Compare mortgage rates and fees for leading lenders in Salt Lake City, UT. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Salt Lake City.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Salt Lake City. Plus, shopping lenders is free and there is no obligation.
August 13, 2020
The current average rate for a 30 year fixed rate mortgage in Salt Lake City is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Salt Lake City. Understand how much you need to earn to afford a home in Salt Lake City, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Salt Lake City fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Salt Lake City is right for you.
The median home value for Salt Lake City, UT is $373,533
Based on current mortgage rates and a 10% down payment, you need to make $67,226 per year to buy the median priced home in Salt Lake City
With this income, you could qualify for a $336,179 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Salt Lake City is $1,557
The median household income for Salt Lake City, UT is $71,633
Based on this income, you can afford a home valued at approximately $398,020
The home price you can afford to buy based on household income in Salt Lake City is 107% of the median home value which means housing prices are average. Salt Lake City ranks 24 out of 29 counties in Utah and 2,950 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Salt Lake City, UT is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Salt Lake City below.
Conforming loan limits for Salt Lake City, UT
FHA loan limits for Salt Lake City, UT
VA loan limits for Salt Lake City, UT
Learn what price home you can afford to buy in Salt Lake City