Utah Power Mortgage Rates, Fees & Info

Salt Lake City, UT

LEI: 549300TTK5T7CZ3UJ084

Tax ID: 87-0188878

5 stars - Updated: 2/25/24 - out of 5 stars, based on 19 reviews

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

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Mortgage Data

Review & Overview

Utah Power is a smaller mortgage company specializing in Home Purchase, Refi, and Cash Out Refi loans. Utah Power has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) Their top markets by origination volume include: Salt Lake City, Ogden, Price, Provo, and Vernal among others. We have data for 31 markets. (Some data included below & more in-depth data is available with an active subscription.)

Utah Power 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. Utah Power 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 about average 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 5.28% 2/25/24
30 Year Conventional Refi 5.40% 2/25/24
30 Year Cash-out Refi 5.43% 2/25/24
15 Year Conventional Purchase 5.21% 2/25/24
15 Year Conventional Refi 5.49% 2/25/24
15 Year Cash-out Refi 5.49% 2/25/24
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.

Utah Power Mortgage Calculator






Your Estimates

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

This is not an official calculator from Utah Power. 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

343

Origination Dollar Volume (All Markets)

$56,775,000

Awards

Utah Power 30 Year Conventional Loans gold Utah Power 30 Year Conventional Loans gold Utah Power 30 Year Conventional Loans gold
Show all (3) awards

Relative Rate

Utah Power's average 30 year fixed mortgage rate was 4.14%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of -0.62%.

Relative Fees (Closing Costs)

Utah Power's average total fees/closing costs for a 30 year fixed rate mortgage were $5,253.

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 $4,750.

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) 53 $10,865,000 $205,000 $6,020 4.32%
Outside of Metro Areas 67 $8,755,000 $130,672 $3,966 4.22%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 35 $7,435,000 $212,429 $5,899 4.40%
Price, UT (FHA|USDA|VA) 67 $7,405,000 $110,522 $3,452 4.42%
PROVO-OREM, UT (FHA|USDA|VA) 23 $2,835,000 $123,261 $6,300 4.44%
Vernal, UT (FHA|USDA|VA) 14 $2,650,000 $189,286 $5,029 4.03%
Rock Springs, WY (FHA|USDA|VA) 19 $2,555,000 $134,474 $4,071 4.54%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 4 $1,210,000 $302,500 $3,391 3.47%
LOGAN, UT-ID (FHA|USDA|VA) 4 $1,200,000 $300,000 $5,767 4.78%
IDAHO FALLS, ID (FHA|USDA|VA) 3 $1,185,000 $395,000 $7,680 4.08%
CASPER, WY (FHA|USDA|VA) 6 $1,180,000 $196,667 $4,415 3.77%
Evanston, WY (FHA|USDA|VA) 4 $1,060,000 $265,000 $5,732 4.11%
ST. GEORGE, UT (FHA|USDA|VA) 7 $1,055,000 $150,714 $4,483 4.69%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 3 $1,035,000 $345,000 $4,882 3.50%
Cedar City, UT (FHA|USDA|VA) 7 $915,000 $130,714 $5,494 3.98%
Heber, UT (FHA|USDA|VA) 3 $905,000 $301,667 $7,446 4.04%
Rexburg, ID (FHA|USDA|VA) 3 $705,000 $235,000 $6,054 5.33%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 2 $630,000 $315,000 $6,129 5.75%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 3 $585,000 $195,000 $3,951 3.54%
GRAND JUNCTION, CO (FHA|USDA|VA) 2 $540,000 $270,000 $4,632 3.56%
Winnemucca, NV (FHA|USDA|VA) 1 $525,000 $525,000 $7,345 4.63%
Gillette, WY (FHA|USDA|VA) 2 $370,000 $185,000 $0 4.49%
SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 1 $285,000 $285,000 $4,810 3.25%
TUCSON, AZ (FHA|USDA|VA) 1 $165,000 $165,000 $4,205 6.49%
Pahrump, NV (FHA|USDA|VA) 2 $150,000 $75,000 $0 5.50%
Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $135,000 $135,000 $0 5.00%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $125,000 $125,000 $0 4.49%
Laramie, WY (FHA|USDA|VA) 1 $105,000 $105,000 $0 5.50%
Jackson, WY-ID (FHA|USDA|VA) 1 $85,000 $85,000 $0 3.50%
RENO, NV (FHA|USDA|VA) 1 $65,000 $65,000 $0 4.99%
Craig, CO (FHA|USDA|VA) 2 $60,000 $30,000 $0 4.99%
Utah Power's top markets include Salt Lake City, Ogden, Price, Provo, and Vernal among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Nevada (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Similar Lenders

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

    HORIZON UTAH Federal Credit Union
    Similarity Rank: 350
    WEBER STATE FEDERAL CREDIT UNION
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    TRANSWEST CREDIT UNION
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    Similarity Rank: 784
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    D. L. Evans Bank
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    Similarity Rank: 2822

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 333 $55,775,000 $167,492 $4,941 4.32%
    HELOC 9 $945,000 $105,000 n/a 4.79%
    FHA 1 $55,000 $55,000 $0 4.50%

