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 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.