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 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 6.35% for the week of 2023-05-26, compared to the national average (all VA variants) of 6.408% for the same period.

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

    The average rate for the prior week (2023-05-19) was 5.77% and one month ago for the week of 2023-04-21, the average rate was 5.89%.

    The average rate one year ago was 4.66%.

    For refis of the same type during the week of 2023-05-26, the average rate was 5.36%.

    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 $386,945 (8.6%) $542,683 (2.6%) 1.43 2,086
    2018-02-01 $389,998 (5.2%) $553,476 (1.3%) 1.42 1,907
    2018-03-01 $402,930 (2.7%) $576,303 (1.3%) 1.41 1,858
    2018-04-01 $417,447 (5.9%) $582,077 (1.6%) 1.42 2,034
    2018-05-01 $423,719 (8.0%) $585,039 (4.4%) 1.42 2,226
    2018-06-01 $421,460 (6.9%) $586,497 (5.7%) 1.41 2,484
    2018-07-01 $422,898 (8.4%) $586,297 (9.1%) 1.41 2,628
    2018-08-01 $405,931 (4.7%) $561,712 (7.8%) 1.36 2,987
    2018-09-01 $404,997 (6.6%) $553,629 (9.5%) 1.36 3,134
    2018-10-01 $399,375 (6.1%) $544,694 (8.9%) 1.35 3,334
    2018-11-01 $399,000 (7.7%) $540,152 (9.1%) 1.35 3,216
    2018-12-01 $399,000 (6.4%) $543,621 (7.3%) 1.38 2,866
    2019-01-01 $399,834 (3.3%) $543,970 (0.2%) 1.38 2,587
    2019-02-01 $409,500 (5.0%) $559,772 (1.1%) 1.38 2,411
    2019-03-01 $419,000 (4.0%) $567,126 (-1.6%) 1.40 2,415
    2019-04-01 $437,450 (4.8%) $578,418 (-0.6%) 1.39 2,448
    2019-05-01 $442,437 (4.4%) $579,984 (-0.9%) 1.38 2,722
    2019-06-01 $442,000 (4.9%) $577,965 (-1.5%) 1.38 2,923
    2019-07-01 $437,450 (3.4%) $573,067 (-2.3%) 1.37 2,916
    2019-08-01 $437,750 (7.8%) $571,646 (1.8%) 1.37 3,038
    2019-09-01 $424,950 (4.9%) $559,769 (1.1%) 1.34 3,106
    2019-10-01 $425,000 (6.4%) $563,993 (3.5%) 1.37 2,838
    2019-11-01 $429,900 (7.7%) $585,509 (8.4%) 1.41 2,487
    2019-12-01 $442,450 (10.9%) $607,559 (11.8%) 1.48 1,965
    2020-01-01 $446,268 (11.6%) $627,206 (15.3%) 1.49 1,649
    2020-02-01 $467,000 (14.0%) $663,063 (18.5%) 1.53 1,404
    2020-03-01 $470,475 (12.3%) $659,355 (16.3%) 1.47 1,573
    2020-04-01 $446,553 (2.1%) $600,787 (3.9%) 1.40 2,185
    2020-05-01 $456,945 (3.3%) $606,643 (4.6%) 1.39 2,111
    2020-06-01 $476,225 (7.7%) $643,865 (11.4%) 1.40 1,853
    2020-07-01 $482,000 (10.2%) $670,226 (17.0%) 1.40 1,627
    2020-08-01 $479,999 (9.7%) $689,916 (20.7%) 1.38 1,570
    2020-09-01 $473,600 (11.5%) $691,909 (23.6%) 1.36 1,486
    2020-10-01 $479,900 (12.9%) $710,466 (26.0%) 1.38 1,381
    2020-11-01 $499,775 (16.3%) $763,765 (30.4%) 1.46 1,128
    2020-12-01 $538,032 (21.6%) $830,051 (36.6%) 1.60 857
    2021-01-01 $579,900 (29.9%) $904,593 (44.2%) 1.73 622
    2021-02-01 $577,350 (23.6%) $867,737 (30.9%) 1.68 520
    2021-03-01 $528,630 (12.4%) $825,159 (25.2%) 1.50 623
    2021-04-01 $549,850 (23.1%) $823,945 (37.1%) 1.49 652
    2021-05-01 $570,000 (24.7%) $775,676 (27.9%) 1.51 715
    2021-06-01 $564,950 (18.6%) $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 $562,800 (17.3%) $744,267 (7.9%) 1.50 1,271
    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 (-2.6%) $732,575 (-19.0%) 1.53 489
    2022-02-01 $555,000 (-3.9%) $749,310 (-13.7%) 1.44 472
    2022-03-01 $582,500 (10.2%) $770,003 (-6.7%) 1.46 572
    2022-04-01 $624,950 (13.7%) $764,139 (-7.3%) 1.49 764
    2022-05-01 $637,500 (11.8%) $784,861 (1.2%) 1.46 1,329
    2022-06-01 $632,450 (12.0%) $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 (-0.8%) 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%) $719,726 (-1.0%) 1.35 2,918
    2022-11-01 $550,000 (-0.4%) $715,262 (-3.3%) 1.32 2,779
    2022-12-01 $549,945 (-2.5%) $716,732 (-3.4%) 1.36 2,289
    2023-01-01 $559,250 (-1.0%) $729,910 (-0.4%) 1.38 1,947
    2023-02-01 $569,950 (2.7%) $746,457 (-0.4%) 1.38 1,633
    2023-03-01 $590,000 (1.3%) $752,308 (-2.3%) 1.39 1,546
    2023-04-01 $609,894 (-2.4%) $792,357 (3.7%) 1.42 1,498
    Salt Lake City's median listing price for 2023-04-01 was $609,894, a difference of $-15,056 (-2.4%) versus the prior year and $19,894 versus the prior month.

