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Compare mortgage refinance rates in Utah.
Key Points
• Mortgage refinance rates are influenced by a variety of economic factors, including Federal Reserve policy, inflation, the bond market, housing inventory, and individual credit scores.
• Even a one percentage point drop in your mortgage refinance rate could work wonders, reducing your monthly payment and the total interest you’ll pay over the loan’s life.
• In Utah, refinance rates rose considerably from 2021 to 2026, which could affect your refinancing opportunities.
• Refinancing can reflect many goals: lowering monthly costs, changing the loan term, or drawing upon home equity to access cash.
• Swapping a 30-year home loan for a 15-year mortgage through refinancing can dramatically slash the total interest you’ll pay, even if the monthly payments are steeper.
Intro to Mortgage Refi Interest Rates
Mortgage refinancing replaces your existing mortgage with a new home loan, giving you the chance to snag a lower interest rate or terms that better suit your needs. The type of refinance you choose in Utah depends on your financial goals, whether you want to reduce your monthly payment or tap into your home equity. This guide is your roadmap to understanding how mortgage refinance rates are set and how you can lock in the best rate out there. Whether you’re looking to save money, consolidate debt, or change your loan term, knowing what impacts mortgage refinance rates is key to making a smart move.
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
Where Do Mortgage Refi Rates Come From?
Mortgage refinance rates are the result of a complex interplay of economic factors and your personal financial situation. Key economic factors include Federal Reserve policy, inflation, the bond market, and housing inventory levels. In general, high inflation and rising federal funds rates push mortgage refinance rates up. A strong bond market and cold housing market can push them down.
In terms of your own finances, know that your credit score will likely impact the rate you are offered. Those with higher scores are viewed by lenders as more creditworthy and can access lower interest rates. Those with lower scores (indicating less-than-perfect management of debt in the past) will typically have to pay higher interest rates.
By understanding these factors, you can better anticipate rate movements and time your mortgage refinance to save the most money.
How Interest Rates Affect Home Affordability
Interest rates play a pivotal role in the affordability of refinancing your home loan. Your monthly payment hinges on your loan amount, the term of repayment, and the mortgage refinance rate.
Here’s a closer look at how your interest rate can influence your Utah refinance loan:
• A $200,000 loan with a 6.00% interest rate over a 30-year term results in a monthly payment of $1,199.
• That same loan with an 8.00% interest rate balloons the monthly payment to $1,467.
With the higher interest rate, you would have $268 less in your budget for other purposes every month.
Over the life of the loan, a lower interest rate can translate to tens of thousands of dollars (or more) in total interest savings. Even a fractional difference in the mortgage refinance rate can lead to substantial savings.
Why Refinance in Utah?
Refinancing your Utah mortgage can be a strategic financial move for several reasons. Take a closer look at some of the most common reasons here.
Common Reasons to Refinance a Mortgage
You might decide to refinance your home loan for the following reasons:
• You’re eligible for a lower mortgage refinance rate because you’ve built your credit or market conditions have improved.
• You’re considering adjusting your repayment term to better fit your financial goals. A longer term could lower your monthly payment and lead to more interest over the loan’s term, while a shorter term would offer the reverse.
• You want to tap into your home equity to cover costs such as education or home improvements.
• Your adjustable-rate mortgage (ARM) is about to reset, and you want to switch to a fixed-rate loan for a greater sense of security.
• You have an FHA loan and 20% equity, and you’re eager to say goodbye to your FHA mortgage insurance premiums.
Worth noting: In terms of how soon you can refinance, you’ll typically need to have at least 20% home equity.
How to Get the Best Available Mortgage Refi Rate
Securing a competitive mortgage refinance rate is key to optimizing your savings. Here are some steps to guide you in obtaining a favorable rate:
• Build your credit score: Always making timely bill payments and avoiding new debt can positively impact your score.
• Lower your DTI: A DTI, or debt-to-income ratio, below 36% is usually the sweet spot for securing a more favorable rate.
