Salt Lake City VA Loan Rates, Closing Costs & Stats

SALT LAKE CITY, UT

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    • 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 138 lenders originated 3,598 VA loans during 2021. The total origination value was $1,342,080,000, with an average VA loan value of $373,007.

    Salt Lake City VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Salt Lake City averaged 6.36% for the week of 2022-12-02, compared to the national average (all VA variants) of 6.292% for the same period.

    Salt Lake City's average VA mortgage closing costs are $6,845.

    The average rate for the prior week (2022-11-25) was 6.9% and one month ago for the week of 2022-10-28, the average rate was 7.19%.

    The average rate one year ago was 3.37%.

    For refis of the same type during the week of 2022-12-02, the average rate was 6.2%.

    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 2021 Avg. 30yFix Rate 2021 Avg. Closing Costs
    UNITED WHOLESALE MORTGAGE, LLC 350 2.49% $7,290
    QUICKEN LOANS, LLC 250 2.44% $6,920
    FREEDOM MORTGAGE CORPORATION 217 2.42% $3,290
    PENNYMAC LOAN SERVICES, LLC 201 2.36% $7,314
    INTERCAP LENDING INC. 153 2.77% $9,155
    Mortgage Research Center, LLC 130 2.78% $8,317
    The Federal Savings Bank 121 2.55% $10,467
    VILLAGE CAPITAL MORTGAGE 118 2.26% $4,699
    HOME POINT FINANCIAL CORPORATION 110 2.43% $7,682
    LOANDEPOT.COM, LLC 78 2.46% $4,607
    CALIBER HOME LOANS, INC. 61 2.55% $6,450
    LAKEVIEW LOAN SERVICING, LLC 58 2.44% $2,423
    SECURITYNATIONAL MORTGAGE COMPANY 58 2.76% $11,596
    FIRST COLONY MORTGAGE CORPORATION 47 2.66% $7,422
    RANLIFE, INC. 47 2.68% $10,871
    NEWREZ LLC 47 2.62% $5,653
    ACADEMY MORTGAGE CORPORATION 45 2.84% $13,543
    CARDINAL FINANCIAL COMPANY, LIMITED PARTNERSHIP 42 2.88% $9,758
    Mr. Cooper ( Nationstar Mortgage ) 41 2.68% $3,784
    BROKER SOLUTIONS, INC. 41 2.69% $7,329
    USAA Federal Savings Bank 39 2.85% $3,598
    Low VA Rates, LLC 39 2.43% $6,951
    CITYWIDE HOME LOANS, LLC 38 2.88% $7,687
    NAVY FEDERAL CREDIT UNION 35 2.47% $7,806
    CROSSCOUNTRY MORTGAGE, LLC 35 2.80% $11,274
    GUARANTEED RATE, INC. 32 2.54% $7,779
    CANOPY MORTGAGE, LLC 30 2.50% $9,479
    VERITAS FUNDING, LLC 29 2.52% $8,239
    GUILD MORTGAGE COMPANY 28 2.60% $7,908
    MY MOVE MORTGAGE, LLC 25 2.52% $7,512
    Barrington Bank & Trust Company, N.A. 24 2.69% $5,117
    SECURITY HOME MORTGAGE, LLC. 21 2.48% $8,013
    Magnolia Bank 20 2.49% $9,618
    DIRECT MORTGAGE, CORP. 19 2.47% $9,749
    AMERICAN PACIFIC MORTGAGE CORPORATION 19 2.66% $7,968
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 17 2.77% $7,570
    Wells Fargo Bank 17 2.41% $5,208
    SUN WEST MORTGAGE COMPANY, INC. 16 2.34% $5,595
    LOANPAL, LLC 16 2.37% $11,002
    Network Funding, L.P. 16 2.81% $9,926
    Gateway First Bank 15 2.71% $11,357
    MOUNTAIN AMERICA 14 2.30% $6,385
    First Federal Bank 14 3.11% $15,174
    PRIMARY RESIDENTIAL MORTGAGE, INC. 14 2.93% $9,166
    GUARANTEED RATE AFFINITY, LLC 12 2.41% $5,470
    SOVEREIGN LENDING GROUP INCORPORATED 12 2.63% $10,709
    AMERICAN FINANCING CORPORATION 12 2.41% $11,809
    AMERICA FIRST 11 2.45% $8,107
    North American Savings Bank, F.S.B. 11 2.30% $3,689
    STEARNS LENDING, LLC 11 2.47% $8,851
    AMERICAN FINANCIAL NETWORK, INC. 10 2.50% $9,409
    NBH Bank 10 2.41% $7,075
    AMERISAVE MORTGAGE CORPORATION 10 2.33% $7,982
    BNC National Bank 10 2.30% $4,576
    FINANCE OF AMERICA MORTGAGE LLC 10 2.54% $8,854
    PENTAGON FEDERAL CREDIT UNION 10 2.35% $3,934
    HOMEAMERICAN MORTGAGE CORPORATION 9 2.54% $7,053
    CYPRUS Federal Credit Union 9 2.61% $7,591
    Flagstar Bank, FSB 8 2.78% $7,839
    Northpointe Bank 8 2.73% $5,993
    VAN DYK MORTGAGE CORPORATION 8 2.59% $11,002
    First Guaranty Mortgage Corporation 7 2.55% $5,027
    PRIMELENDING, A PLAINSCAPITAL COMPANY 7 3.18% $9,257
    Wyndham Capital Mortgage, Inc. 6 2.31% $4,979
