The average rate on a 30-year mortgage has decreased to 6.60%. In Utah, the median home price is $595,000, requiring a 20% down payment of $119,000, resulting in a monthly payment of $3,040. With a 10% down payment, the upfront cost is $59,500, leading to a monthly payment of $3,420. These payments are lower than those at the peak rate of 7.79% in October 2023. To buy a home, getting pre-approved for a mortgage is essential, requiring documents like income proof and a credit score check.
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