Buying your first home is exciting—but if you’re starting your search in Utah right now, you may be wondering if the timing is right. With interest rates, market trends, and competition to think about, understanding the landscape can help you make a smart move.
Current Mortgage Rate Snapshot
The average 30-year fixed mortgage rate is currently 6.72%.
While that’s higher than the record lows of 2020–2021, rates have recently shown signs of stabilizing. Even a small shift—like a 0.5% change—can have a big impact on your monthly payment, so keeping an eye on trends is important.
What to Expect in the Coming Months
Many experts predict gradual rate drops if inflation continues to ease and job growth remains steady.
If rates dip, expect more buyers to re-enter the market—which could mean increased competition for homes. Acting before that wave could give you an advantage.
Why Acting Now Can Be Smart
Right now, Salt Lake City’s inventory is higher than it was last year, and sellers are often more open to negotiation.
You could secure your home today and choose to refinance when rates fall—allowing you to lock in a property before competition heats up.
Steps for First-Time Utah Buyers
1. Get Pre-Approved – Know your budget and how much you qualify for before you start house hunting.
2. Explore First-Time Buyer Programs – Utah offers grants and down payment assistance to help you get started.
3. Work With a Local Agent – A knowledgeable agent can guide you through offers, negotiations, and the ever-changing market.
Ready to Make Your Move in Utah?
Rates will shift over time, but the best time to start is when you feel ready. Let’s find your first home and build a smart plan for your future.
Message me today to start your home-buying journey!
