How Friday’s Lower Mortgage Rates Boost Your Buying Power in Salt Lake County

Mortgage rates edged lower this week, and even a small dip can move the needle on what you can comfortably afford. As of September 7, 2025, the average 30-year fixed rate fell to 6.29% (down from 6.56% a week earlier)—the lowest level since October 2024. That shift trims monthly payments and nudges buying power up for Salt Lake County buyers. Freddie MacFreddie MacAP News

Why this matters locally

• Prices: Salt Lake County’s August 2025 median sold price was $560,000 (+4.9% YoY). Prices aren’t sprinting, but they’re not broadly falling either—so rate moves do the heavy lifting on affordability. Realtor

• Incomes: The county’s median household income (ACS 2019–2023) is ~$94,658; HUD lists 2025 AMI at $122,700 for the Salt Lake metro (Salt Lake + Tooele). These benchmarks frame program eligibility and debt-to-income (DTI) modeling. Census.govSLC.gov

“How much more can I afford now?” (quick buyer math)

Illustrative principal & interest only (30-yr fixed). Taxes/insurance/HOA vary by property.

• Same payment, more house: At a fixed $3,000/mo budget, last week’s 6.56% → 6.50% dip increases supported loan amount by roughly ~0.6% (a few thousand dollars of price room). That can be the difference between “almost” and “in range.” (Based on Freddie Mac weekly averages.) Freddie Mac

• Pair it with a small buydown: If you capture another 0.25% via a permanent rate buydown (often funded by seller credits or state assistance), buying power typically jumps ~2–3% at the same payment—far more impactful than a small price cut. Utah’s First-Time Homebuyer Assistance Program explicitly allows funds for down payment, closing costs, and permanent rate buydowns (up to $20,000, subject to program caps/availability). Utah Housing Corporation

First-time buyer playbook (Salt Lake County)

1. Refresh your pre-approval at today’s rate. A July pre-approval might understate your budget. Re-run it at ~6.50% to see your current range. (Freddie Mac PMMS, 9/4/25.) Freddie Mac

2. Use programs strategically. We’ll check eligibility for UHC and local options that can cover closing costs or buydowns—often a better monthly-payment win than an equivalent price cut. Utah Housing Corporation

3. Shop the right price bands. With the county median list price around $599k, many first-timers start with condos/townhomes or SFRs just under median where competition and payment ranges align. Realtor

4. Structure your offer around payment. Have your lender compare “$X price with buydown” vs “$X – $10k without buydown.” In this rate band, payment-focused offers often widen eligibility more than small list-price reductions.

Local numbers to watch

• 30-yr fixed rate (PMMS, 9/4/25): 6.50% (down from 6.56% a week earlier; ~11-month low). Freddie MacAP News

• Median listing price (Salt Lake County, Jul 2025): $599,000 (+1.6% YoY). Realtor

• Median household income (ACS 2019–2023): $94,658; HUD 2025 AMI: $122,700. Census.govSLC.gov

Want your exact numbers?

I’ll build a First-Time Buyer Affordability Brief based on your income, DTI, and target payment—showing purchase ranges at today’s rate, plus scenarios using UHC assistance or seller credits for a permanent buydown.

Call/Text: 385-503-3224
Site: TashaRodriguez.com

Sources

• Freddie Mac PMMS (Sep 4, 2025): 30-yr FRM 6.50% (6.56% prior week). Freddie MacFreddie Mac

• AP coverage: Average 30-yr fell to 6.5%, lowest since Oct 2024. AP News

• Realtor.com (Salt Lake County overview, Jul 2025): Median list $599k, +1.6% YoY. Realtor

• U.S. Census QuickFacts: Median household income $94,658 (2019–2023). Census.gov

• Salt Lake City Housing Stability (HUD AMI 2025): AMI $122,700 (Salt Lake + Tooele). SLC.gov

• UHC First-Time Homebuyer Assistance (FAQ): Funds may be used for down payment, closing costs, or a permanent interest-rate buydown (up to $20,000). Utah Housing Corporation