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 6.35% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

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

The average rate for the prior week (2024-04-05) was 6.27% and one month ago for the week of 2024-03-08, the average rate was 6.23%.

The average rate one year ago was 6.14%.

For refis of the same type during the week of 2024-04-12, the average rate was 6.81%.

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
Salt Lake City's median listing price for 2024-03-01 was $579,999, a difference of $-9,976 (-1.7%) versus the prior year and $10,999 versus the prior month.

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 listing age (time on market) for 2024-03-01 was 44 days. This is -3% shorter than the same period one year ago.

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.