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Salt Lake City, Utah Mortgage Rates - Refinance Rates

mortgage rates salt lake city

Salt Lake City, UT Conforming Mortgage Rates

Conforming mortgage rates are rates on mortgages that meet the criteria set out by the Federal Housing Finance Agency. There are limits set for each county of Utah. There are higher mortgage loan limits for designated high-cost areas, like on the coasts and in large cities.

Salt Lake City, UT mortgages that “conform” to the standards set out by the Federal Housing Finance Agency can be purchased by Freddie Mac and Fannie Mae. This process guarantees banks are able to resell Salt Lake City, UT mortgage loans that have been made. As a result, Salt Lake City, UT mortgage rates today are lower than jumbo interest rates in Salt Lake City, UT. Conforming mortgages and jumbo mortgages are available in terms of 40 years, 30 years, 25 years, 20 years, 15 years and 10 years.

Salt Lake City, UT Super Conforming Home Loan Rates

Super conforming mortgages in Salt Lake City, UT are mortgages that have higher mortgage loan amounts but still “conform” to the standards set by the Federal Housing Finance Agency. Super conforming mortgages are available for the higher cost housing areas like the coasts and in large cities.

Salt Lake City, UT Jumbo Loan Interest Rates

Salt Lake City, UT jumbo mortgage rates are rates for mortgage loans that have a dollar amount higher than conforming and super conforming loan amounts. Jumbo home loan rates in Salt Lake City, UT are usually 0.75 basis points higher than conforming interest rates in Salt Lake City, UT because there is no guarantee banks and credit unions can sell these mortgages after they make the

loans.

Salt Lake City, UT Fixed Rate Mortgages

Fixed rate mortgages are the most common mortgage available in Salt Lake City, UT. The mortgage rate and the monthly payment stay the same for the entire life of the mortgage loan. This makes fixed rate mortgages the most stable and predictable for mortgagees.

Salt Lake City, UT Adjustable Interest Rates

Salt Lake City, UT adjustable mortgages have a fixed mortgage rate for a certain number of years and then the mortgage rate adjusts every year after the initial period. There are usually yearly caps and life time caps on how much the mortgage interest rate and fluctuate. Your monthly mortgage payment will be lower at first but can rise when mortgage rates rise. Adjustable mortgages are available in terms of 1 year, 3 years, 5 years, 7 years and 10 years.

Salt Lake City, UT Interest Only Home Mortgage Rates

Salt Lake City, UT interest only mortgages are mortgages that the borrower pays only the interest on the principal balance or a set period of time. After the initial period the mortgagee pays both interest and principal. Interest only (IO) mortgages were popular during the housing boom.

Salt Lake City, UT FHA Mortgage Mortgage Rates

Borrowers in Salt Lake City, UT must meet certain requirements established by FHA to qualify for a mortgage insured by the FHA. FHA mortgage interest rates in Salt Lake City, UT are usually lower than conforming mortgage interest rates because mortgage lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her mortgage loan.

Category: Mortgage

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