Bank Of Utah Mortgage Rates, Fees & Info

Ogden, UT

LEI: 549300NNL9H573MWO110

Tax ID: 87-0218467

5 stars - Updated: 10/29/24 - out of 5 stars, based on 27 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Bank Of Utah is a smaller bank specializing in Home Purchase loans. Bank Of Utah has a high proportion of conventional loans. Bank Of Utah has an average proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Salt Lake City, Ogden, Logan, Idaho Falls, and Heber among others. We have data for 30 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Utah has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bank Of Utah is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.72% 10/29/24
30 Year Conventional Refi 6.53% 10/29/24
30 Year Cash-out Refi 6.72% 10/29/24
30 Year FHA Purchase 7.62% 10/29/24
30 Year FHA Refi 6.27% 10/29/24
30 Year VA Purchase 6.23% 10/29/24
30 Year USDA Purchase 6.65% 10/29/24
15 Year Conventional Purchase 6.07% 10/29/24
15 Year Conventional Refi 6.04% 10/29/24
15 Year Cash-out Refi 6.04% 10/29/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Bank Of Utah Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bank Of Utah. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

752

Origination Dollar Volume (All Markets)

$321,870,000
Show all (7) awards

Relative Rate

Bank Of Utah's average 30 year fixed mortgage rate was 6.69%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of 0.21%.

Relative Fees (Closing Costs)

Bank Of Utah's average total fees/closing costs for a 30 year fixed rate mortgage were $6,753.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
SALT LAKE CITY, UT (FHA|USDA|VA) 110 $100,420,000 $912,909 $8,661 6.91%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 245 $87,415,000 $356,796 $6,621 6.45%
LOGAN, UT-ID (FHA|USDA|VA) 146 $45,090,000 $308,836 $7,008 6.53%
IDAHO FALLS, ID (FHA|USDA|VA) 2 $18,820,000 $9,410,000 $13,559 7.25%
Heber, UT (FHA|USDA|VA) 23 $12,975,000 $564,130 $13,238 6.75%
ST. GEORGE, UT (FHA|USDA|VA) 48 $12,230,000 $254,792 $6,712 6.81%
Outside of Metro Areas 44 $10,350,000 $235,227 $6,513 7.04%
PROVO-OREM, UT (FHA|USDA|VA) 33 $9,425,000 $285,606 $8,378 6.60%
Price, UT (FHA|USDA|VA) 63 $8,735,000 $138,651 $4,589 7.19%
Kapaa, HI (FHA|USDA|VA) 2 $6,540,000 $3,270,000 $0 9.50%
POCATELLO, ID (FHA|USDA|VA) 6 $1,990,000 $331,667 $6,730 6.81%
Cedar City, UT (FHA|USDA|VA) 5 $1,715,000 $343,000 $1,410 6.79%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $920,000 $460,000 $4,889 7.50%
Rexburg, ID (FHA|USDA|VA) 2 $800,000 $400,000 $17,520 7.06%
SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 1 $605,000 $605,000 $11,533 6.00%
Bozeman, MT (FHA|USDA|VA) 1 $525,000 $525,000 $0 8.00%
ALBUQUERQUE, NM (FHA|USDA|VA) 2 $520,000 $260,000 $2,911 6.38%
LUBBOCK, TX (FHA|USDA|VA) 1 $345,000 $345,000 $3,711 7.50%
MEMPHIS, TN-MS-AR (FHA|USDA|VA) 1 $335,000 $335,000 $0 6.89%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 2 $330,000 $165,000 $0 0.00%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 1 $325,000 $325,000 $8,628 6.75%
SIOUX CITY, IA-NE-SD (FHA|USDA|VA) 1 $305,000 $305,000 $7,987 6.88%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 3 $295,000 $98,333 $6,025 7.50%
Vernal, UT (FHA|USDA|VA) 2 $220,000 $110,000 $2,297 7.56%
LAS CRUCES, NM (FHA|USDA|VA) 1 $155,000 $155,000 $4,525 7.13%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $135,000 $135,000 $0 0.00%
RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 0.00%
Outside of Metro Areas 1 $105,000 $105,000 $0 0.00%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $85,000 $85,000 $0 0.00%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $55,000 $55,000 $0 0.00%
Bank Of Utah's top markets include Salt Lake City, Ogden, Logan, Idaho Falls, and Heber among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Hawaii (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • California (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Bank of Utah based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    State Bank of Southern Utah
    Similarity Rank: 176
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 300
    CYPRUS Federal Credit Union
    Similarity Rank: 900
    GRANITE FEDERAL CREDIT UNION
    Similarity Rank: 1000
    Utah Power
    Similarity Rank: 1053
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 1100
    UTAH COMMUNITY
    Similarity Rank: 1152
    First-Citizens Bank & Trust Company
    Similarity Rank: 1275
    NEST HOME LENDING, LLC
    Similarity Rank: 1560
    Utah Mortgage Loan Corporation
    Similarity Rank: 1743

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 377 $232,545,000 $616,830 $5,768 6.76%
    Conventional 262 $47,200,000 $180,153 $0 0.00%
    FHA 92 $32,310,000 $351,196 $10,373 6.65%
    VA 19 $9,265,000 $487,632 $8,606 6.18%
    USDA 2 $550,000 $275,000 $4,366 6.00%

    For 2023, Bank Of Utah's most frequently originated type of loan was Conventional, with 377 originations. Their 2nd most popular type was Conventional, with 262 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 464 $266,770,000 $574,935 $6,833 6.70%
    Other 183 $29,525,000 $161,339 $4,965 7.15%
    Refi 54 $15,060,000 $278,889 $7,189 6.85%
    Home Improvement 28 $5,170,000 $184,643 $0 0.00%
    Cash Out Refi 23 $5,345,000 $232,391 $6,713 6.69%

