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 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
6.61%
for the week of 2024-04-19, compared to the national average (all USDA variants) of
6.863% for the same period.
Salt Lake City's average USDA mortgage closing costs are $6,885.
The average rate for the prior week (2024-04-12) was
6.36% and
one month ago for the week of 2024-03-15, the
average rate was 6.44%.
The average rate one year ago was 6.18%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.87%.
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 |
Salt Lake City's median listing price comes in at 137% of the national average.
Salt Lake City's average listing price for 2024-03-01 was $785,386, a difference of $33,638 (4.5%) versus the prior year and $14,239 versus the prior month.
For the 2024-03-01 period, Salt Lake City had 1,717 MLS listings, a difference of -23 listings (-1%) versus the prior month and 171 listings (11%) 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 |
Salt Lake City's median square footage for active listings during the 2024-03-01 period was 2,370 sqft. One year prior, the average listing was 2,574 sqft.