• Compare lenders: It’s a bit like shopping for the perfect property. Check out different lenders and their mortgage refinance rates and fees to snag the best fit.
• Focus on fees: Keep mortgage refinancing costs in mind in addition to interest rates.
• Consider purchasing mortgage points: Also known as buying discount points, this tactic involves paying more upfront to lower your interest rate.
• Opt for a shorter term: Consider a 10- or 15-year mortgage for potentially lower rates, though it means higher monthly payments.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Understand Trends in Utah Mortgage Interest Rates
The mortgage refinance rates in Utah have seen their fair share of ups and downs in recent years. That’s true of national mortgage interest rates, too. Take a closer look at how these numbers fluctuate.
Historical U.S. Mortgage Interest Rates
In January 2021, the average 30-year fixed mortgage rate fell to a historic low of 2.65%. In 2023 it rose to 7.79% before decreasing to an annual average of 6.60% in 2025. If you were hoping for a future decrease, you might be disappointed to hear that experts don’t think current mortgage rates will drop much in 2026, and Fannie Mae’s June 2026 Housing Forecast predicts them to stay at 6.30%-6.40% in 2027.
These changes are often due to larger economic factors, such as Federal Reserve policies and inflation rates. Mortgage refinance rates in Utah tend to mirror national trends, so by understanding these trends, you can better understand today’s rates and make an informed decision about refinancing your mortgage. Here’s an overview of the past several decades’ worth of interest rates in graph form, so you can see how these variations have played out.
Choose the Right Mortgage Refi Type
Mortgage refinance rates in Utah can vary depending on not just market conditions and your credit score but also on the type of refinance you’re considering. Each option has its unique features and benefits. Learn more here.
Conventional Refi
Conventional refinances, also known as rate-and-term refinances, typically come with higher rates compared to government-backed mortgages, such as FHA and VA loans (which have specific qualification requirements). This type of refinance is ideal for homeowners who want to lower their mortgage refinance rate or adjust their loan term. Conventional refi lenders will look at your credit history, and they require you to have sufficient equity in the home, usually at least 20%. While the rates may be higher, the flexibility and lack of government insurance can make this option attractive for many homeowners.
Cash-Out Refi
Cash-out refinances can be a smart way to leverage your home equity by refinancing your mortgage for more than you currently owe. This type of mortgage refinance is often used to free up a lump sum of cash for large expenses like home renovations or debt consolidation.
For example, if your home is valued at $500,000 and you currently owe $300,000, your equity is the value minus the debt, or $200,000. You might be able to borrow up to 80% of your home equity, which would leave you with well over $100,000 after paying off the existing mortgage. Although cash-out refis typically have higher rates, they can provide a valuable financial resource.
Recommended: Calculating Home Equity
15-Year Mortgage Refi
Shortening your loan term from 30 to 15 years can suit some homeowners’ needs. Here’s a scenario to illustrate this:
• Say you have a 30-year mortgage of $1 million at a 7.50% rate. If you refinance to a 15-year term at 7.00%, your monthly payment would go from around $6,992 up to $8,988, which is a considerable increase.
• However, the total interest you’d pay would drop from $1,517,167 to about $617,891. That’s a whopping $900,000 in savings!
If you’re able to swing the steeper monthly payment, this interest savings could make a tremendous difference in your personal finances and wealth.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) start with a lower mortgage refinance rate than fixed-rate loans, but the rate can change over time. If you plan to move before the rate adjusts, an ARM might be a smart choice. It could mean a lower monthly payment and big savings in the short term.
That said, make sure you understand the risks. There’s a chance that your plans to move in the near future might not come to fruition, and then your rate might go up. Make sure you could still be financially stable if this were to occur before you decide to take out an ARM.
FHA Refi
FHA refinances, backed by the Federal Housing Administration, often come with lower mortgage refinance rates. The FHA Simple Refinance and FHA Streamline Refinance are available to homeowners who already have an FHA loan.
