year mortgage rates chart, you’ll see that rates remain near historic lows.

Homebuyers often choose a 30-year fixed mortgage for the stability of a fixed, low monthly payment. The higher rate and longer loan term result in higher lifetime interest charges.

Fifteen-year fixed mortgage rates, however, are typically lower. That means you pay less interest over the life of the loan. The shorter repayment schedule increases your principal and interest payments, though.

Lenders offer more than just 30- and 15-year terms. You may find 10- to 40- year terms at some lenders.

Below is an example of the cost difference between a 15- and 30-year fixed mortgage at current mortgage rates.

15 Years$250,000˟3.04%˟˟$1,731.27$61,628.17$0$97,552.65
30 Years$250,000˟3.6%˟˟$1,136.61$159,180.82$594.66$0

Fixed-rate loans vs. adjustable-rate mortgages

Average rates for five-year adjustable-rate-mortgages (ARMs) have historically offered lower initial rates than 30-year fixed-rate mortgages. If you compare mortgage rates since 2005, 5-year ARM rates have trended lower than 30-year fixed rates. Interest rates for ARMs are 0.37 percentage points lower than fixed-rate mortgages through 2019.

With lower initial interest-rate periods available from three to 10 years, ARMs could offer short-term savings for homebuyers. If fixed rates are lower, though, it makes sense to consider refinancing your ARM to a fixed loan before the ARM resets.

The savings offered with an ARM are temporary. Once the initial low-rate period expires, the rate will adjust based on the index and margin you agreed to, and can’t rise above a certain level, called a cap.

The index is the moving part of your ARM and is tied to a benchmark rate. The margin is the fixed part and is added to the index to determine your rate after the initial-rate period passes.

For example, a 5/1 ARM loan with 2/2/6 caps means:

  • The first adjustment can’t exceed 2% above the initial rate.
  • The second adjustment can’t exceed 2% per year for subsequent adjustments.
  • The maximum rate increase is 6% above the start rate for the life of the loan.

How historical mortgage rates affect homebuying

When mortgage rates are lower, buying a home is more affordable. A lower payment may also help you qualify for a more expensive home. The Consumer Financial Protection Bureau (CFPB) recommends keeping your total debt, including your mortgage, to 43% of what you earn before taxes (known as your debt-to-income ratio, or DTI).

When rates are higher, an ARM may give you temporary payment relief if you plan to sell or refinance before the loan utah housing interest rates. Ask your lender about convertible-ARM options that allow you to convert your loan to a fixed-rate mortgage without having to refinance before the fixed-rate period expires.

How historical mortgage rates affect refinancing

When mortgage interest rates slide, refinancing becomes more attractive to homeowners. A refinance replaces your current loan with a new loan, typically at a lower rate. The extra monthly savings could give you wiggle room in your budget to pay down other debt or boost your savings.

If the equity in your home has grown, you can tap it with a cash-out refinance and make home improvements. With this type of refinance, you’ll take on a loan for more than you owe. You can use the extra as cash to make home improvements or pay off other debt. Lower rates may help minimize the larger monthly payment.

When rates go up, there’s less financial benefit to refinancing. Another caveat to refinancing, in general, is ensuring that you stay in your home long enough to recoup closing costs. To do this, divide the total loan costs by your monthly savings. The result tells you how many months it takes to recoup refinance costs, called the breakeven. The quicker you reach your breakeven, typically, the more cost-effective the refinance becomes.

Источник: https://www.valuepenguin.com/mortgages/historical-mortgage-rates
utah housing interest rates

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