Utah Power Mortgage Rates, Fees & Info

Salt Lake City, UT

LEI: 549300TTK5T7CZ3UJ084

Tax ID: 87-0188878

5 stars - Updated: 3/29/24 - out of 5 stars, based on 17 reviews

Latest/2023 | 2022 Data | 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 Other and Home Purchase loans. Utah Power has a high proportion of conventional loans. Their top markets by origination volume include: Salt Lake City, Price, Ogden, Rock Springs, and Provo among others. We have data for 39 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 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 5.28% 3/29/24
30 Year Conventional Refi 5.40% 3/29/24
30 Year Cash-out Refi 5.43% 3/29/24
15 Year Conventional Purchase 5.21% 3/29/24
15 Year Conventional Refi 5.49% 3/29/24
15 Year Cash-out Refi 5.49% 3/29/24
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.

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

298

Origination Dollar Volume (All Markets)

$44,060,000
Show all (5) awards

Relative Rate

Utah Power's average 30 year fixed mortgage rate was 5.65%.

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

This yields a difference of -0.83%.

Relative Fees (Closing Costs)

Utah Power's average total fees/closing costs for a 30 year fixed rate mortgage were $5,532.

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) 51 $10,845,000 $212,647 $6,382 6.38%
Price, UT (FHA|USDA|VA) 78 $7,590,000 $97,308 $4,187 6.83%
Outside of Metro Areas 59 $7,275,000 $123,305 $4,637 6.62%
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 18 $2,870,000 $159,444 $6,865 6.72%
Rock Springs, WY (FHA|USDA|VA) 16 $1,680,000 $105,000 $4,296 6.95%
PROVO-OREM, UT (FHA|USDA|VA) 10 $1,390,000 $139,000 $5,327 6.63%
ST. GEORGE, UT (FHA|USDA|VA) 4 $1,190,000 $297,500 $5,188 6.40%
Vernal, UT (FHA|USDA|VA) 11 $1,025,000 $93,182 $5,538 6.99%
Rexburg, ID (FHA|USDA|VA) 3 $885,000 $295,000 $5,833 5.33%
GRAND JUNCTION, CO (FHA|USDA|VA) 3 $805,000 $268,333 $5,574 6.54%
IDAHO FALLS, ID (FHA|USDA|VA) 4 $790,000 $197,500 $6,460 6.81%
Cedar City, UT (FHA|USDA|VA) 3 $705,000 $235,000 $5,980 6.17%
LOGAN, UT-ID (FHA|USDA|VA) 5 $555,000 $111,000 $4,991 6.40%
MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $525,000 $525,000 $0 6.75%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $495,000 $495,000 $7,715 6.50%
PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) 1 $425,000 $425,000 $7,420 5.63%
Blackfoot, ID (FHA|USDA|VA) 2 $420,000 $210,000 $6,625 6.00%
CASPER, WY (FHA|USDA|VA) 4 $410,000 $102,500 $4,550 6.44%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 1 $405,000 $405,000 $0 5.88%
BEND, OR (FHA|USDA|VA) 1 $385,000 $385,000 $6,732 5.00%
BOISE CITY, ID (FHA|USDA|VA) 1 $345,000 $345,000 $7,344 5.00%
JACKSONVILLE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $6,020 5.00%
Evanston, WY (FHA|USDA|VA) 2 $320,000 $160,000 $3,352 5.88%
FLAGSTAFF, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $8,034 5.88%
Laramie, WY (FHA|USDA|VA) 2 $300,000 $150,000 $3,986 6.13%
LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) 1 $235,000 $235,000 $6,062 5.63%
VALLEJO, CA (FHA|USDA|VA) 1 $225,000 $225,000 $6,612 4.99%
Butte-Silver Bow, MT (FHA|USDA|VA) 1 $175,000 $175,000 $4,752 5.00%
Kalispell, MT (FHA|USDA|VA) 1 $165,000 $165,000 $0 7.25%
SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $165,000 $165,000 $3,920 5.88%
Gillette, WY (FHA|USDA|VA) 1 $145,000 $145,000 $0 7.33%
TWIN FALLS, ID (FHA|USDA|VA) 1 $135,000 $135,000 $5,801 6.75%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $110,000 $55,000 $0 7.38%
SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 1 $105,000 $105,000 $0 7.50%
Heber, UT (FHA|USDA|VA) 1 $95,000 $95,000 $0 7.25%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $75,000 $75,000 $0 7.75%
Montrose, CO (FHA|USDA|VA) 1 $65,000 $65,000 $0 7.00%
Pahrump, NV (FHA|USDA|VA) 1 $45,000 $45,000 $0 6.50%
KENNEWICK-RICHLAND, WA (FHA|USDA|VA) 1 $35,000 $35,000 $0 6.50%
Utah Power's top markets include Salt Lake City, Price, Ogden, Rock Springs, and Provo among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Wyoming (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Colorado (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.

