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Today’s Utah Mortgage Interest Rates
30 Yr Conventional Fixed
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Rates as of June 25, 2025 See Rate Assumptions

Current Mortgage and Refinance Rates in Utah

As of June 25, 2025, the rates in Utah are 6.375% (6.484% APR) for a 30-year fixed rate mortgage and 5.49% (5.49% APR) for a 15-year fixed-rate loan.

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City Creek Mortgage Rate History

Explore the graph below to follow the history of City Creek Mortgage rates from May 2020 to June 25, 2025. You can interact with the time frame options to observe mortgage rates over selected periods. This visualization tool is crafted to clearly show the increases and decreases in City Creek Mortgage rates throughout the given timeline.


Mike Roberts Mortgage Rate Commentary: June 10, 2025

This update was written by Mike Roberts without the assistance of AI. Mike Roberts serves as the President and Co-Owner of City Creek Mortgage, bringing over 20 years of experience as a mortgage professional.

🔒Rate Outlook: The Locking Bias Remains

With uncertainty clouding both the fiscal and political landscape—and volatility dominating the bond market—we continue to recommend a locking bias for those in the mortgage process. A meaningful drop in rates likely hinges on:

  • A major economic disruption, or
  • A credible shift in fiscal policy that reins in runaway deficits.

Until then, staying conservative may be the best move.

1️⃣ Ray Dalio, Deficits, and the Growing Fear of a U.S. Default

Billionaire hedge fund manager and founder of Bridgewater Associates, Ray Dalio, just released his latest book—Principles for Dealing with the Changing World Order. In it, he doubles down on his warnings about the long-term risks facing the U.S. economy, including the real possibility of a sovereign debt crisis if policymakers fail to rein in spending. His timing couldn’t be more poignant.

Over the past week, yields on 30-year U.S. Treasury bonds surged to levels not seen since the 2023 inflation peak. This spike is rooted in a growing concern: Will the U.S. government be able to meet its long-term debt obligations? With President Trump’s recently unveiled “Big Beautiful Bill” poised to significantly increase the federal deficit, investors are becoming wary of locking up their capital for 30 years. Instead, many are flocking to short-term Treasuries, which carry far less risk and are easier to exit if the fiscal picture continues to deteriorate.

Even high-profile voices like Elon Musk have entered the fray, warning on X (formerly Twitter) that “America is approaching a fiscal cliff that can’t be ignored.” The market is listening.

Unfortunately, this shift in sentiment means higher long-term borrowing costs, which directly impacts mortgage rates. Until policymakers address these concerns, homebuyers may continue to struggle with affordability—despite a weakening economy that would normally push rates lower.

📈 Bottom Line: Risk aversion in the bond market is putting upward pressure on mortgage rates, even when economic signals would traditionally suggest a rate cut.

2️⃣Fannie, Freddie, and the IPO That Could Shake the Mortgage Market

Since 2008, Fannie Mae and Freddie Mac have operated under federal conservatorship—essentially controlled by the U.S. government to maintain stability in the housing market. But now, President Trump is floating a bold plan: remove Fannie and Freddie from government control and launch the largest IPO in U.S. history.

On the surface, this may sound like a way to reduce federal involvement and raise billions in revenue. But the implications for mortgage rates are enormous. Privatizing these entities could mean less government backing, which translates into higher risk premiums for mortgage-backed securities. Investors would likely demand a higher return to compensate for that risk—driving mortgage rates higher across the board.

Trump has claimed on Truth Social that the government will still stand behind investors even after privatization. However, such a move would be unprecedented—and potentially illegal. Most legal scholars argue that the federal government cannot guarantee private company investors without congressional approval.

If the privatization goes through without a strong, credible guarantee mechanism, the result could be sharp and immediate rate volatility—exactly what the housing market doesn’t need right now.

🏠 Bottom Line: Trump’s proposal could usher in a wave of rate instability, especially if federal backing becomes murky or politically contested.

3️⃣Jobs Report Undershoots (Again) – But Bonds Still Get Burned

The Bureau of Labor Statistics (BLS) released the May jobs report, showing 139,000 new jobs created—slightly above expectations of 130,000. But don’t be fooled by the headline.

The bigger story is the downward revisions: a combined 95,000 jobs were erased from the March and April reports. That’s a clear sign that the labor market is losing momentum, likely under pressure from slowing business investment and the ripple effects of tariffs, which have raised input costs for manufacturers and retailers alike.

