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 87 lenders originated 688 VA loans during 2023. The total origination value was $353,280,000, with an average VA loan value of $513,488.

Salt Lake City VA Loans, 30 Year Fixed Rates

30 Year VA mortgages in Salt Lake City averaged 6.22% for the week of 2024-12-06, compared to the national average (all VA variants) of 6.143% for the same period.

Salt Lake City's average VA mortgage closing costs are $7,535.

The average rate for the prior week (2024-11-29) was 6.21% and one month ago for the week of 2024-11-01, the average rate was 6.27%.

The average rate one year ago was 6.72%.

For refis of the same type during the week of 2024-12-06, the average rate was 6.58%.

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 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
UNITED WHOLESALE MORTGAGE, LLC 145 6.10% $9,539
INTERCAP LENDING INC. 45 6.35% $11,687
Mortgage Research Center, LLC 38 6.46% $7,074
QUICKEN LOANS, LLC 32 6.12% $16,561
DHI MORTGAGE COMPANY, LTD. 29 5.81% $10,773
SECURITYNATIONAL MORTGAGE COMPANY 23 6.39% $18,015
The Federal Savings Bank 16 6.40% $21,373
FIRST COLONY MORTGAGE CORPORATION 16 6.16% $9,413
CITYWIDE HOME LOANS, LLC 16 5.98% $15,463
FREEDOM MORTGAGE CORPORATION 15 6.46% $22,540
Plains Commerce Bank 14 5.89% $12,784
ACADEMY MORTGAGE CORPORATION 13 6.27% $12,116
PENNYMAC LOAN SERVICES, LLC 13 5.72% $18,977
USAA Federal Savings Bank 13 6.18% $10,303
NAVY FEDERAL CREDIT UNION 12 5.82% $4,807
NEWREZ LLC 10 6.09% $13,998
CARDINAL FINANCIAL 10 6.15% $15,295
VILLAGE CAPITAL MORTGAGE 9 6.21% $16,119
GUARANTEED RATE, INC. 9 6.02% $8,987
BROKER SOLUTIONS, INC. 9 6.24% $17,509
LOANDEPOT.COM, LLC 8 6.34% $18,453
CROSSCOUNTRY MORTGAGE, LLC 8 6.36% $12,401
RANLIFE, INC. 8 6.05% $16,138
SECURITY HOME MORTGAGE, LLC. 7 5.66% $8,286
MY MOVE MORTGAGE, LLC 7 6.21% $16,804
AMERICAN PACIFIC MORTGAGE CORPORATION 6 6.67% $6,944
Barrington Bank & Trust Company, N.A. 6 6.17% $15,057
Century Mortgage Company DBA Century Lending Company 6 6.04% $6,650
VERITAS FUNDING, LLC 6 6.17% $15,276
HOMEAMERICAN MORTGAGE CORPORATION 6 5.60% $4,496
Magnolia Bank 5 6.38% $19,566
NBKC BANK 4 6.09% $6,866
SUN WEST MORTGAGE COMPANY, INC. 4 6.28% $8,665
Paramount Residential Mortgage Group, Inc. 4 6.15% $13,093
LAKEVIEW LOAN SERVICING, LLC 3 6.58% $8,823
ARK-LA-TEX FINANCIAL SERVICES, LLC. 3 6.96% $20,296
EVERETT FINANCIAL, INC. 3 6.00% $14,031
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 3 6.83% $12,663
GUILD MORTGAGE COMPANY 3 6.38% $19,932
NEST HOME LENDING, LLC 3 5.29% $2,255
PLAZA HOME MORTGAGE, INC. 3 6.88% $17,552
Mr. Cooper ( Nationstar Mortgage ) 2 6.50% $28,808
MASON MCDUFFIE MORTGAGE CORPORATION 2 7.00% $14,515
Equity Prime Mortgage LLC 2 6.75% $35,163
MOUNTAIN AMERICA 2 6.56% $9,257
DIRECT MORTGAGE, CORP. 2 6.50% $18,522
Wells Fargo Bank 2 5.44% $4,004
Network Funding, L.P. 2 6.50% $19,166
CONTOUR MORTGAGE CORPORATION 2 6.69% $16,923
PACIFIC RESIDENTIAL MORTGAGE, LLC 2 7.00% $18,272
CMG MORTGAGE, INC. 2 5.63% $4,513
PENTAGON FEDERAL CREDIT UNION 2 5.56% $3,834
Zions Bank 2 6.00% $5,514
PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.44% $27,303
CASTLE & COOKE MORTGAGE, LLC 2 6.25% $9,207
BAY EQUITY LLC 2 6.00% $11,460
AMERISAVE MORTGAGE CORPORATION 2 5.69% $24,979
AMERICAN FINANCIAL NETWORK, INC. 2 6.88% $11,138
AMERICA FIRST 2 5.56% $14,387
Northpointe Bank 1 6.25% $6,265
ON Q FINANCIAL, INC. 1 6.49% $3,115
AXIA FINANCIAL, LLC 1 6.25% $4,350
Ameris Bank 1 5.25% $4,403
CLM MORTGAGE, INC 1 6.00% $16,323
HOMESIDE FINANCIAL, LLC 1 6.63% $14,819
CHERRY CREEK MORTGAGE, LLC 1 6.00% $824
PLANET HOME LENDING, LLC 1 6.25% $3,075
American Mortgage & Equity Consultants, Inc. 1 6.63% $13,985
Presidential Bank, FSB 1 7.00% $4,544
U.S. Bank 1 5.99% $18,021
JPMorgan Chase Bank 1 6.13% $1,294
Glacier Bank 1 5.63% $25,604
GENEVA FINANCIAL, LLC 1 7.50% $6,548
Flagstar Bank, FSB 1 5.63% $18,036
PRIMELENDING, A PLAINSCAPITAL COMPANY 1 7.75% $9,723
MORTGAGEONE, INC. 1 7.25% $18,889
Utah Mortgage Loan Corporation 1 5.00% $9,411
MORTGAGE SOLUTIONS OF COLORADO, LLC 1 6.63% $16,963
CANOPY MORTGAGE, LLC 1 5.63% $19,043
GUARANTEED RATE AFFINITY, LLC 1 7.75% $1,794
DRAPER AND KRAMER MORTGAGE CORP. 1 5.63% $7,074
S1L, Inc. 1 6.25% $14,306
NBH Bank 1 6.62% $6,557
CORNERSTONE HOME LENDING, INC. 1 6.25% $0
Guaranty Bank & Trust, N.A. 1 6.75% $7,762
Bank of Utah 1 6.63% $16,698
Sierra Pacific Mortgage Company, Inc. 1 5.63% $4,779