    NEST HOME LENDING, LLC
    Similarity Rank: 234
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    Utah Power
    Similarity Rank: 1053
    SUN AMERICAN MORTGAGE COMPANY
    Similarity Rank: 1764

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 281 $43,235,000 $153,861 $5,238 6.56%
    HELOC 17 $825,000 $48,529 n/a 7.41%

    For 2023, Utah Power's most frequently originated type of loan was Conventional, with 281 originations. Their 2nd most popular type was HELOC, with 17 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Other 175 $10,575,000 $60,429 $2,305 7.24%
    Home Purchase 97 $27,955,000 $288,196 $5,542 5.68%
    Refi 21 $3,975,000 $189,286 $4,170 5.88%
    Cash Out Refi 5 $1,555,000 $311,000 $4,443 5.75%

    For 2023, Utah Power's most frequently cited loan purpose was Other, with 175 originations. The 2nd most popular reason was Home Purchase, with 97 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    10 Year 111 $5,985,000 $53,919 $2,517 7.03%
    30 Year 105 $31,055,000 $295,762 $5,532 5.65%
    15 Year 78 $6,910,000 $88,590 $3,758 7.29%
    5 Year 2 $40,000 $20,000 $0 7.25%
    Other 2 $70,000 $35,000 $0 7.25%

    For 2023, Utah Power's most frequently cited loan duration was 10 Year, with 111 originations. The 2nd most popular length was 30 Year, with 105 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 39 $14,565,000 $373,462
    $1k-2k 33 $3,415,000 $103,485
    $2k-3k 31 $7,575,000 $244,355
    $4k-5k 5 $2,395,000 $479,000
    $5k+ 3 $2,025,000 $675,000
    $<1k 2 $190,000 $95,000

    Utah Power's average total fees were $5,532, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 39 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 94 $12,150,000 $129,255
    7-8% 92 $5,890,000 $64,022
    4-5% 54 $15,920,000 $294,815
    5-6% 41 $8,975,000 $218,902
    Over 8% 17 $1,125,000 $66,176

    During 2023, Utah Power's average interest rate for loans was 5.65%, while their most frequently originated rate bucket for loans was 6-7%, with 94 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 165 $8,015,000 $48,576 $2,784 7.15%
    $200k-400k 60 $17,790,000 $296,500 $5,812 5.63%
    $100k-200k 48 $6,550,000 $136,458 $3,775 6.50%
    $400k-600k 22 $9,630,000 $437,727 $6,859 5.56%
    $600k-1MM 3 $2,075,000 $691,667 $9,132 6.33%

    2023 saw Utah Power place emphasis on $100,000 or less loans with 165 originations, totaling $8,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 89 $16,725,000 $187,921 $5,965 6.50%
    $75k-100k 57 $5,535,000 $97,105 $4,788 6.80%
    $150k-250k 56 $9,340,000 $166,786 $5,132 6.82%
    $50k-75k 52 $6,740,000 $129,615 $4,785 6.43%
    $50k or less 34 $2,430,000 $71,471 $3,345 6.61%
    $250k+ 10 $3,290,000 $329,000 $6,800 6.30%

    Utah Power lent most frequently to those with incomes in the $100k-150k range, with 89 originations. The second most popular income band? $75k-100k, with 57 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 77 $11,275,000 $146,429 $5,400 6.61%
    30-36% 70 $12,730,000 $181,857 $5,756 6.59%
    <20% 58 $7,090,000 $122,241 $4,472 6.45%
    38% 12 $1,460,000 $121,667 $4,849 6.98%
    42% 11 $1,875,000 $170,455 $5,790 6.15%
    36% 11 $1,135,000 $103,182 $6,529 7.05%
    37% 11 $1,235,000 $112,273 $5,546 6.75%
    39% 10 $990,000 $99,000 $4,627 7.01%
    43% 9 $1,445,000 $160,556 $6,161 6.51%
    40% 7 $585,000 $83,571 $4,858 7.29%
    41% 6 $970,000 $161,667 $5,453 6.96%
    50-60% 5 $955,000 $191,000 $5,006 6.70%
    46% 4 $830,000 $207,500 $4,063 6.72%
    44% 2 $670,000 $335,000 $7,860 6.81%
    47% 2 $150,000 $75,000 $2,712 6.00%
    >60% 2 $610,000 $305,000 $0 5.00%
    45% 1 $55,000 $55,000 $0 5.25%

    Utah Power lent most frequently to those with DTI ratios of 20-30%, with 77 originations. The next most common DTI ratio? 30-36%, with 70 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 261 $36,445,000 $139,636 $5,108 6.66%
    Not provided 34 $6,520,000 $191,765 $5,533 6.29%
    Asian 2 $870,000 $435,000 $10,404 6.31%
    Other Pacific Islander 1 $225,000 $225,000 $6,612 4.99%

    Approval Rates

    Total approvals of all applications
    94.99%

    Utah Power has an average approval rate.

    Pick Rate

    Approvals leading to origination
    86.91%

    Utah Power has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 298 $44,060,000 $147,852

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    298 $44,060,000 $147,852

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 65 $6,965,000 $107,154 $4,081 6.91%
    40-60% 21 $3,985,000 $189,762 $4,367 6.17%
    60-80% 37 $10,755,000 $290,676 $5,494 6.06%
    80-100% 55 $17,015,000 $309,364 $5,806 5.41%
    Under 20% 120 $5,340,000 $44,500 $3,458 7.25%