30-Year Fixed Mortgage Refinance Interest Rates in Salt Lake City, UT
Explore 30-year fixed mortgage refinance rates in Salt Lake City, UT over time.
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Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Salt Lake City, Utah
Showing results for: 30-Year Fixed refinance offers for Single Family or Townhome properties in UT, total loan amount of $228,000.
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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
When Should I Refinance to 30-Year Fixed in Salt Lake City?
In Salt Lake City's hot market with 10.3% annual appreciation, refinance when you can reduce your rate by 0.75%+ or access equity. If you purchased 2-3 years ago, rapid appreciation likely built substantial equity. Refinancing a $404,880 loan (80% of Salt Lake City's $506,100 median) from 7% to 6% saves $267/month. With closing costs around $10,122, you break even in 38 months. The 30-year term keeps payments low while Salt Lake City's appreciation builds equity automatically.
Should I Do Cash-Out Refinancing to 30-Year in Salt Lake City?
With 10.3% appreciation in Salt Lake City, cash-out refinancing makes sense if you have substantial equity. If your home appreciated from $506,100 to $582,015 over 3 years, you could access up to $60,732 while keeping 20% equity. Popular uses: high-ROI renovations (which compound with Salt Lake City's growth), investment properties, debt consolidation. Cash-out 30-year rates run 0.25-0.5% higher than rate-and-term, but the extended term keeps payments manageable even with a larger loan balance.
How Much Will I Save Refinancing to 30-Year in Salt Lake City?
Monthly savings depend on your rate reduction. Refinancing $404,880 from 7% to 6% saves $267/month in principal and interest. However, your total PITI payment in Salt Lake City includes $253/month property tax (at 0.6% of home value). Your actual payment drops from approximately $3,097 to $2,830total. Over 30 years, you'll save over $96k in interest-plus Salt Lake City's appreciation builds additional equity.
What Are 30-Year Refinance Closing Costs in Salt Lake City?
Closing costs in Salt Lake City typically run 2-3% of your loan amount. On a $404,880 refinance, expect $8,098-$12,146, including appraisal ($400-700), title insurance, lender fees (0.5-1%), and escrow setup. Divide closing costs by monthly savings to find break-even: $10,122 ÷ $267 = 38 months. In hot markets like Salt Lake City, strong appreciation shortens effective break-even since rising home values increase refinanceable equity over time.
How Does Salt Lake City's Property Tax Affect 30-Year Refinancing?
Property taxes at 0.6% of Salt Lake City's home values add $253/month to a median-priced home. When refinancing to a 30-year fixed, your principal/interest payment changes but property tax stays constant. If you're quoted a new rate, calculate P&I savings ($267 in our 7%→6% example), then add back property tax and insurance for true monthly cost. Also remember: as Salt Lake City homes appreciate 10.3% annually, your assessed value-and thus property tax-may increase over the loan's life.
Build Long-Term Stability with 30-Year Refinancing in Salt Lake City
Salt Lake City attracts many young professionals who often start with FHA loans. Refinancing relies heavily on your Loan-to-Value (LTV) ratio.
With your home value growing 10.3% over the last year, you are building equity fast. Once your LTV drops under 80%, refinancing from an FHA loan into a standard Conventional loan is the smartest move you can make to drop your mortgage insurance premium.
Property Tax Tip for Salt Lake City Homeowners
An annual tax bill of ~$3,000 keeps your escrow very reasonable. When refinancing, your primary focus should be securing the lowest possible fixed interest rate to maximize your monthly savings.
Hero & Housing Programs for Salt Lake City
The Utah Housing Corp provides excellent support for Utah residents. Check out their conventional loan products, which often provide better long-term value than standard FHA offerings.