Utah Homebuyers Find Opportunities Amid 7% Mortgage Rates

Mortgage rates have surpassed 7% for the first time in over a year, driven by market reactions to a U.S. Treasury bond buyback program and rising oil prices. The 30-year fixed-rate mortgage hit around 7.1%, with weekly averages reaching the highest since mid-2025. Experts warn rates are unlikely to drop to previous lows near 3%, and waiting may increase home costs due to rising construction and land prices.