Salt Lake City USDA Loans

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 5.36% for the week of 2022-05-20, compared to the national average (all USDA variants) of 5.315% for the same period.

    The average rate for the prior week (2022-05-13) was 5.05% and one month ago for the week of 2022-04-15, the average rate was 4.74%.

    The average rate one year ago was 3.19%.

    For refis of the same type during the week of 2022-05-20, the average rate was 5.1%.

    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 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. Total Fees
    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 $392,475 (7.8%) $561,298 (2.3%) 1.45 2,029
    2018-02-01 $399,000 (6.4%) $584,031 (3.4%) 1.44 1,834
    2018-03-01 $410,000 (3.3%) $600,750 (2.6%) 1.42 1,784
    2018-04-01 $429,400 (7.4%) $606,814 (2.4%) 1.44 1,960
    2018-05-01 $430,000 (7.7%) $608,646 (5.4%) 1.43 2,149
    2018-06-01 $429,500 (7.5%) $607,550 (6.7%) 1.43 2,407
    2018-07-01 $425,450 (6.7%) $604,747 (9.0%) 1.42 2,552
    2018-08-01 $409,950 (5.1%) $581,549 (8.3%) 1.37 2,898
    2018-09-01 $409,900 (6.5%) $574,365 (10.3%) 1.37 3,045
    2018-10-01 $399,925 (5.1%) $563,295 (9.5%) 1.34 3,251
    2018-11-01 $399,900 (6.4%) $561,276 (10.3%) 1.34 3,133
    2018-12-01 $399,990 (5.3%) $564,075 (8.7%) 1.37 2,770
    2019-01-01 $400,000 (1.9%) $563,799 (0.5%) 1.38 2,474
    2019-02-01 $414,950 (4.0%) $578,464 (-1.0%) 1.39 2,267
    2019-03-01 $433,900 (5.8%) $596,098 (-0.8%) 1.41 2,202
    2019-04-01 $449,900 (4.8%) $602,579 (-0.7%) 1.42 2,233
    2019-05-01 $459,500 (6.9%) $605,125 (-0.6%) 1.42 2,513
    2019-06-01 $450,000 (4.8%) $599,669 (-1.3%) 1.39 2,672
    2019-07-01 $444,950 (4.6%) $591,631 (-2.2%) 1.38 2,724
    2019-08-01 $428,514 (4.5%) $567,378 (-2.4%) 1.35 3,274
    2019-09-01 $416,014 (1.5%) $553,643 (-3.6%) 1.32 3,362
    2019-10-01 $429,900 (7.5%) $583,496 (3.6%) 1.37 2,653
    2019-11-01 $439,000 (9.8%) $610,415 (8.8%) 1.42 2,315
    2019-12-01 $449,995 (12.5%) $637,788 (13.1%) 1.50 1,833
    2020-01-01 $457,000 (14.3%) $666,648 (18.2%) 1.52 1,513
    2020-02-01 $489,900 (18.1%) $713,353 (23.3%) 1.58 1,280
    2020-03-01 $487,450 (12.3%) $704,333 (18.2%) 1.52 1,439
    2020-04-01 $450,000 (0.0%) $629,926 (4.5%) 1.40 2,034
    2020-05-01 $469,900 (2.3%) $634,521 (4.9%) 1.42 1,984
    2020-06-01 $489,950 (8.9%) $676,513 (12.8%) 1.43 1,733
    2020-07-01 $499,995 (12.4%) $704,489 (19.1%) 1.43 1,546
    2020-08-01 $490,000 (14.4%) $715,685 (26.1%) 1.40 1,508
    2020-09-01 $480,950 (15.6%) $721,897 (30.4%) 1.37 1,407
    2020-10-01 $490,000 (14.0%) $745,753 (27.8%) 1.40 1,306
    2020-11-01 $514,950 (17.3%) $820,602 (34.4%) 1.47 1,061
    2020-12-01 $555,945 (23.5%) $896,630 (40.6%) 1.63 823
    2021-01-01 $599,000 (31.1%) $975,097 (46.3%) 1.76 595
    2021-02-01 $597,000 (21.9%) $951,227 (33.4%) 1.72 504
    2021-03-01 $539,950 (10.8%) $894,558 (27.0%) 1.51 606
    2021-04-01 $552,500 (22.8%) $892,005 (41.6%) 1.48 641
    2021-05-01 $579,000 (23.2%) $825,245 (30.1%) 1.52 697
    2021-06-01 $567,950 (15.9%) $808,296 (19.5%) 1.48 864
    2021-07-01 $563,000 (12.6%) $799,485 (13.5%) 1.46 1,061
    2021-08-01 $572,000 (16.7%) $779,713 (9.0%) 1.50 1,218
    2021-09-01 $547,500 (13.8%) $762,410 (5.6%) 1.44 1,322
    2021-10-01 $540,000 (10.2%) $755,781 (1.3%) 1.42 1,268
    2021-11-01 $554,900 (7.8%) $771,016 (-6.0%) 1.46 985
    2021-12-01 $557,900 (0.4%) $764,993 (-14.7%) 1.49 600
    2022-01-01 $550,000 (-8.2%) $755,222 (-22.6%) 1.47 444
    2022-02-01 $550,000 (-7.9%) $780,149 (-18.0%) 1.40 432
    2022-03-01 $582,000 (7.8%) $790,485 (-11.6%) 1.44 526
    2022-04-01 $625,000 (13.1%) $794,152 (-11.0%) 1.47 706
    Salt Lake City's median listing price for 2022-04-01 was $625,000, a difference of $72,500 (13.1%) versus the prior year and $43,000 versus the prior month.

