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 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 6.35% for the week of 2024-12-13, compared to the national average (all VA variants) of 6.077% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.38% and one month ago for the week of 2024-11-08, the average rate was 6.48%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.32%.

    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%) 1.38 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 138% 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 57 days 2,340 sqft
    Salt Lake City's median listing age (time on market) for 2024-11-01 was 57 days. This is 6% longer 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.