Excess of existing low-rate mortgages lock out new Utah homebuyers

 Robert Spendlove 

Thirty-year fixed mortgage rates have been hovering around 6 percent to 7 percent for nearly two years, but most Utah homeowners have locked in a much lower rate. In fact, 72 percent of Utah homeowners have a mortgage with an interest rate at 4 percent or lower — the greatest share of homeowners in any state, according to an analysis by the University of Utah’s Kem C. Gardner Policy Institute.

One reason for Utah’s high percentage of low-rate mortgages is the state’s strong housing market. Surging home values over the past decade helped Please log in to see the rest of this story.