15-Year Fixed Mortgage Refinance Interest Rates in Salt Lake City, UT

Compare mortgage rates in Salt Lake City, Utah

Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in UT, total loan amount of $228,000.

Advertiser Disclosure

Filters

Lender	APR / Rate	Monthly Payment

Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details

Should I Refinance from 30-Year to 15-Year in Salt Lake City?

In Salt Lake City's hot market with 8.8% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $404,880 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $2,694 to $3,527/month-a $833 increase. However, you'll save $335k in interest over the loan's life and build equity twice as fast. Combined with Salt Lake City's rapid appreciation, this strategy maximizes wealth building for homeowners who can afford higher payments.

How Much More Will My Payments Be with a 15-Year Refi in Salt Lake City?

Refinancing $404,880 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $833/month. Including Salt Lake City's $253/month property tax at 0.6%, your total PITI jumps from approximately $3,097 to $3,930. Can you afford the increase? If your Salt Lake City home appreciated from $506,100 to $582,015, refinancing to 15-year builds equity even faster, compounding with market growth.

How Fast Will I Build Equity with a 15-Year Refi in Salt Lake City?

Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $22,268 of your $3,527 monthly payment goes to principal -versus only $8,098 monthly on a 30-year. Add Salt Lake City's 8.8% appreciation ($44,537/year on median homes), and your total equity grows $311,758 in year one. By year 5: over $1,559k in combined equity.

What Are 15-Year Refinance Closing Costs in Salt Lake City?

Expect $8,098-$12,146 (2-3% of loan amount) for 15-year refinancing in Salt Lake City. On a $404,880 loan, that's approximately $10,122. While the monthly payment increase is $833, you're not "losing" that money-it goes to principal, building equity. The true benefit: $335k interest savings over the loan's life. With Salt Lake City's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.