Salt Lake City USDA Loan Rates, Closing Costs & Stats

SALT LAKE CITY, UT

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Salt Lake City's 9 lenders originated 14 USDA loans during 2023. The total origination value was $5,100,000, with an average USDA loan value of $364,286.

    Salt Lake City USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Salt Lake City averaged 6.35% for the week of 2024-12-13, compared to the national average (all USDA variants) of 6.303% for the same period.

    Salt Lake City's average USDA mortgage closing costs are $6,885.

    The average rate for the prior week (2024-12-06) was 5.98% and one month ago for the week of 2024-11-08, the average rate was 6.3%.

    The average rate one year ago was 6.87%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.21%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Salt Lake City USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Salt Lake City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 5 5.33% $11,478
    FIRST COLONY MORTGAGE CORPORATION 2 5.25% $3,626
    INTERCAP LENDING INC. 1 4.88% $18,298
    Century Mortgage Company DBA Century Lending Company 1 5.25% $10,523
    PLANET HOME LENDING, LLC 1 5.38% $7,964
    SECURITYNATIONAL MORTGAGE COMPANY 1 6.13% $11,913
    Sierra Pacific Mortgage Company, Inc. 1 5.63% $8,933
    MASON MCDUFFIE MORTGAGE CORPORATION 1 6.88% $13,471
    DHI MORTGAGE COMPANY, LTD. 1 4.88% $5,251

    The top Salt Lake City USDA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 5 USDA loans originated. Their average total fees are $11,478, which is $7,853 higher than the next largest lender, FIRST COLONY MORTGAGE CORPORATION.

    The lowest fee Salt Lake City USDA lenders (with over 10 loans originated) are .

    The lowest rate Salt Lake City USDA lenders (with over 10 loans originated) are .

