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 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.