Salt Lake City USDA Loans

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 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.