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Salt Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $386,972 (8.3%) $542,512 (2.6%) 1.43 2,090
    2018-02-01 $390,000 (5.0%) $553,438 (1.3%) 1.42 1,909
    2018-03-01 $402,960 (2.6%) $576,283 (1.3%) 1.41 1,859
    2018-04-01 $417,475 (5.9%) $581,928 (1.6%) 1.42 2,037
    2018-05-01 $424,036 (8.1%) $585,001 (4.4%) 1.42 2,228
    2018-06-01 $421,460 (6.9%) $586,497 (5.7%) 1.41 2,484
    2018-07-01 $422,898 (8.4%) $586,085 (9.0%) 1.41 2,630
    2018-08-01 $405,931 (4.3%) $561,543 (7.8%) 1.36 2,989
    2018-09-01 $405,000 (6.6%) $553,575 (9.5%) 1.36 3,136
    2018-10-01 $399,448 (6.0%) $544,079 (8.8%) 1.35 3,336
    2018-11-01 $399,000 (7.3%) $538,969 (8.9%) 1.35 3,219
    2018-12-01 $399,000 (6.4%) $542,294 (7.0%) 1.38 2,868
    2019-01-01 $399,900 (3.3%) $542,473 (0.0%) 1.38 2,588
    2019-02-01 $409,751 (5.1%) $558,169 (0.9%) 1.38 2,413
    2019-03-01 $425,671 (5.6%) $573,574 (-0.5%) 1.39 2,382
    2019-04-01 $437,560 (4.8%) $577,091 (-0.8%) 1.39 2,439
    2019-05-01 $442,495 (4.4%) $578,519 (-1.1%) 1.38 2,725
    2019-06-01 $442,850 (5.1%) $576,611 (-1.7%) 1.38 2,927
    2019-07-01 $437,450 (3.4%) $571,718 (-2.5%) 1.37 2,920
    2019-08-01 $435,836 (7.4%) $569,754 (1.5%) 1.38 2,888
    2019-09-01 $429,741 (6.1%) $563,830 (1.9%) 1.38 2,876
    2019-10-01 $425,000 (6.4%) $564,531 (3.8%) 1.37 2,852
    2019-11-01 $430,000 (7.8%) $585,308 (8.6%) 1.41 2,493
    2019-12-01 $442,494 (10.9%) $607,272 (12.0%) 1.48 1,976
    2020-01-01 $446,792 (11.7%) $626,861 (15.6%) 1.49 1,656
    2020-02-01 $467,700 (14.1%) $662,875 (18.8%) 1.53 1,407
    2020-03-01 $470,515 (10.5%) $659,329 (15.0%) 1.48 1,574
    2020-04-01 $447,476 (2.3%) $600,840 (4.1%) 1.40 2,189
    2020-05-01 $458,000 (3.5%) $606,769 (4.9%) 1.39 2,114
    2020-06-01 $476,750 (7.7%) $643,885 (11.7%) 1.40 1,855
    2020-07-01 $482,125 (10.2%) $670,221 (17.2%) 1.40 1,629
    2020-08-01 $479,999 (10.1%) $689,916 (21.1%) 1.38 1,570
    2020-09-01 $473,700 (10.2%) $691,861 (22.7%) 1.36 1,486
    2020-10-01 $479,950 (12.9%) $710,384 (25.8%) 1.38 1,381
    2020-11-01 $499,775 (16.2%) $763,765 (30.5%) 1.46 1,128
    2020-12-01 $538,032 (21.6%) $830,051 (36.7%) 1.60 857
    2021-01-01 $585,000 (30.9%) $902,952 (44.0%) 1.75 622
    2021-02-01 $580,879 (24.2%) $866,304 (30.7%) 1.69 525
    2021-03-01 $528,630 (12.4%) $825,159 (25.2%) 1.50 623
    2021-04-01 $549,850 (22.9%) $823,945 (37.1%) 1.49 652
    2021-05-01 $570,000 (24.5%) $775,676 (27.8%) 1.51 715
    2021-06-01 $566,950 (18.9%) $759,297 (17.9%) 1.49 898
    2021-07-01 $559,079 (16.0%) $761,462 (13.6%) 1.48 1,105
    2021-08-01 $563,248 (17.3%) $744,339 (7.9%) 1.50 1,272
    2021-09-01 $542,450 (14.5%) $723,946 (4.6%) 1.45 1,389
    2021-10-01 $539,900 (12.5%) $726,706 (2.3%) 1.44 1,339
    2021-11-01 $552,400 (10.5%) $739,404 (-3.2%) 1.48 1,065
    2021-12-01 $563,970 (4.8%) $742,234 (-10.6%) 1.53 686
    2022-01-01 $565,000 (-3.4%) $732,575 (-18.9%) 1.53 489
    2022-02-01 $555,000 (-4.5%) $749,522 (-13.5%) 1.44 472
    2022-03-01 $582,500 (10.2%) $770,132 (-6.7%) 1.46 572
    2022-04-01 $624,950 (13.7%) $764,430 (-7.2%) 1.49 764
    2022-05-01 $637,500 (11.8%) $784,861 (1.2%) 1.46 1,329
    2022-06-01 $632,450 (11.6%) $782,387 (3.0%) 1.41 1,854
    2022-07-01 $615,000 (10.0%) $753,832 (-1.0%) 1.39 2,544
    2022-08-01 $598,450 (6.3%) $738,042 (-0.9%) 1.38 2,668
    2022-09-01 $580,250 (7.0%) $735,074 (1.5%) 1.36 2,715
    2022-10-01 $574,900 (6.5%) $719,675 (-1.0%) 1.35 2,918
    2022-11-01 $550,000 (-0.4%) $715,491 (-3.2%) 1.32 2,779
    2022-12-01 $549,945 (-2.5%) $716,621 (-3.5%) 1.36 2,289
    2023-01-01 $559,125 (-1.0%) $729,539 (-0.4%) 1.39 1,947
    2023-02-01 $569,950 (2.7%) $746,243 (-0.4%) 1.38 1,633
    2023-03-01 $589,975 (1.3%) $751,748 (-2.4%) 1.39 1,546
    2023-04-01 $609,481 (-2.5%) $792,254 (3.6%) 1.42 1,498
    2023-05-01 $635,000 (-0.4%) $815,095 (3.9%) 1.44 1,682
    2023-06-01 $625,233 (-1.1%) $808,679 (3.4%) 1.41 1,925
    2023-07-01 $629,000 (2.3%) $813,345 (7.9%) 1.43 2,055
    2023-08-01 $605,000 (1.1%) $795,765 (7.8%) 1.39 2,203
    2023-09-01 $599,000 (3.2%) $789,245 (7.4%) 1.39 2,429
    2023-10-01 $589,075 (2.5%) $774,337 (7.6%) 1.39 2,561
    2023-11-01 $579,475 (5.4%) $765,030 (6.9%) 1.38 2,447
    2023-12-01 $574,900 (4.5%) $762,957 (6.5%) 1.40 2,223
    2024-01-01 $572,425 (2.4%) $775,484 (6.3%) 1.40 1,862
    2024-02-01 $569,000 (-0.2%) $771,147 (3.3%) 1.37 1,740
    2024-03-01 $579,999 (-1.7%) $785,386 (4.5%) 1.37 1,717
    2024-04-01 $598,500 (-1.8%) $799,762 (1.0%) 1.39 1,933
    2024-05-01 $620,450 (-2.3%) $826,081 (1.4%) 1.40 2,211
    2024-06-01 $614,900 (-1.7%) $826,100 (2.2%) 1.38 2,423
    2024-07-01 $593,425 (-5.7%) $790,994 (-2.8%) 1.36 2,512
    2024-08-01 $589,000 (-2.6%) $779,140 (-2.1%) 1.37 2,718
    2024-09-01 $580,000 (-3.2%) $780,246 (-1.1%) 1.36 2,902
    2024-10-01 $581,200 (-1.3%) $777,119 (0.4%) 1.37 2,916
    2024-11-01 $575,000 (-0.8%) $769,851 (0.6%) 1.38 2,837
    Salt Lake City's median listing price for 2024-11-01 was $575,000, a difference of $-4,475 (-0.8%) versus the prior year and $-6,200 versus the prior month.