The top Salt Lake City VA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with 145 VA loans originated. Their average total fees are $9,539, which is $2,148 lower than the next largest lender, INTERCAP LENDING INC..

The lowest fee Salt Lake City VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($4,807), Mortgage Research Center, LLC ($7,074), FIRST COLONY MORTGAGE CORPORATION ($9,413), UNITED WHOLESALE MORTGAGE, LLC ($9,539) and USAA Federal Savings Bank ($10,303).

The lowest rate Salt Lake City VA lenders (with over 10 loans originated) are PENNYMAC LOAN SERVICES, LLC (5.72%), DHI MORTGAGE COMPANY, LTD. (5.81%), NAVY FEDERAL CREDIT UNION (5.82%), Plains Commerce Bank (5.89%) and CITYWIDE HOME LOANS, LLC (5.98%).


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
2024-04-01 $598,500 (-1.8%) $799,762 (1.0%) 1.39 1,933
2024-05-01 $620,450 (-2.3%) $826,081 (1.4%) 1.40 2,211
2024-06-01 $614,900 (-1.7%) $826,100 (2.2%) 1.38 2,423
2024-07-01 $593,425 (-5.7%) $790,994 (-2.8%) 1.36 2,512
2024-08-01 $589,000 (-2.6%) $779,140 (-2.1%) 1.37 2,718
2024-09-01 $580,000 (-3.2%) $780,246 (-1.1%) 1.36 2,902
2024-10-01 $581,200 (-1.3%) $777,119 (0.4%) 1.37 2,916
2024-11-01 $575,000 (-0.8%) $769,851 (0.6%) 0.00 2,837
Salt Lake City's median listing price for 2024-11-01 was $575,000, a difference of $-4,475 (-0.8%) versus the prior year and $-6,200 versus the prior month.

Salt Lake City's median listing price comes in at 0% of the national average.

Salt Lake City's average listing price for 2024-11-01 was $769,851, a difference of $4,821 (0.6%) versus the prior year and $-7,268 versus the prior month.

For the 2024-11-01 period, Salt Lake City had 2,837 MLS listings, a difference of -79 listings (-3%) versus the prior month and 390 listings (16%) 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
2024-04-01 38 days 2,416 sqft
2024-05-01 34 days 2,533 sqft
2024-06-01 39 days 2,492 sqft
2024-07-01 45 days 2,406 sqft
2024-08-01 46 days 2,398 sqft
2024-09-01 51 days 2,364 sqft
2024-10-01 54 days 2,362 sqft
2024-11-01 0 days 2,340 sqft
Salt Lake City's median listing age (time on market) for 2024-11-01 was 0 days. This is -100% shorter than the same period one year ago.

Salt Lake City's median square footage for active listings during the 2024-11-01 period was 2,340 sqft. One year prior, the average listing was 2,426 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.