    For 2023, Bank Of Utah's most frequently cited loan purpose was Home Purchase, with 464 originations. The 2nd most popular reason was Other, with 183 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 442 $160,510,000 $363,145 $6,753 6.69%
    Other 268 $75,130,000 $280,336 $0 8.92%
    15 Year 33 $10,305,000 $312,273 $8,451 6.50%
    10 Year 5 $2,975,000 $595,000 $0 7.05%
    20 Year 2 $320,000 $160,000 $4,932 6.69%
    5 Year 2 $72,630,000 $36,315,000 $0 8.63%

    For 2023, Bank Of Utah's most frequently cited loan duration was 30 Year, with 442 originations. The 2nd most popular length was Other, with 268 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 181 $48,725,000 $269,199
    $5k+ 120 $64,700,000 $539,167
    $4k-5k 44 $14,660,000 $333,182
    $3k-4k 43 $13,955,000 $324,535
    $2k-3k 34 $11,030,000 $324,412
    $1k-2k 31 $11,215,000 $361,774

    Bank Of Utah's average total fees were $6,753, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 181 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 220 $90,150,000 $409,773
    7-8% 148 $38,100,000 $257,432
    5-6% 102 $42,210,000 $413,824
    Over 8% 13 $101,385,000 $7,798,846
    4-5% 6 $2,810,000 $468,333
    3-4% 1 $15,000 $15,000

    During 2023, Bank Of Utah's average interest rate for loans was 6.69%, while their most frequently originated rate bucket for loans was 6-7%, with 220 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 262 $76,990,000 $293,855 $6,960 6.57%
    $100,000 or less 157 $7,515,000 $47,866 $745 7.57%
    $400k-600k 136 $65,960,000 $485,000 $8,167 6.53%
    $100k-200k 127 $18,495,000 $145,630 $4,287 6.65%
    $600k-1MM 54 $37,650,000 $697,222 $10,606 6.40%
    $1MM+ 16 $115,260,000 $7,203,750 $24,676 7.61%

    2023 saw Bank Of Utah place emphasis on $200k-400k loans with 262 originations, totaling $76,990,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 210 $61,950,000 $295,000 $6,689 6.73%
    $150k-250k 150 $57,070,000 $380,467 $8,500 6.46%
    $75k-100k 143 $31,215,000 $218,287 $6,257 6.71%
    $50k-75k 110 $18,600,000 $169,091 $4,685 6.82%
    $250k+ 85 $43,755,000 $514,765 $12,715 6.70%
    $50k or less 32 $3,750,000 $117,188 $3,255 6.55%

    Bank Of Utah lent most frequently to those with incomes in the $100k-150k range, with 210 originations. The second most popular income band? $150k-250k, with 150 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    Exempt% 262 $47,200,000 $180,153 $0 0.00%
    30-36% 63 $23,915,000 $379,603 $5,977 6.63%
    20-30% 57 $23,155,000 $406,228 $7,357 6.56%
    50-60% 55 $18,055,000 $328,273 $8,213 6.78%
    44% 29 $9,725,000 $335,345 $7,294 6.61%
    42% 28 $10,540,000 $376,429 $6,380 6.54%
    48% 26 $9,390,000 $361,154 $8,108 6.59%
    46% 24 $7,950,000 $331,250 $6,750 6.80%
    41% 22 $7,000,000 $318,182 $5,047 7.02%
    45% 22 $6,680,000 $303,636 $6,134 7.20%
    <20% 21 $6,755,000 $321,667 $7,613 6.33%
    37% 21 $7,125,000 $339,286 $5,358 6.51%
    49% 21 $9,035,000 $430,238 $7,366 6.71%
    43% 20 $7,140,000 $357,000 $7,159 6.58%
    40% 17 $7,855,000 $462,059 $7,744 6.80%
    38% 14 $5,140,000 $367,143 $6,482 6.80%
    36% 13 $3,895,000 $299,615 $5,484 6.53%
    39% 12 $4,070,000 $339,167 $6,517 6.41%
    47% 12 $3,470,000 $289,167 $4,622 6.94%
    >60% 1 $725,000 $725,000 $7,245 7.13%

    Bank Of Utah lent most frequently to those with DTI ratios of Exempt%, with 262 originations. The next most common DTI ratio? 30-36%, with 63 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 619 $180,825,000 $292,124 $6,706 6.70%
    Not applicable 10 $102,240,000 $10,224,000 $0 8.18%
    Not provided 81 $28,565,000 $352,654 $6,947 6.52%
    Asian 17 $4,215,000 $247,941 $9,046 6.66%
    Native Hawaiian or Islander 10 $2,170,000 $217,000 $8,634 6.88%
    Black 6 $1,970,000 $328,333 $9,055 6.77%
    American Indian 6 $1,130,000 $188,333 $6,175 6.85%
    Filipino 2 $700,000 $350,000 $7,553 6.50%
    Other Pacific Islander 1 $55,000 $55,000 $0 0.00%

    Approval Rates

    Total approvals of all applications
    96.66%

    Bank Of Utah has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    73.94%

    Bank Of Utah has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    Exempt 262 $47,200,000 $180,153
    NA 490 $274,670,000 $560,551

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    752 $321,870,000 $428,019

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 33 $13,555,000 $410,758 $7,596 6.46%
    40-60% 89 $130,005,000 $1,460,730 $6,192 6.62%
    60-80% 111 $50,205,000 $452,297 $8,747 6.64%
    80-100% 193 $77,605,000 $402,098 $7,699 6.59%
    Over 100% 4 $1,910,000 $477,500 $13,342 6.19%
    Under 20% 60 $1,390,000 $23,167 $581 7.54%