    Salt Lake City's median listing price comes in at 142% of the national average.

    Salt Lake City's average listing price for 2023-04-01 was $792,357, a difference of $28,218 (3.7%) versus the prior year and $40,049 versus the prior month.

    For the 2023-04-01 period, Salt Lake City had 1,498 MLS listings, a difference of -48 listings (-3%) versus the prior month and 734 listings (96%) 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 54 days 2,794 sqft
    2018-02-01 44 days 2,855 sqft
    2018-03-01 34 days 2,998 sqft
    2018-04-01 30 days 2,987 sqft
    2018-05-01 29 days 3,012 sqft
    2018-06-01 30 days 2,988 sqft
    2018-07-01 32 days 2,938 sqft
    2018-08-01 31 days 2,782 sqft
    2018-09-01 36 days 2,730 sqft
    2018-10-01 36 days 2,650 sqft
    2018-11-01 44 days 2,657 sqft
    2018-12-01 53 days 2,699 sqft
    2019-01-01 59 days 2,705 sqft
    2019-02-01 51 days 2,789 sqft
    2019-03-01 41 days 2,867 sqft
    2019-04-01 35 days 2,934 sqft
    2019-05-01 32 days 2,920 sqft
    2019-06-01 35 days 2,896 sqft
    2019-07-01 38 days 2,845 sqft
    2019-08-01 51 days 2,815 sqft
    2019-09-01 57 days 2,731 sqft
    2019-10-01 40 days 2,668 sqft
    2019-11-01 46 days 2,675 sqft
    2019-12-01 60 days 2,714 sqft
    2020-01-01 66 days 2,796 sqft
    2020-02-01 43 days 2,940 sqft
    2020-03-01 26 days 2,875 sqft
    2020-04-01 28 days 2,695 sqft
    2020-05-01 37 days 2,650 sqft
    2020-06-01 36 days 2,650 sqft
    2020-07-01 33 days 2,593 sqft
    2020-08-01 29 days 2,516 sqft
    2020-09-01 30 days 2,416 sqft
    2020-10-01 29 days 2,394 sqft
    2020-11-01 33 days 2,431 sqft
    2020-12-01 39 days 2,571 sqft
    2021-01-01 35 days 2,552 sqft
    2021-02-01 15 days 2,528 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 25 days 2,402 sqft
    2021-11-01 25 days 2,402 sqft
    2021-12-01 35 days 2,475 sqft
    2022-01-01 40 days 2,475 sqft
    2022-02-01 25 days 2,338 sqft
    2022-03-01 22 days 2,364 sqft
    2022-04-01 20 days 2,402 sqft
    2022-05-01 20 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 2,375 sqft
    2022-12-01 68 days 2,396 sqft
    2023-01-01 75 days 2,411 sqft
    2023-02-01 65 days 2,464 sqft
    2023-03-01 47 days 2,577 sqft
    2023-04-01 42 days 2,675 sqft
    Salt Lake City's median listing age (time on market) for 2023-04-01 was 42 days. This is 110% longer than the same period one year ago.

    Salt Lake City's median square footage for active listings during the 2023-04-01 period was 2,675 sqft. One year prior, the average listing was 2,402 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.