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Posted: Tue Jun 22, 2010 3:00 pm Post subject: legal interest rate

I have entered into a loan contract with 30% interest rate in Utah. Is this rate legal?

jameshogg · Posted: Tue Jun 22, 2010 8:46 pm Post subject:

Hi Guest,

I did not understand what you exactly wanted to mean by 30% interest rate. Mortgage rates are going quite low these days. Today's interest rate for a 30 year mortgage is around 4.80% whereas for a 15 years loan, it is 4.16%. The interest rates charged by the lenders in Utah should be somewhere near to these rates.

Thanks

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