Get a customized quote with today's rates
I want to...
Today’s Utah Mortgage Interest Rates
30 Yr Conventional Fixed
Loan Term:
Loan Type:
Rate Type:
ARM Rate:
Loading Rates
Rates as of October 2, 2024 See Rate Assumptions

Current Mortgage and Refinance Rates in Utah

As of October 3, 2024, the rates in Utah are 5.625% (5.754% APR) for a 30-year fixed rate mortgage and 4.875% (4.875% APR) for a 15-year fixed-rate loan.

See Rate Assumptions

Get a Quote in 2 Minutes: 801-501-7950

City Creek Mortgage Rate History

Explore the graph below to follow the history of City Creek Mortgage rates from May 2020 to October 3, 2024. 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: Oct 02, 2024

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.

While long-term rates are likely to fall, there’s significant risk in floating into Friday’s report. If you’re closing soon, the safer option would be to lock in your rate now to avoid potential near-term rate increases.

Inflation Cooling More Than Expected 🧊📉🏡

Last Friday’s Personal Consumption Expenditures (PCE) report brought good news on the inflation front. Consumer inflation grew by just 0.1% in September, bringing the annualized rate down to 2.2%. Stripping out volatile food and energy prices, core inflation also rose 0.1% month-over-month, with the annualized figure ticking up from 2.6% to 2.7%. However, when looking at the five-month annualized pace, Core inflation is running at 2.16%, which is close to the Fed’s 2% target. If we remove expenses like car insurance and housing, there’s virtually no inflation left in the economy—great news for the Fed. This sets the stage for mortgage rates to continue their downward trend in the months ahead.

Dockworkers Strike: Potential Inflation Spike ⛴️🚨

Tens of thousands of dockworkers have gone on strike, halting container traffic along the East and Gulf coasts from Maine to Texas. This marks the first shutdown in nearly 50 years, with significant implications. These ports account for over $4 billion per day in incoming products, ranging from cars to household goods. Such a major supply chain disruption threatens to drive consumer inflation higher, as supply shortages push prices up. Unfortunately, inflation is the arch-enemy of the mortgage bond market, meaning this situation could lead to higher mortgage rates. Let’s hope for a swift resolution to prevent further rate hikes.

Upcoming BLS Jobs Report: What’s at Stake 📊📈

This Friday’s Bureau of Labor Statistics (BLS) report could be pivotal in determining the near-term direction for mortgage interest rates. Recent labor data has shown a slightly stronger job market than expected, and the current estimate of 145,000 job gains for September may be too low. If job growth exceeds expectations, it could temporarily push mortgage rates higher.

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.

Want to dive a little deeper?
Read Mortgage Mike’s weekly rate analysis

Learn about today's mortgage rates. How the Fed, and financial markets affect rates and the housing market.

Mortgage Mike - Co Founder

Read Latest
Today’s Rates
Get updated with the latest rate news
Frequently Asked Questions
Of course you have questions about buying a home. Let’s get you answers.
open question How much will my closing costs be?
We believe in transparency.  It depends on a few factors, like credit score, loan amount, and location.  You can see an estimated closing cost using our Find Your Best Rate Tool.  All without entering any personal information. Find Your Best Rate
open question Is it really possible to do a loan without having to pay closing costs?
YES! It is possible, and it can save you money. How No Cost Loans Work
We know what we’re doing
We go above and beyond to create great experiences for our clients, here are some words to prove it.
  • “Mike and Tobi are an incredible example of how mortgage companies should be. They are truly concerned about the best for our family and make the whole process less stressful. Mike has gone above and beyond the call of duty many times during the past 8 years on our behalf. They are incredible to work with and anyone in the City Creek family is lucky to have people like them on their side. I’m honored to be in the family. THANKS TO YOU ALL!!!”
    Tonya Edvalson
  • “We loved our experience with City Creek Mortgage and have complete trust that we are in the best hands possible. What a great and satisfying mortgage experience! Wow! We have never said that before!”
    David and Gretchen Figge
  • “Mike and the team at City Creek have been taking care of my family for over ten years. We’ve never had a problem, and have appreciated all of the time and attention they have given us. I recently referred two friends to City Creek and they both commented about the great service. It’s nice to know my referral was a good one and that they were taken care of. Thank you City Creek Mortgage!.”
    Amy Mcneil
Start Saving Money Today
With no upfront fees, amazingly low rates & a 5 star experience
Apply Now