15-Year Fixed Mortgage Refinance Interest Rates in Provo, UT
Explore 15-year fixed mortgage refinance rates in Provo, UT over time.
5.764%5.76%
5.772%5.77%
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Provo, Utah
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in UT, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by 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
What refinancing looks like in Provo at today's rates
The median home in Provo costs about $341,900. Refinancing a typical balance of $273,520 (80% of that value) at today's average 15-year fixed rate in Utah of 5.76% works out to roughly $2,273/month in principal and interest, with $135,690 of total interest over the 15-year term.
Here is how the monthly payment and break-even point change if you wait for (or negotiate) a lower rate, assuming closing costs of $6,838 (2.5% of the loan):
| Rate | Monthly P&I | Monthly savings | Break-even |
|---|---|---|---|
| 5.76% (today) | $2,273 | — | — |
| 5.51% (−0.25%) | $2,237 | $36/mo | 190 months |
| 5.26% (−0.50%) | $2,201 | $72/mo | 95 months |
| 5.01% (−0.75%) | $2,165 | $108/mo | 64 months |
| 4.76% (−1.00%) | $2,130 | $143/mo | 48 months |
Estimates use principal and interest only and today's average Utah rate; they exclude taxes, insurance, and rate differences from credit score or loan size.
Weighing the term itself? At today's Utah average 30-year fixed rate of 6.66%, the same $273,520 balance costs $1,758/month over 30 years — $515/month less than the 15-year fixed option, at the cost of $223,762 more interest over the life of the loan.
Should I Refinance from 30-Year to 15-Year in Provo?
In Provo's hot market with 8.6% appreciation, refinancing to a 15-year term accelerates both forced and natural equity building. On a $273,520 loan, switching from 30-year at 7% to 15-year at 6.5% increases your payment from $1,820 to $2,383/month-a $563increase. However, you'll save $226k in interest over the loan's life and build equity twice as fast. Combined with Provo'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 Provo?
Refinancing $273,520 from 30-year (7%) to 15-year (6.5%) increases your principal and interest payment by $563/month. Including Provo's $171/month property tax at 0.6%, your total PITI jumps from approximately $2,141 to $2,704. Can you afford the increase? If your Provo home appreciated from $341,900 to $393,185, refinancing to 15-year builds equity even faster, compounding with market growth.
How Fast Will I Build Equity with a 15-Year Refi in Provo?
Dramatically faster than 30-year loans. In the first year of a 15-year mortgage at 6.5%, approximately $15,044 of your $2,383 monthly payment goes to principal -versus only $5,470 monthly on a 30-year. Add Provo's 8.6% appreciation ($29,403/year on median homes), and your total equity grows $209,927 in year one. By year 5: over $1,050k in combined equity.
What Are 15-Year Refinance Closing Costs in Provo?
Expect $5,470-$8,206 (2-3% of loan amount) for 15-year refinancing in Provo. On a $273,520loan, that's approximately $6,838. While the monthly payment increase is $563, you're not "losing" that money-it goes to principal, building equity. The true benefit: $226k interest savings over the loan's life. With Provo's hot market appreciation, you're building wealth on two fronts: accelerated paydown + market gains.
Accelerate Equity with a 15-Year Refinance in Provo
Because Provo is highly accessible, many homeowners started with FHA loans. Refinancing relies heavily on your Loan-to-Value (LTV) ratio.
With your home value growing 10.3%, your equity is building safely. Once your LTV drops under 80%, refinancing into a Conventional loan will permanently remove your FHA mortgage insurance premium, keeping more money in your pocket.
Property Tax Tip for Provo Homeowners
Because property taxes are highly manageable, almost all of your monthly payment is going toward principal and interest. This means securing a lower interest rate through a refinance has a massive, immediate impact on your wallet.
Hero & Housing Programs for Provo
Take advantage of the Utah Housing Corp. Their programs help moderate-income buyers and owners find stability with favorable fixed interest rates.
How Provo compares across Utah
Median home prices vary widely across Utah, which changes what a typical refinance costs. Here is the estimated monthly principal and interest on a median-priced home (80% loan-to-value) at today's average 15-year fixed rate of 5.76%:
| City | Median home price | Est. monthly P&I | vs. Provo |
|---|---|---|---|
| Provo | $341,900 | $2,273 | — |
| Ogden | $357,700 | $2,378 | +$105/mo |
| St. George | $376,300 | $2,502 | +$229/mo |
| Lehi | $499,700 | $3,323 | +$1,050/mo |
Estimates use each city's median home price with the same statewide average rate; actual quotes vary by lender, credit profile, and loan size.