Mortgage Rates in Magna, Utah — March 2026
Updated March 2026 | Based on Magna market data and regional lending conditions
Magna is a growing city in Utah with a population of 29,834. The current 30-year fixed mortgage rate in Magna is 6.88%, which is 0.23% above the national average. With a median home price of $514,000 and a 20% down payment of $102,800, homebuyers can expect a monthly principal and interest payment of approximately $2,703.
Current Mortgage Rates in Magna, UT
Below are the current average mortgage rates available in the Magna area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.88% | 6.65% | +0.23% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.33% | 6.15% | +0.18% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.13% | 6.85% | +0.28% |
Magna Housing Market Overview
The Magna housing market is competitive with prices well above the national median. The median household income in Magna is $67,000, and the cost of living index is 99.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $126,300 to comfortably afford the median-priced home in Magna, which exceeds the current median household income.
Monthly Payment Breakdown for Magna
Based on the median home price of $514,000 with 20% down ($102,800), here is what you can expect to pay monthly in Magna:
15-Year vs. 30-Year Mortgage in Magna
Choosing a 15-year mortgage in Magna at 6.09% instead of a 30-year at 6.88% would save you $344,880 in total interest over the life of the loan. However, your monthly payment would be $3,490 instead of $2,703 — an increase of $787 per month.
Calculate Your Magna Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Magna
What are the current mortgage rates in Magna, UT?
As of March 2026, the average 30-year fixed mortgage rate in Magna, Utah is 6.88%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.23% above the national average of 6.65%.
How much is a monthly mortgage payment in Magna?
Based on the median home price of $514,000 with 20% down, the estimated monthly mortgage payment in Magna is $2,703 for principal and interest. Including property taxes of $244/month, the total monthly housing cost is approximately $2,947.
What income do I need to buy a home in Magna?
Using the 28% rule, you would need an annual income of approximately $126,300 to afford the median-priced home in Magna at $514,000. The median household income in Magna is $67,000. This means most households would need to either earn above the median or consider homes below $514,000.
Is Magna a good place to buy a home in 2026?
Magna offers a below-average cost of living with a cost of living index of 99.5 (national average = 100). The property tax rate in Utah is 0.57%, which is below the national average. Magna has a population of 29,834 and offers a balanced lifestyle.
Mortgage Rates in Other Utah Cities
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Last updated: March 2026. Rates are approximate averages based on regional lending data for the Magna, Utah area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.