Salt Lake City USDA Loan Rates, Closing Costs & Stats

SALT LAKE CITY, UT

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 39 lenders originated 167 USDA loans during 2021. The total origination value was $56,285,000, with an average USDA loan value of $337,036.

Salt Lake City USDA Loans, 30 Year Fixed Rates

30 Year USDA mortgages in Salt Lake City averaged 6.18% for the week of 2022-12-02, compared to the national average (all USDA variants) of 6.437% for the same period.

Salt Lake City's average USDA mortgage closing costs are $6,740.

The average rate for the prior week (2022-11-25) was 6.32% and one month ago for the week of 2022-10-28, the average rate was 6.89%.

The average rate one year ago was 3.28%.

For refis of the same type during the week of 2022-12-02, the average rate was 6.22%.

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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
SECURITYNATIONAL MORTGAGE COMPANY 17 2.63% $7,143
CALIBER HOME LOANS, INC. 13 2.73% $6,468
SECURITY HOME MORTGAGE, LLC. 9 2.54% $6,799
INTERCAP LENDING INC. 9 2.93% $7,299
HOME POINT FINANCIAL CORPORATION 9 2.65% $7,138
UNITED WHOLESALE MORTGAGE, LLC 8 2.78% $8,044
DHI MORTGAGE COMPANY, LTD. 8 2.55% $5,117
FIRST COLONY MORTGAGE CORPORATION 7 2.80% $4,155
CITYWIDE HOME LOANS, LLC 6 3.06% $6,732
VERITAS FUNDING, LLC 6 2.64% $6,983
BROKER SOLUTIONS, INC. 6 3.17% $8,595
MY MOVE MORTGAGE, LLC 5 2.63% $7,068
STEARNS LENDING, LLC 5 2.88% $8,336
GUILD MORTGAGE COMPANY 5 3.00% $6,581
RANLIFE, INC. 4 2.81% $8,885
DIRECT MORTGAGE, CORP. 3 2.75% $12,773
CROSSCOUNTRY MORTGAGE, LLC 3 3.12% $6,684
CANOPY MORTGAGE, LLC 3 2.25% $7,158
FINANCE OF AMERICA MORTGAGE LLC 3 3.42% $6,316
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 2.81% $7,920
CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 2 3.00% $6,333
SUN AMERICAN MORTGAGE COMPANY 2 2.63% $7,096
NBH Bank 2 2.44% $9,021
LOANDEPOT.COM, LLC 2 3.19% $8,019
MICHIGAN MUTUAL, INC. 2 2.44% $7,627
GUARANTEED RATE, INC. 1 2.88% $6,720
AMERICAN PACIFIC MORTGAGE CORPORATION 1 2.88% $8,154
CALCON MUTUAL MORTGAGE LLC 1 2.75% $16,042
Carrington Mortgage Services, LLC 1 4.50% $6,121
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.25% $7,452
CYPRUS Federal Credit Union 1 2.63% $5,412
EVERLEND MORTGAGE COMPANY 1 3.13% $4,649
GOLDENWEST 1 2.50% $8,870
AMERICAN FINANCING CORPORATION 1 2.50% $6,399
MOUNTAIN AMERICA 1 2.75% $4,029
MOVEMENT MORTGAGE, LLC 1 3.13% $6,460
Northpointe Bank 1 2.75% $10,827
S1L, Inc. 1 2.25% $12,799
UTAH COMMUNITY 1 2.75% $5,951

The top Salt Lake City USDA lender as defined by loan originations is SECURITYNATIONAL MORTGAGE COMPANY, with 17 USDA loans originated. Their average total fees are $7,143, which is $675 higher than the next largest lender, CALIBER HOME LOANS, INC..

The lowest fee Salt Lake City USDA lenders (with over 10 loans originated) are CALIBER HOME LOANS, INC. ($6,468), SECURITYNATIONAL MORTGAGE COMPANY ($7,143), .

The lowest rate Salt Lake City USDA lenders (with over 10 loans originated) are SECURITYNATIONAL MORTGAGE COMPANY (2.63%), CALIBER HOME LOANS, INC. (2.73%), .