    Salt Lake City's median listing price comes in at 138% of the national average.

    Salt Lake City's average listing price for 2024-11-01 was $769,851, a difference of $4,821 (0.6%) versus the prior year and $-7,268 versus the prior month.

    For the 2024-11-01 period, Salt Lake City had 2,837 MLS listings, a difference of -79 listings (-3%) versus the prior month and 390 listings (16%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Salt Lake City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 52 days 2,800 sqft
    2018-02-01 41 days 2,856 sqft
    2018-03-01 31 days 2,999 sqft
    2018-04-01 29 days 2,995 sqft
    2018-05-01 26 days 3,013 sqft
    2018-06-01 29 days 2,988 sqft
    2018-07-01 31 days 2,938 sqft
    2018-08-01 30 days 2,782 sqft
    2018-09-01 35 days 2,734 sqft
    2018-10-01 36 days 2,650 sqft
    2018-11-01 43 days 2,660 sqft
    2018-12-01 52 days 2,700 sqft
    2019-01-01 58 days 2,706 sqft
    2019-02-01 50 days 2,791 sqft
    2019-03-01 39 days 2,867 sqft
    2019-04-01 33 days 2,942 sqft
    2019-05-01 31 days 2,921 sqft
    2019-06-01 33 days 2,896 sqft
    2019-07-01 38 days 2,847 sqft
    2019-08-01 39 days 2,791 sqft
    2019-09-01 38 days 2,706 sqft
    2019-10-01 39 days 2,664 sqft
    2019-11-01 45 days 2,678 sqft
    2019-12-01 58 days 2,724 sqft
    2020-01-01 63 days 2,802 sqft
    2020-02-01 39 days 2,940 sqft
    2020-03-01 24 days 2,876 sqft
    2020-04-01 28 days 2,697 sqft
    2020-05-01 36 days 2,653 sqft
    2020-06-01 36 days 2,652 sqft
    2020-07-01 32 days 2,599 sqft
    2020-08-01 29 days 2,516 sqft
    2020-09-01 29 days 2,417 sqft
    2020-10-01 28 days 2,394 sqft
    2020-11-01 31 days 2,431 sqft
    2020-12-01 36 days 2,571 sqft
    2021-01-01 31 days 2,552 sqft
    2021-02-01 13 days 2,557 sqft
    2021-03-01 8 days 2,390 sqft
    2021-04-01 8 days 2,346 sqft
    2021-05-01 9 days 2,402 sqft
    2021-06-01 11 days 2,432 sqft
    2021-07-01 16 days 2,437 sqft
    2021-08-01 19 days 2,457 sqft
    2021-09-01 21 days 2,402 sqft
    2021-10-01 24 days 2,402 sqft
    2021-11-01 25 days 2,402 sqft
    2021-12-01 35 days 2,475 sqft
    2022-01-01 38 days 2,475 sqft
    2022-02-01 25 days 2,344 sqft
    2022-03-01 21 days 2,364 sqft
    2022-04-01 19 days 2,402 sqft
    2022-05-01 19 days 2,558 sqft
    2022-06-01 24 days 2,524 sqft
    2022-07-01 30 days 2,473 sqft
    2022-08-01 37 days 2,412 sqft
    2022-09-01 44 days 2,402 sqft
    2022-10-01 46 days 2,394 sqft
    2022-11-01 53 days 2,379 sqft
    2022-12-01 67 days 2,396 sqft
    2023-01-01 74 days 2,411 sqft
    2023-02-01 62 days 2,463 sqft
    2023-03-01 45 days 2,574 sqft
    2023-04-01 41 days 2,674 sqft
    2023-05-01 36 days 2,692 sqft
    2023-06-01 36 days 2,661 sqft
    2023-07-01 38 days 2,630 sqft
    2023-08-01 42 days 2,517 sqft
    2023-09-01 43 days 2,450 sqft
    2023-10-01 46 days 2,417 sqft
    2023-11-01 54 days 2,426 sqft
    2023-12-01 63 days 2,405 sqft
    2024-01-01 67 days 2,406 sqft
    2024-02-01 54 days 2,370 sqft
    2024-03-01 44 days 2,370 sqft
    2024-04-01 38 days 2,416 sqft
    2024-05-01 34 days 2,533 sqft
    2024-06-01 39 days 2,492 sqft
    2024-07-01 45 days 2,406 sqft
    2024-08-01 46 days 2,398 sqft
    2024-09-01 51 days 2,364 sqft
    2024-10-01 54 days 2,362 sqft
    2024-11-01 57 days 2,340 sqft
    Salt Lake City's median listing age (time on market) for 2024-11-01 was 57 days. This is 6% longer than the same period one year ago.

    Salt Lake City's median square footage for active listings during the 2024-11-01 period was 2,340 sqft. One year prior, the average listing was 2,426 sqft.