If you are a potential home buyer, you should know about today’s mortgage rates. Keep reading for more information on what you may pay.
You should have your current income and credit score checked. For example, when you have a credit score of 690 or higher, you qualify for a mortgage of around $250,000. After taking this into account, you could expect to pay between 4.4% to 5.5% for your mortgage. For a down payment of around 20%, you can expect to pay between 3.5% to 4.3% in your mortgage. Utah is a popular place for homebuyers. As you will see, housing prices in the state are relatively low. In fact, in some areas in Utah, you can expect to spend as little as $90,000 to buy a home.
To borrow, you need to know the closing costs, such as the fees the lender is charging and the costs involved in escrow. You will not pay any closing costs for a home purchase or refinance. But you might pay a few hundred dollars for a home equity loan. FHA loans offer lower rates and cheaper down payment assistance than conventional loans, they require a good credit score. The same applies to jumbo loans, which have even higher rates and less down payment assistance than FHA. You can find reputable mortgage lenders that accept FHA, conventional and jumbo loans. This type of appraisal is done to determine the fair market value of the property. Your home is used as prime collateral. Estimates do vary widely.
What to Expect
The interest rates for home loans are coming down because of the decline in interest rates. Interest rates have declined even though the current interest rate environment is still uncertain. Interest rates have been lowered by 0.50% in the past week. These rates vary in different states because the rates are based on the current rates of home loans. When you look at the market rate for mortgages, you will see that mortgage rates have fallen by about .5% in the past week. Depending on the size of the loan, you will pay 3% or 4% depending on how much you can afford. The current rates in the past week are in the range of 3.4% to 4.38%. The interest rates for mortgages vary based on the risk you want to take.
The good news is that the average rate on a 30-year fixed mortgage has dropped below 5% these days. If you are looking for a new home or refinancing your current mortgage, you should contact a mortgage specialist right away. You can get an idea of what rate you may qualify for by comparing your finances and your credit report. You may even find that you can use this same method to get a lower interest rate. However, it is always a good idea to shop around for the best rates. If you would like to check out rates in Utah, you can visit hourofutah.com. Remember to do your homework and compare rates before you commit to a loan.
Contact Utah Sell Now
Now that we’ve answered the question, ‘what are today’s mortgage rates in Utah?,’ contact the experts at Utah Sell Now today. We buy homes in the Salt Lake City, Utah, area in any condition fast and in cash so you don’t have to go through the hassle of staging and showing your home, or paying a realtor. Call us for your no-obligation written offer and you could have money in hand for your home in as little as seven days.