Logan, UT — Rising mortgage rates have made homeownership feel out of reach for many Utah families, but Bank of Utah has provided a path forward for 34 community members through a special relief program this year. In partnership with the Federal Home Loan Bank of Des Moines (FHLB Des Moines) and its Mortgage Rate Relief program, Bank of Utah provided a 2-percentage point reduction on mortgage rates to eligible borrowers, locking in a lower rate for the duration of their loan term. This support helped keep the dream of owning a home alive, easing the financial strain of higher interest rates and making homeownership more accessible. The program concluded in September.
One of the many Utah families who benefited from the Mortgage Rate Relief program was the Mortensens from Logan. After spending two years renting a basement apartment, they were discouraged by high housing prices and rising borrowing costs, making homeownership feel like a distant hope. Their landlord, a real estate agent, informed them about Bank of Utah’s program. With the guidance of their mortgage loan officer, John Neil, they successfully navigated the process and secured their first home at a reduced interest rate.
“John was incredible — he felt like a friend right from the start,” Tyson Mortensen said. “He was knowledgeable, friendly and always available to answer our questions.”
The Mortgage Rate Relief program, launched by FHLB Des Moines, aims to help families combat the high costs of borrowing by offering a 2-percent reduction in mortgage rates to eligible homebuyers. Bank of Utah funded 34 loans through this program, totaling $10 million, helping both first-time homebuyers and those looking to refinance.
“At Bank of Utah, we understand that owning a home is one of the cornerstones of building a strong community,” said John Serfustini, Vice President and Secondary Marketing Manager of the Mortgage Department at Bank of Utah. “The stories we’ve heard, like the Mortensens’ and many others, remind us why we’re so passionate about what we do. It’s about creating homes and futures for Utah families.”
In addition to supporting first-time buyers, Bank of Utah has helped other homeowners, including a single mother who was struggling with mortgage payments. By refinancing, she reduced her monthly payments and remained in her home — another testament to the program’s impact.
Bank of Utah’s ongoing partnership with FHLB Des Moines emphasizes the bank’s commitment to the community. As an active member, Bank of Utah continues to support initiatives that promote affordable housing and economic development across Utah. Through efforts like the Mortgage Rate Relief program and others, Bank of Utah is making a tangible difference in the lives of local families.
For more information visit www.bankofutah.com.
About Bank of Utah
Whatever your Utah is, Bank of Utah provides all the financial tools and guidance you need to achieve your business and personal financial goals. The Frank M. Browning family established Bank of Utah in 1952 in Ogden, Utah. Bank of Utah has since grown to 400 employees and over $2.9 billion in assets. Bank of Utah is one of the top banks in the U.S., ranking in the top 10% for total assets. With the personal touch of a community bank, Bank of Utah answers your calls, greets you in person and offers the most up-to-date online and mobile banking innovations. The Bank has 18 full-service branches throughout Utah, trust teams in Ogden and Salt Lake City, and mortgage offices in Logan, Price, Vernal and St. George. Offering business and personal banking, mortgage and commercial lending, and trust services, Bank of Utah is dedicated to helping our neighbors and local businesses thrive, now and for years to come. Together, we are Utah. For more information call 801-409-5000 or visit bankofutah.com.
About Federal Home Loan Bank of Des Moines
The Federal Home Loan Bank of Des Moines is deeply committed to strengthening communities, serving 13 states and three U.S Pacific territories as a member-owned cooperative. We work together with over 1,200 member institutions to support affordable housing, economic development and community improvement.
FHLB Des Moines is one of 11 regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions. The Des Moines Bank is wholly owned by its members and receives no taxpayer funding. For additional information about FHLB Des Moines, please visit www.fhlbdm.com.
CONTACT: Cherie Hanson
chanson@bankofutah.com
801-409-5172