    For 2022, Utah Power's most frequently originated type of loan was Conventional, with 333 originations. Their 2nd most popular type was HELOC, with 9 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 153 $10,145,000 $66,307 $450 4.80%
    Home Purchase 70 $19,360,000 $276,571 $5,315 4.58%
    Refi 68 $14,870,000 $218,676 $4,646 3.77%
    Cash Out Refi 52 $12,400,000 $238,462 $4,702 3.40%

    For 2022, Utah Power's most frequently cited loan purpose was Other, with 153 originations. The 2nd most popular reason was Home Purchase, with 70 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 130 $38,070,000 $292,846 $5,253 4.14%
    15 Year 92 $11,400,000 $123,913 $4,192 4.45%
    10 Year 90 $5,850,000 $65,000 $1,743 4.95%
    5 Year 26 $820,000 $31,538 $0 3.02%
    20 Year 3 $435,000 $145,000 $0 2.63%
    Other 2 $200,000 $100,000 $0 3.99%

    For 2022, Utah Power's most frequently cited loan duration was 30 Year, with 130 originations. The 2nd most popular length was 15 Year, with 92 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $2k-3k 27 $6,225,000 $230,556
    $1k-2k 25 $2,795,000 $111,800
    $3k-4k 19 $6,835,000 $359,737
    $4k-5k 14 $6,910,000 $493,571
    $<1k 5 $465,000 $93,000
    $5k+ 3 $1,785,000 $595,000

    Utah Power's average total fees were $5,253, while their most frequently occuring range of origination fees (closing costs) were in the $2k-3k bucket, with 27 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 117 $17,735,000 $151,581
    5-6% 76 $9,490,000 $124,868
    3-4% 65 $12,855,000 $197,769
    2.5-3% 46 $11,260,000 $244,783
    <2.5% 22 $2,340,000 $106,364
    6-7% 16 $3,050,000 $190,625
    7-8% 1 $45,000 $45,000

    During 2022, Utah Power's average interest rate for loans was 4.14%, while their most frequently originated rate bucket for loans was 4-5%, with 117 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 155 $7,385,000 $47,645 $2,661 4.65%
    $100k-200k 85 $12,455,000 $146,529 $3,809 4.15%
    $200k-400k 72 $21,600,000 $300,000 $5,187 4.04%
    $400k-600k 30 $14,720,000 $490,667 $7,502 4.00%
    $600k-1MM 1 $615,000 $615,000 $8,343 3.55%

    2022 saw Utah Power place emphasis on $100,000 or less loans with 155 originations, totaling $7,385,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 126 $24,230,000 $192,302 $5,669 4.41%
    $75k-100k 70 $9,770,000 $139,571 $4,199 4.12%
    $50k-75k 59 $7,345,000 $124,492 $3,978 4.48%
    $150k-250k 48 $9,720,000 $202,500 $5,667 4.24%
    $50k or less 30 $3,000,000 $100,000 $3,581 4.27%
    $250k+ 10 $2,710,000 $271,000 $7,165 4.77%

    Utah Power lent most frequently to those with incomes in the $100k-150k range, with 126 originations. The second most popular income band? $75k-100k, with 70 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 128 $22,880,000 $178,750 $4,954 4.16%
    30-36% 71 $12,255,000 $172,606 $4,777 4.53%
    <20% 43 $5,375,000 $125,000 $4,170 4.01%
    38% 15 $2,785,000 $185,667 $5,511 4.25%
    40% 14 $2,890,000 $206,429 $4,953 4.17%
    37% 11 $1,325,000 $120,455 $5,090 4.39%
    39% 11 $1,445,000 $131,364 $4,624 4.45%
    36% 10 $1,600,000 $160,000 $5,191 4.70%
    43% 9 $1,965,000 $218,333 $6,241 4.70%
    44% 7 $535,000 $76,429 $3,834 5.11%
    42% 6 $350,000 $58,333 $2,394 5.25%
    47% 3 $705,000 $235,000 $0 4.81%
    45% 3 $935,000 $311,667 $8,667 5.33%
    46% 3 $125,000 $41,667 $0 3.42%
    >60% 3 $975,000 $325,000 $5,508 4.00%
    48% 2 $160,000 $80,000 $0 5.49%
    50-60% 2 $390,000 $195,000 $8,246 5.19%
    41% 2 $80,000 $40,000 $0 5.25%

    Utah Power lent most frequently to those with DTI ratios of 20-30%, with 128 originations. The next most common DTI ratio? 30-36%, with 71 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 291 $48,645,000 $167,165 $4,953 4.34%
    Not provided 48 $6,940,000 $144,583 $5,233 4.38%
    American Indian 2 $590,000 $295,000 $2,529 4.06%
    Native Hawaiian or Islander 1 $435,000 $435,000 $0 2.63%
    Black 1 $165,000 $165,000 $3,468 3.75%

    Approval Rates

    Total approvals of all applications
    92.07%

    Utah Power has an average approval rate.

    Pick Rate

    Approvals leading to origination
    88.63%

    Utah Power has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 343 $56,775,000 $165,525

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    343 $56,775,000 $165,525

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $8,290,000 $125,606 $3,666 4.54%
    40-60% 53 $11,695,000 $220,660 $4,943 3.75%
    60-80% 81 $21,165,000 $261,296 $5,241 3.97%
    80-100% 40 $11,300,000 $282,500 $5,458 4.68%
    Under 20% 103 $4,325,000 $41,990 $2,394 4.66%