In a rational market, this should have sent bond yields lower and given mortgage rates some relief. But instead, rates ticked higher again—a reflection of deep-seated concerns about government spending, inflation risks, and global de-dollarization trends.

💼 Bottom Line: The job market is softening, but mortgage rates remain stubbornly high due to broader structural fears.

Programs and Resources For Utah’s First-Time Buyers

Utah has several programs and resources to help first-time homebuyers become homeowners.

The Top 5 Hottest Markets Within Utah

1. Salt Lake City

Graph of the median sale price in Salt Lake City, UT
In 2022, the hottest market within Utah was clearly Salt Lake City. Salt Lake City’s population has been steadily increasing over the past few years, with many people moving to the area from other states. In fact, Utah has been the fastest growing state in the past 10 years, with an urban population increasing by 17% compared to the national average of 6.4%.

Utah’s population increased 9% over the last five years, much of it concentrated in Salt Lake City. This has created a high demand for housing, which has driven up prices. Additional factors that make Salt Lake City a hot real estate market include:

 

2. St. George

Graph of the median sale price in St. George, UT

Saint George, Utah is expected to see one of the fastest growing populations in the country. The population of the St. George metro area is expected to grow from 195,200 in 2022 to 425,700 in 2060, which is an astounding 118.1% projected population growth. This, of course, has created a high demand for housing, which has driven up prices. In January 2023, the median price for a house in St. George was $524,900 or $285/sq ft. In November of 2022, the median price for a house was $387,500.

Strong Job Market: Over the same period of 2022 to 2060, employment in St. George is projected to grow by 113.2%. Personal income per capita is projected to grow from $46,956 in 2022 to $275,955 in 2060. This dramatic increase of population, jobs, and income will result in limited housing and increasing housing prices.

 

3. Provo

Graph of the median sale price in Provo, UT

Like Salt Lake City, Provo’s population has been steadily increasing. The population is 840,000, which is a 2.69% increase from 2022. In 2019, the city’s population was 766,000. This growth has, in turn, created a high demand for housing, driving up housing and rent prices.

As of January 2023, Provo’s hot market has cooled off considerably, though rents are still climbing. Still, its strong job market and population increase make it a city in demand.

 

4. Ogden

Graph of the median sale price in Ogden, UT

Ogden, Utah is a “picture-perfect postcard town.” Add highly rated schools and a low unemployment rate, and it’s understandable why the city has become a desirable place to live. Although the housing market in Ogden isn’t as hot as Salt Lake City or Provo, it still holds a lot of promise.

 

5. Draper

Graph of the median sale price in Draper, UT
Draper is a suburban city located about 20 minutes south of Salt Lake City. It has a diverse real estate market with a range of properties at varying price points.

Overall, the demand for homes in Draper has tapered off, and the city has now switched to a buyer’s market. Still, the price of homes has been steadily increasing by 10.3% year-over-year.

 

The Mortgage Market in Utah: Now and in the Future
View of Salt Lake City Utah Suburban Real Estate

The frenzied home-buying trend is finally starting to cool, but there still aren’t enough single-family homes to meet the rising housing demand.

By 2065, Utah’s population will reach 6.8 million, which is nearly double its current population. This increase in population can have a significant impact on its real estate market. Here are a few potential implications:

Increase in demand: With more people moving to Utah, the demand for housing is likely to increase. This can lead to higher prices for homes, particularly in areas where there is limited inventory. Utah’s median home price has surpassed the $500,000 mark. In January 2019, the median home price was just below $300,000.

Tighter inventory: As more people move to Utah, the supply of homes may not be able to keep up with the demand. This can result in a tighter inventory and make it more challenging for buyers to find a home that meets their needs. In 2021, there was a deficit of 5,500 units in Salt Lake County.

New construction: The increase in demand for housing can lead to more new construction in Utah. Developers may see an opportunity to build new homes, condos, and apartments to meet the growing demand. However, this can also lead to increased competition among builders, and potential issues with overbuilding in certain areas.

Rising rents and mortgages: With more people moving to Utah, the demand for rental properties may also increase. This can lead to higher rental rates for both apartments and houses. The median salary needed to purchase a home will increase as well. Already, Utah has seen a large jump. In 2015, a salary of $70,000 was needed for a median-priced home in Salt Lake County. That figure jumped to $97,000 by the year 2020.Economic growth: The increase in population can also lead to economic growth in Utah. In fact, right now, Utah boasts the nation’s strongest pace of job growth. More people means more jobs, more businesses, and more economic activity. This can create a positive feedback loop where a growing population drives economic growth, which in turn attracts even more people to the area.

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