Salt Lake City Market Update: Rate Drops Are Here 👀

Finally some good news… mortgage rates are sliding down and it’s giving the Salt Lake market a nice little spark. Right now the national average for a 30-year fixed is around 6.35%, and here in Utah we’re seeing some lenders posting 5.875% on a 30-year and 5.25% on a 15-year. Earlier this year we were staring down 7%+, so this shift is huge.

Why You Should Care

• More House, Same Budget 🏡
  Lower rates = lower monthly payments. That stretch home suddenly feels a lot closer.

• Refi Crew, Listen Up 💸
  If you locked in when rates were 7% or higher, you might be leaving money on the table by not refinancing.

• Market Energy ⚡
  Dropping rates pull more buyers off the sidelines. That means more showings, more offers, more action.

• Still Salt Lake 🌄
  Prices aren’t magically dropping and inventory’s still tight, but these rates make the whole game more manageable.

Real Numbers

Let’s run it on a $500k loan, 30-year fixed, principal & interest only:

That’s a difference of over $560 every month between 7.5% and 5.875%. Imagine what you could do with an extra five-six hundred bucks each month 👀.

So What’s the Move?

• Thinking of buying? This is a solid time to jump in. Even a small dip in rates changes the monthly game.

• Selling? Lower rates bring more eyeballs to your listing. Get your house show-ready.

• Sitting on a high rate? Time to peek at refinance options and see if it pencils out.

The Takeaway

Salt Lake rates have cooled down and the market’s heating back up. Whether you’re buying, selling, or just curious about your monthly numbers, this is your sign to run the math and make a move. Not sure where to start? Shoot me a message and I’ll get you connected with solid lenders to help us build a road map for your next move.