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Rates as of July 21, 2024 See Rate Assumptions
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Current Mortgage and Refinance Rates in Utah

As of July 21, 2024, the rates in Utah are 6.49% (6.612% APR) for a 30-year fixed rate mortgage and 5.875% (5.875% 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 July 21, 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: July 15, 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.

Yields on the 10-Year Treasury Note hit a hard floor of support on Friday and are now moving higher. The safe play remains to lock.

Last Weekend – What It Means for Your Wallet

As our nation continues to process the heinous and evil attempted assassination on former President Trump’s life, we are seeing a growing and strengthening base form around Trump, which is making his reelection bid highly probable at this point in the election cycle. As a result, we can expect to see market changes in anticipation of what investors feel a Trump presidency will bring. If the economists polled by the WSJ are accurate, we would likely see inflationary pressures increase, which is not good news for mortgage interest rates.

They based their beliefs upon expectations of lower tax rates, increased tariffs, and reduced regulation. However, this opinion is also disputed by other reputable sources. On the flip side of this, a Trump presidency is also expected to lower the odds of a recession. So, while it may not be good for interest rates, it could reduce the likelihood of our country facing high levels of job loss. We will have to see how the market responds in the months to come.

Bankruptcy Boom: A Troubling Trend 📈

Corporate bankruptcies just hit a 13 year high, clocking in at 346 year-to-date filings. In June alone, there were 75, which is the highest monthly number since the start of the pandemic when many businesses were failing due to lockdowns. This is not a good sign for the future economic outlook for US businesses and could be a beginning of a more serious issue.

If we do see further slowing in consumer spending, that will hurt business earnings and eventually lead to more layoffs. As Fed Chairman Powell acknowledged his testimony on Capitol Hill last week, delaying too long to cut rates, or not cutting fast enough, puts the US at risk of a recession. Hopefully, this means the Fed will act no later than the September meeting to begin cutting rates and will increase the pace of projected cuts in the future.

Inflation Down, Hopes Up: The Fed’s Next Move 🏡

Last Thursday’s Consumer Price Index (CPI) report showed that consumer inflation continues to fall. Overall inflation was negative by .1%, which brought the annualized rate down from 3.27% to 2.98%. When you remove volatile food and energy prices, the Core rate increased by .1%, taking the annualized rate from 3.41% down to 3.28%. This is great news for the Federal Reserve and clears the path for the Fed to target September for the first rate cut. Once we have the Fed adding support to the interest rate market, we can expect to see home buyer demand improve, which is very much needed to add oxygen to the housing and mortgage industries who have been starving for the past two years.

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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