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%) $542,532 (2.6%) 1.43 2,089
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 $423,081 (8.5%) $586,278 (9.1%) 1.41 2,629
2018-08-01 $406,262 (4.5%) $561,703 (7.8%) 1.36 2,988
2018-09-01 $405,000 (6.6%) $553,579 (9.5%) 1.36 3,136
2018-10-01 $399,450 (6.0%) $544,673 (9.0%) 1.35 3,338
2018-11-01 $399,000 (7.4%) $540,153 (9.1%) 1.35 3,221
2018-12-01 $399,000 (6.4%) $543,638 (7.3%) 1.38 2,870
2019-01-01 $399,900 (3.3%) $543,979 (0.3%) 1.38 2,589
2019-02-01 $409,996 (5.1%) $559,761 (1.1%) 1.38 2,414
2019-03-01 $425,671 (5.6%) $575,569 (-0.1%) 1.39 2,383
2019-04-01 $438,707 (5.1%) $579,723 (-0.4%) 1.39 2,442
2019-05-01 $442,473 (4.4%) $579,739 (-0.9%) 1.38 2,736
2019-06-01 $442,575 (5.0%) $577,444 (-1.5%) 1.38 2,940
2019-07-01 $437,450 (3.4%) $572,367 (-2.4%) 1.37 2,933
2019-08-01 $435,836 (7.3%) $569,940 (1.5%) 1.38 2,902
2019-09-01 $429,741 (6.1%) $563,473 (1.8%) 1.38 2,889
2019-10-01 $425,000 (6.4%) $563,788 (3.5%) 1.37 2,866
2019-11-01 $430,000 (7.8%) $584,375 (8.2%) 1.41 2,508
2019-12-01 $442,450 (10.9%) $605,918 (11.5%) 1.48 1,990
2020-01-01 $446,495 (11.7%) $625,111 (14.9%) 1.49 1,670
2020-02-01 $466,141 (13.7%) $660,436 (18.0%) 1.52 1,421
2020-03-01 $468,689 (10.1%) $657,084 (14.2%) 1.47 1,588
2020-04-01 $446,526 (1.8%) $599,652 (3.4%) 1.40 2,203
2020-05-01 $456,945 (3.3%) $605,497 (4.4%) 1.39 2,129
2020-06-01 $475,735 (7.5%) $642,205 (11.2%) 1.40 1,869
2020-07-01 $482,000 (10.2%) $668,203 (16.7%) 1.40 1,643
2020-08-01 $479,900 (10.1%) $687,579 (20.6%) 1.38 1,584
2020-09-01 $472,450 (9.9%) $689,278 (22.3%) 1.35 1,500
2020-10-01 $479,750 (12.9%) $707,484 (25.5%) 1.37 1,395
2020-11-01 $499,450 (16.2%) $759,529 (30.0%) 1.46 1,142
2020-12-01 $531,500 (20.1%) $823,400 (35.9%) 1.58 871
2021-01-01 $575,000 (28.8%) $892,301 (42.7%) 1.72 636
2021-02-01 $564,550 (21.1%) $853,059 (29.2%) 1.64 538
2021-03-01 $524,950 (12.0%) $816,254 (24.2%) 1.49 636
2021-04-01 $543,575 (21.7%) $815,217 (36.0%) 1.47 666
2021-05-01 $565,000 (23.7%) $768,925 (27.0%) 1.49 729
2021-06-01 $559,125 (17.5%) $753,970 (17.4%) 1.47 912
2021-07-01 $550,000 (14.1%) $757,921 (13.4%) 1.45 1,117
2021-08-01 $560,063 (16.7%) $741,018 (7.8%) 1.49 1,284
2021-09-01 $542,000 (14.7%) $720,976 (4.6%) 1.45 1,403
2021-10-01 $539,383 (12.4%) $723,817 (2.3%) 1.44 1,353
2021-11-01 $549,500 (10.0%) $735,326 (-3.2%) 1.47 1,079
2021-12-01 $560,000 (5.4%) $736,822 (-10.5%) 1.52 700
2022-01-01 $559,900 (-2.6%) $726,784 (-18.6%) 1.51 503
2022-02-01 $553,540 (-2.0%) $743,010 (-12.9%) 1.44 486
2022-03-01 $582,000 (10.9%) $764,603 (-6.3%) 1.46 586
2022-04-01 $619,000 (13.9%) $760,347 (-6.7%) 1.48 778
2022-05-01 $636,075 (12.6%) $781,777 (1.7%) 1.45 1,342
2022-06-01 $630,688 (12.8%) $780,124 (3.5%) 1.40 1,865
2022-07-01 $615,000 (11.8%) $752,173 (-0.8%) 1.39 2,557
2022-08-01 $596,450 (6.5%) $736,536 (-0.6%) 1.38 2,682
2022-09-01 $579,999 (7.0%) $733,653 (1.8%) 1.36 2,729
2022-10-01 $574,500 (6.5%) $718,379 (-0.8%) 1.35 2,932
2022-11-01 $550,000 (0.1%) $713,914 (-2.9%) 1.32 2,793
Salt Lake City's median listing price for 2022-11-01 was $550,000, a difference of $500 (0.1%) versus the prior year and $-24,500 versus the prior month.

