Salt Lake City VA Loan Rates, Closing Costs & Stats

SALT LAKE CITY, UT

A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

For additional benefits of VA loans, click here.

Salt Lake City's 104 lenders originated 1,213 VA loans during 2022. The total origination value was $564,565,000, with an average VA loan value of $465,429.

Salt Lake City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Salt Lake City averaged 6.3% for the week of 2024-02-16, compared to the national average (all VA variants) of 6.462% for the same period.

Salt Lake City's average VA mortgage closing costs are $7,290.

The average rate for the prior week (2024-02-09) was 6.16% and one month ago for the week of 2024-01-12, the average rate was 6.02%.

The average rate one year ago was 5.58%.

For refis of the same type during the week of 2024-02-16, the average rate was 5.41%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

Salt Lake City VA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for VA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Salt Lake City level.

Name # of Loans 2022 Avg. 30yFix Rate 2022 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 215 4.29% $10,168
INTERCAP LENDING INC. 78 4.38% $9,463
QUICKEN LOANS, LLC 73 3.94% $15,333
FREEDOM MORTGAGE CORPORATION 65 3.75% $12,269
Mortgage Research Center, LLC 55 4.84% $9,977
PENNYMAC LOAN SERVICES, LLC 50 3.13% $11,107
CALIBER HOME LOANS, INC. 33 4.10% $11,231
The Federal Savings Bank 33 3.98% $19,126
HOME POINT FINANCIAL CORPORATION 31 4.16% $11,365
LOANDEPOT.COM, LLC 26 4.09% $15,478
SECURITYNATIONAL MORTGAGE COMPANY 26 4.95% $14,649
CITYWIDE HOME LOANS, LLC 20 4.43% $13,728
NAVY FEDERAL CREDIT UNION 20 3.81% $8,647
ACADEMY MORTGAGE CORPORATION 17 4.34% $14,903
CROSSCOUNTRY MORTGAGE, LLC 17 5.31% $13,366
BROKER SOLUTIONS, INC. 16 4.60% $11,521
DHI MORTGAGE COMPANY, LTD. 16 3.67% $7,460
FIRST COLONY MORTGAGE CORPORATION 16 4.12% $7,519
RANLIFE, INC. 15 3.92% $11,840
VERITAS FUNDING, LLC 15 4.27% $10,775
USAA Federal Savings Bank 12 4.18% $7,901
AMERICAN PACIFIC MORTGAGE CORPORATION 12 4.56% $8,607
AMERISAVE MORTGAGE CORPORATION 12 3.88% $11,868
VILLAGE CAPITAL MORTGAGE 12 4.90% $14,169
MY MOVE MORTGAGE, LLC 11 4.83% $13,577
CARDINAL FINANCIAL 10 4.31% $11,961
CANOPY MORTGAGE, LLC 9 3.74% $13,391
NEWREZ LLC 9 4.16% $16,934
HOMEAMERICAN MORTGAGE CORPORATION 9 4.50% $9,005
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 9 5.15% $19,181
LAKEVIEW LOAN SERVICING, LLC 8 3.14% $5,257
DIRECT MORTGAGE, CORP. 8 4.63% $12,593
Low VA Rates, LLC 7 4.09% $23,184
Network Funding, L.P. 7 5.05% $13,858
Barrington Bank & Trust Company, N.A. 7 4.84% $9,657
SECURITY HOME MORTGAGE, LLC. 7 4.43% $12,263
INSPIRE HOME LOANS INC. 6 3.98% $12,350
NBH Bank 6 4.08% $14,077
Plains Commerce Bank 6 4.31% $17,623
LOANPAL, LLC 6 3.42% $18,535
Flagstar Bank, FSB 5 5.25% $13,708
BAY EQUITY LLC 5 4.53% $13,244
BNC National Bank 5 4.15% $5,411
CASTLE & COOKE MORTGAGE, LLC 5 4.15% $9,532
Wells Fargo Bank 5 4.73% $8,185
FINANCE OF AMERICA MORTGAGE LLC 5 4.15% $8,729
Mr. Cooper ( Nationstar Mortgage ) 5 4.70% $14,404
GUILD MORTGAGE COMPANY 5 4.00% $8,099
PENTAGON FEDERAL CREDIT UNION 5 3.00% $3,909
Magnolia Bank 5 4.00% $19,309
MOUNTAIN AMERICA 5 3.90% $16,094
EVERETT FINANCIAL, INC. 4 4.72% $2,320
AMERICAN FINANCING CORPORATION 4 3.50% $14,619
Northpointe Bank 4 3.94% $10,030
North American Savings Bank, F.S.B. 4 2.91% $11,890
S1L, Inc. 4 5.16% $20,917
AMERICA FIRST 3 3.04% $9,129
NBKC BANK 3 4.25% $20,882
CMG MORTGAGE, INC. 3 4.04% $8,945
Century Mortgage Company DBA Century Lending Company 3 5.46% $6,735
GUARANTEED RATE, INC. 3 4.75% $13,862
Strong Home Mortgage, LLC 2 3.00% $8,836
Carrington Mortgage Services, LLC 2 3.25% $15,684
CYPRUS Federal Credit Union 2 4.56% $4,724
EAGLE HOME MORTGAGE, LLC 2 5.00% $5,437
Gateway First Bank 2 4.06% $2,593
GUARANTEED RATE AFFINITY, LLC 2 4.09% $5,070
HOMESIDE FINANCIAL, LLC 2 4.37% $24,870
Meridian Bank Corporation 2 4.25% $13,939
MOVEMENT MORTGAGE, LLC 2 5.25% $13,435
MUTUAL OF OMAHA MORTGAGE, INC. 2 5.88% $3,629
PREMIA MORTGAGE, LLC 2 4.94% $2,145
PRIMELENDING, A PLAINSCAPITAL COMPANY 2 3.87% $14,626
SOVEREIGN LENDING GROUP INCORPORATED 2 3.50% $9,523
SUN AMERICAN MORTGAGE COMPANY 2 3.62% $5,840
TBI MORTGAGE COMPANY 2 3.50% $9,856
UNION HOME MORTGAGE CORP. 2 5.69% $17,451
Utah Mortgage Loan Corporation 2 4.06% $8,140
IDAHO CENTRAL 1 3.25% $20,912
GRANITE FEDERAL CREDIT UNION 1 5.25% $9,003
Wyndham Capital Mortgage, Inc. 1 4.75% $3,156
PRIMARY RESIDENTIAL MORTGAGE, INC. 1 4.13% $9,752
VAN DYK MORTGAGE CORPORATION 1 3.38% $24,097
GOLDENWEST 1 3.99% $4,773
First Savings Bank 1 3.63% $12,782
First Home Bank 1 5.75% $32,616
First Guaranty Mortgage Corporation 1 3.38% $18,730
Equity Prime Mortgage LLC 1 5.63% $6,109
SIRVA MORTGAGE, INC. 1 5.00% $14,963
BANK OF LITTLE ROCK MORTGAGE CORPORATION 1 3.25% $1,123
CORNERSTONE HOME LENDING, INC. 1 4.75% $4,520
Bank of England 1 4.50% $12,594
AMERICAN INTERNET MORTGAGE, INC. 1 2.25% $2,898
Colonial Savings, F.A. 1 5.38% $8,386
Willamette Valley Bank 1 3.25% $19,356
CITY FIRST MORTGAGE SERVICES, L.L.C. 1 5.25% $11,689
BELEM SERVICING LLC 1 2.75% $11,812
Nations Lending Corporation 1 6.75% $27,779
M&T Bank 1 2.50% $5,909
OCMBC, INC. 1 4.75% $7,740
PANORAMA MORTGAGE GROUP, LLC 1 5.25% $26,722
Paramount Bank 1 3.13% $27,586
Paramount Residential Mortgage Group, Inc. 1 2.50% $3,060
MORIA DEVELOPMENT, INC. 1 4.25% $19,133