    EVERLEND MORTGAGE COMPANY 6 2.79% $11,769
    HOMEBRIDGE FINANCIAL SERVICES, INC. 6 2.25% $8,476
    INSPIRE HOME LOANS INC. 6 2.75% $14,674
    DHI MORTGAGE COMPANY, LTD. 6 2.50% $4,285
    CELEBRITY HOME LOANS, LLC 6 3.12% $7,534
    EVERETT FINANCIAL, INC. 5 2.98% $3,989
    Carrington Mortgage Services, LLC 5 3.05% $5,921
    CMG MORTGAGE, INC. 5 2.58% $8,947
    First Home Bank 5 2.73% $9,838
    First Savings Bank 5 2.35% $2,502
    NBKC BANK 5 2.55% $7,522
    Strong Home Mortgage, LLC 5 2.35% $14,148
    Utah Mortgage Loan Corporation 5 2.65% $9,916
    Florida Capital Bank 4 2.34% $5,921
    Zions Bancorporation, N.A. 4 2.38% $10,945
    BELEM SERVICING LLC 4 2.56% $3,492
    Paramount Residential Mortgage Group, Inc. 4 2.47% $7,742
    Meridian Bank Corporation 4 2.38% $7,107
    MID AMERICA MORTGAGE, INC. 4 2.59% $2,054
    Mid-Continent Funding, Inc. 4 2.72% $5,146
    Capital Bank 4 2.31% $5,749
    PANORAMA MORTGAGE GROUP, LLC 4 2.75% $8,273
    UNITED SECURITY FINANCIAL CORP 3 2.29% $8,027
    Nations Lending Corporation 3 2.54% $9,910
    Blue Ridge Bank 3 2.58% $3,222
    NEST HOME LENDING, LLC 3 3.04% $9,268
    KS StateBank 3 2.58% $9,473
    HOMESIDE FINANCIAL, LLC 3 2.75% $8,659
    Bank of England 2 2.38% $10,795
    LEADERONE FINANCIAL CORPORATION 2 2.25% $6,845
    First Federal Bank of Kansas City 2 2.31% $3,839
    S1L, Inc. 2 2.75% $10,621
    EAGLE HOME MORTGAGE, LLC 2 2.38% $11,863
    SIRVA MORTGAGE, INC. 2 2.88% $5,371
    Paramount Bank 2 2.81% $18,251
    Goldwater Bank, N.A. 2 2.94% $10,268
    Plains Commerce Bank 2 2.38% $3,706
    The Central Trust Bank 2 2.25% $9,942
    Century Mortgage Company DBA Century Lending Company 2 3.06% $4,777
    PLAZA HOME MORTGAGE, INC. 2 2.25% $3,082
    LENOX FINANCIAL MORTGAGE CORPORATION 2 2.94% $16,315
    UTAH COMMUNITY 2 2.44% $12,545
    BECKAM FUNDING CORP. 2 2.25% $5,990
    OAKTREE FUNDING CORP. 2 2.44% $20,480
    D. L. Evans Bank 1 2.38% $3,528
    LOANLEADERS OF AMERICA, INC. 1 2.50% $6,831
    LENDUS, LLC 1 2.25% $6,648
    M&T Bank 1 2.63% $4,460
    J. VIRGIL, INC. 1 3.13% $13,822
    Willamette Valley Bank 1 2.75% $7,999
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 3.38% $18,677
    GOLDENWEST 1 2.38% $10,737
    NP, Inc. 1 2.38% $2,251
    OCMBC, INC. 1 2.25% $5,668
    Old National Bank 1 2.38% $4,514
    OPEN MORTGAGE, LLC 1 2.63% $22,610
    GMFS LLC 1 3.25% $6,357
    Glacier Bank 1 2.50% $15,012
    PINNACLE LENDING GROUP, INC. 1 2.25% $27,098
    PNC Bank 1 3.13% $1,170
    PREMIA MORTGAGE, LLC 1 2.75% $0
    Presidential Bank, FSB 1 2.25% $0
    FirstBank 1 2.25% $2,050
    Equity Prime Mortgage LLC 1 3.75% $2,023
    MORTGAGEONE, INC. 1 2.25% $1,929
    Commerce Home Mortgage, Inc. 1 3.00% $9,754
    CITY FIRST MORTGAGE SERVICES, L.L.C. 1 3.00% $7,100
    Amerifirst Financial, Inc. 1 3.25% $13,513
    CHERRY CREEK MORTGAGE, LLC 1 2.25% $15,114
    SWBC MORTGAGE CORPORATION 1 2.75% $16,830
    Texana Bank 1 2.25% $4,972
    THRIVE MORTGAGE, LLC 1 2.50% $10,798
    U.S. Bank 1 2.63% $4,979
    Bank of Utah 1 2.63% $11,429

    The top Salt Lake City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 350 VA loans originated. Their average total fees are $7,290, which is $370 higher than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Salt Lake City VA lenders (with over 10 loans originated) are LAKEVIEW LOAN SERVICING, LLC ($2,423), FREEDOM MORTGAGE CORPORATION ($3,290), USAA Federal Savings Bank ($3,598), North American Savings Bank, F.S.B. ($3,689) and Mr. Cooper ( Nationstar Mortgage ) ($3,784).

    The lowest rate Salt Lake City VA lenders (with over 10 loans originated) are VILLAGE CAPITAL MORTGAGE (2.26%), North American Savings Bank, F.S.B. (2.30%), BNC National Bank (2.30%), MOUNTAIN AMERICA (2.30%) and AMERISAVE MORTGAGE CORPORATION (2.33%).

    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.

    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.