Homeowners with a non-FHA loan could consider an FHA cash-out refinance or an FHA 203(k) refinance, which is designed to help with home renovations and improvements.
VA Refi
VA refinances, backed by the U.S. Department of Veterans Affairs, consistently offer some of the most competitive mortgage refinance rates available. To qualify for a VA refinance, also known as an Interest Rate Reduction Refinance Loan (IRRRL), you must have an existing VA loan (meaning you are an activity-duty member of the military, a veteran, or perhaps a qualifying spouse). This type of refinance can be a great option, as it often results in lower monthly payments and reduced total interest costs.
Compare Mortgage Refi Interest Rates
If you’ve decided which type of Utah mortgage refinance suits you best, then it’s time to take a closer look at specific options. Here are tips to help you out:
• Compare multiple mortgage lenders for best rates and terms.
• Get prequalified to know your borrowing power and rate without dinging your credit score.
• Consider a loan’s annual percentage rate (APR) vs. just the interest rate. The APR includes interest rate, fees, and discount points, thereby giving you a more accurate picture of the cost of your loan.
• Weigh rate vs. fees, as lower rates may have higher costs.
• Use a calculator to estimate savings on monthly payments.
Use an Online Refinance Calculator
About that last point: There’s no need to spend your precious free time tapping away at a calculator’s buttons. Online refinance calculators can be a great way to get an idea of what your new monthly payment might be and how much you could save. They take a lot of factors into account, including your current loan balance, the new mortgage refinance rate, and the closing costs.
This can help you decide whether refinancing is a good option for you. By using a Utah refinance calculator, you can see what the potential financial impact of refinancing might be and decide whether it makes sense for your financial goals and situation.
Run the numbers on your home loan.
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Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
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Home affordability calculator
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Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage in Utah can be a savvy financial move, offering you the potential to lower your monthly payments, change your loan term, or pull some cash from your home equity. However, it’s important to weigh the costs, including closing fees, against the savings. You’ll also want to consider your long-term financial goals and how a refinance could help you meet them. By carefully considering these factors, you can make a smart decision that’s in line with your situation and aspirations.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Can I lower my interest rate without going through the entire refinance process?
Yes, you can get a lower interest rate on your mortgage without refinancing — but you’ll need to qualify for your lender’s recast or modification program. A mortgage recast is the process of making a large, lump-sum payment toward the principal balance of your loan, which reduces your monthly payments and your total interest costs. A modification may be accessed if you are struggling to make your mortgage payments and need an accommodation.
Can I ask my lender to lower my mortgage interest rate?
You can always ask your lender if they can lower your mortgage rate. While there’s no guarantee they’ll say yes, you can improve your chances by having a strong credit score and a history of making on-time payments. Doing so could help you get a lower mortgage rate and save you money on your monthly payments without refinancing.
How much are closing costs on a refinance?
The average closing cost for a refinance can be anywhere from 2% to 5% of the loan amount. So for a $300,000 mortgage, you might be looking at $6,000 to $15,000 in closing costs. It’s a significant chunk of change, and you’ll want to factor it into your decision-making and budgeting process. These costs can affect the overall price of your loan, so it’s important to weigh them against the potential savings of a lower interest rate.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.
HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.
SoFi Bank, N.A. (NMLS #696891) does not perform any activity that is or could be construed as unlicensed real estate activity, and SoFi is not licensed as a real estate broker. Agents of SoFi are not authorized to perform real estate activity.
If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.
Reward is valid for 18 months from date of enrollment. After 18 months, you must re-enroll to be eligible for a reward.
SoFi loans subject to credit approval. Offer subject to change or cancellation without notice.
The trademarks, logos and names of other companies, products and services are the property of their respective owners.
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More refinance resources.
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How Much Does It Cost to Refinance a Mortgage?
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How to Refinance a Home Mortgage Loan
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7 Signs It’s Time for a Mortgage Refinance