The top Salt Lake City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 215 VA loans originated. Their average total fees are $10,168, which is $705 higher than the next largest lender, INTERCAP LENDING INC..

The lowest fee Salt Lake City VA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. ($7,460), FIRST COLONY MORTGAGE CORPORATION ($7,519), USAA Federal Savings Bank ($7,901), AMERICAN PACIFIC MORTGAGE CORPORATION ($8,607) and NAVY FEDERAL CREDIT UNION ($8,647).

The lowest rate Salt Lake City VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (3.13%), DHI MORTGAGE COMPANY, LTD. (3.67%), FREEDOM MORTGAGE CORPORATION (3.75%), NAVY FEDERAL CREDIT UNION (3.81%) and AMERISAVE MORTGAGE CORPORATION (3.88%).


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
Salt Lake City's median listing price for 2023-12-01 was $574,900, a difference of $24,955 (4.5%) versus the prior year and $-4,575 versus the prior month.

Salt Lake City's median listing price comes in at 140% of the national average.

Salt Lake City's average listing price for 2023-12-01 was $762,957, a difference of $46,336 (6.5%) versus the prior year and $-2,073 versus the prior month.

For the 2023-12-01 period, Salt Lake City had 2,223 MLS listings, a difference of -224 listings (-9%) versus the prior month and -66 listings (-3%) 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
Salt Lake City's median listing age (time on market) for 2023-12-01 was 63 days. This is -6% shorter than the same period one year ago.

Salt Lake City's median square footage for active listings during the 2023-12-01 period was 2,405 sqft. One year prior, the average listing was 2,396 sqft.

VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.