    Salt Lake City's median listing price comes in at 147% of the national average.

    Salt Lake City's average listing price for 2022-04-01 was $794,152, a difference of $-97,853 (-11.0%) versus the prior year and $3,667 versus the prior month.

    For the 2022-04-01 period, Salt Lake City had 706 MLS listings, a difference of 180 listings (34%) versus the prior month and 65 listings (10%) 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 2,849 sqft
    2018-02-01 45 days 2,888 sqft
    2018-03-01 36 days 3,030 sqft
    2018-04-01 30 days 3,062 sqft
    2018-05-01 29 days 3,063 sqft
    2018-06-01 30 days 3,024 sqft
    2018-07-01 32 days 2,955 sqft
    2018-08-01 31 days 2,788 sqft
    2018-09-01 36 days 2,746 sqft
    2018-10-01 37 days 2,671 sqft
    2018-11-01 44 days 2,664 sqft
    2018-12-01 54 days 2,725 sqft
    2019-01-01 60 days 2,721 sqft
    2019-02-01 54 days 2,801 sqft
    2019-03-01 44 days 2,897 sqft
    2019-04-01 36 days 2,988 sqft
    2019-05-01 32 days 2,981 sqft
    2019-06-01 36 days 2,924 sqft
    2019-07-01 38 days 2,866 sqft
    2019-08-01 42 days 2,747 sqft
    2019-09-01 49 days 2,629 sqft
    2019-10-01 39 days 2,668 sqft
    2019-11-01 45 days 2,700 sqft
    2019-12-01 60 days 2,785 sqft
    2020-01-01 66 days 2,858 sqft
    2020-02-01 55 days 3,010 sqft
    2020-03-01 29 days 2,897 sqft
    2020-04-01 27 days 2,720 sqft
    2020-05-01 36 days 2,654 sqft
    2020-06-01 38 days 2,654 sqft
    2020-07-01 37 days 2,644 sqft
    2020-08-01 30 days 2,564 sqft
    2020-09-01 32 days 2,429 sqft
    2020-10-01 30 days 2,422 sqft
    2020-11-01 35 days 2,464 sqft
    2020-12-01 43 days 2,603 sqft
    2021-01-01 43 days 2,615 sqft
    2021-02-01 21 days 2,564 sqft
    2021-03-01 11 days 2,385 sqft
    2021-04-01 10 days 2,374 sqft
    2021-05-01 8 days 2,413 sqft
    2021-06-01 11 days 2,450 sqft
    2021-07-01 16 days 2,460 sqft
    2021-08-01 20 days 2,459 sqft
    2021-09-01 22 days 2,402 sqft
    2021-10-01 24 days 2,402 sqft
    2021-11-01 28 days 2,405 sqft
    2021-12-01 38 days 2,423 sqft
    2022-01-01 40 days 2,400 sqft
    2022-02-01 27 days 2,319 sqft
    2022-03-01 25 days 2,349 sqft
    2022-04-01 21 days 2,422 sqft
    Salt Lake City's median listing age (time on market) for 2022-04-01 was 21 days. This is 110% longer than the same period one year ago.

    Salt Lake City's median square footage for active listings during the 2022-04-01 period was 2,422 sqft. One year prior, the average listing was 2,374 sqft.