Market Report

Here is something that does not get talked about enough right now: mortgage rates are actually lower than they were at this exact time last year. The 30-year fixed rate came in at 6.37% for the week of May 7, 2026, according to the Freddie Mac Primary Mortgage Market Survey. One year ago this same week, that rate was 6.76%. The 15-year fixed followed the same direction, landing at 5.72% today compared to 5.89% a year ago.

That improvement in borrowing costs is real money. On a $637,000 home with 20% down, the difference between a 6.76% rate and a 6.37% rate works out to roughly $150 less per month. Over the course of a year, that adds up to close to $1,800. It is not a dramatic shift, but it is movement in the right direction, and it is one of the reasons buyer activity is picking back up the way it is in April's data.

The broader rate picture is this: rates have been holding in the mid-to-upper 6% range for most of 2026, with some fluctuation driven by geopolitical uncertainty and inflation running a bit hotter than the Federal Reserve wants to see. Most economists are projecting rates to remain in this general range through the summer, with any meaningful movement likely tied to Fed decisions in the second half of the year.

For buyers in Salt Lake County, the math on waiting for rates to drop has real risk attached to it. Single family home prices are up 4% year-over-year. If values continue rising at even a modest pace while you wait for rates to fall, the money you save on a lower rate can easily be absorbed by a higher purchase price. Many buyers who lock in now and refinance when conditions improve will ultimately be better positioned than those who sat out the market entirely.

For sellers, the rate picture supports continued demand. Your buyer pool is more qualified and more motivated than it was six months ago, and with rates moving in the right direction year-over-year, confidence in the market is coming back.

For Buyers The single family market in Salt Lake County is competitive and prices are rising, so waiting has a real cost. The condo and townhome market, on the other hand, is the most buyer-friendly it has been in years. There are real opportunities to negotiate price, ask for concessions, and take your time making a decision. If you have flexibility on property type, this spring market offers something for a range of budgets and timelines.

For Sellers The data tells two different stories depending on what you are selling. Single family sellers remain in a strong position. Demand is rising, marketing times are short, and prices are holding well above last year. Condo and townhome sellers need a different approach: precise pricing based on actual recent sales, strong presentation, and realistic expectations about time on market. The homes that are selling in that segment are doing so because they are priced correctly from day one.

For Investors The condo and townhome segment of the Salt Lake County market is presenting entry points that have not existed in several years. Prices are down nearly 7% year-over-year, inventory is elevated, and sellers are negotiating. Salt Lake County rental demand remains strong, and attached housing often delivers better cash flow relative to purchase price than single family homes in this market. If your investment thesis is long-term hold with rental income, this is a window worth taking seriously.