Salt Lake City's median listing price comes in at 132% of the national average.

Salt Lake City's average listing price for 2022-11-01 was $713,914, a difference of $-21,412 (-2.9%) versus the prior year and $-4,465 versus the prior month.

For the 2022-11-01 period, Salt Lake City had 2,793 MLS listings, a difference of -139 listings (-5%) versus the prior month and 1,714 listings (159%) 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 55 days 2,796 sqft
2018-02-01 44 days 2,856 sqft
2018-03-01 34 days 2,999 sqft
2018-04-01 30 days 2,995 sqft
2018-05-01 29 days 3,013 sqft
2018-06-01 30 days 2,988 sqft
2018-07-01 32 days 2,939 sqft
2018-08-01 31 days 2,783 sqft
2018-09-01 36 days 2,734 sqft
2018-10-01 36 days 2,651 sqft
2018-11-01 44 days 2,661 sqft
2018-12-01 53 days 2,701 sqft
2019-01-01 60 days 2,706 sqft
2019-02-01 52 days 2,791 sqft
2019-03-01 41 days 2,867 sqft
2019-04-01 34 days 2,943 sqft
2019-05-01 32 days 2,921 sqft
2019-06-01 36 days 2,892 sqft
2019-07-01 38 days 2,845 sqft
2019-08-01 40 days 2,789 sqft
2019-09-01 39 days 2,705 sqft
2019-10-01 40 days 2,664 sqft
2019-11-01 46 days 2,676 sqft
2019-12-01 61 days 2,721 sqft
2020-01-01 66 days 2,798 sqft
2020-02-01 44 days 2,936 sqft
2020-03-01 26 days 2,866 sqft
2020-04-01 28 days 2,695 sqft
2020-05-01 37 days 2,653 sqft
2020-06-01 37 days 2,652 sqft
2020-07-01 35 days 2,598 sqft
2020-08-01 30 days 2,516 sqft
2020-09-01 30 days 2,417 sqft
2020-10-01 29 days 2,396 sqft
2020-11-01 34 days 2,433 sqft
2020-12-01 40 days 2,571 sqft
2021-01-01 36 days 2,544 sqft
2021-02-01 16 days 2,543 sqft
2021-03-01 9 days 2,393 sqft
2021-04-01 9 days 2,364 sqft
2021-05-01 10 days 2,402 sqft
2021-06-01 11 days 2,435 sqft
2021-07-01 16 days 2,438 sqft
2021-08-01 19 days 2,460 sqft
2021-09-01 22 days 2,402 sqft
2021-10-01 25 days 2,402 sqft
2021-11-01 26 days 2,404 sqft
2021-12-01 37 days 2,477 sqft
2022-01-01 40 days 2,479 sqft
2022-02-01 26 days 2,348 sqft
2022-03-01 23 days 2,370 sqft
2022-04-01 21 days 2,404 sqft
2022-05-01 20 days 2,558 sqft
2022-06-01 25 days 2,523 sqft
2022-07-01 30 days 2,472 sqft
2022-08-01 38 days 2,412 sqft
2022-09-01 45 days 2,402 sqft
2022-10-01 47 days 2,395 sqft
2022-11-01 54 days 2,378 sqft
Salt Lake City's median listing age (time on market) for 2022-11-01 was 54 days. This is 110% longer than the same period one year ago.

Salt Lake City's median square footage for active listings during the 2022-11-01 period was 2,378 sqft. One year prior, the average listing was 2,404 sqft.