Many Utah families have found the dream of homeownership slipping further out of reach due to high mortgage interest rates and ongoing economic uncertainty. But for some, like Wayland B., Bank of Utah’s participation in the Federal Home Loan Bank of Des Moines’ (FHLB Des Moines) Mortgage Rate Relief program changed everything.

A single father with twin daughters, Wayland had been renting since facing financial hardship during the pandemic. Despite his hard work and determination, buying a home seemed impossible in today’s housing market. He never imagined he’d qualify for a home, let alone one with a view of the mountains and Antelope Island. That is, until he spoke with Wes Barlow, a mortgage loan officer at Bank of Utah.

While browsing Zillow, Wayland spotted a beautiful four-bedroom house on a hill in Roy, Utah. He was drawn to the home but knew the cost of borrowing money in the current market would likely push the monthly payment out of reach. Wes recommended FHLB Des Moines’ Mortgage Rate Relief program, something the Bank had started offering the previous year. Wes and his team determined that Wayland was a prime candidate for the program. After qualifying for a lower interest rate with the help of the Bank of Utah team, he was able to secure a monthly mortgage payment, including escrow, for under $2,000. Local rent for two-bedroom houses in the area that Wayland considered was around $2,500–$2,600.

I was just blown away that I could even qualify. I’m in a house I never thought I’d be able to afford. Wes and the Bank of Utah team worked hard and never left me hanging, constantly updating me, texting, calling and emailing. Before we knew it, we were in our dream home. We wouldn’t be here without that program, that’s for sure.” — Wayland B.

Making Utah Homeownership More Attainable

In 2025, the 30-year fixed rate hovered around 6.8%. This is significantly higher than the low rates during the pandemic and still higher than many families can comfortably afford. FHLB Des Moines developed the Mortgage Rate Relief program in 2024 to combat these challenges. As part of its broader mission, FHLB Des Moines provides crucial funding to financial institutions, enabling them to support affordable housing and community development.

The rate relief program enables eligible borrowers who meet regional income requirements to receive a 1.5-percentage-point reduction on their mortgage rate — a game-changer for both monthly affordability and long-term cost.

Through its partnership with FHLB Des Moines, Bank of Utah was able to fund 16 loans, totaling $5 million, to help homebuyers as well as those looking to refinance their existing mortgages. Wayland’s story is just one example of how Bank of Utah and FHLB Des Moines are working together to make a difference — one home, one family, one dream at a time.

“At Bank of Utah, being a true community bank means lifting our neighbors and helping unlock the potential of our team members, clients and the communities we serve," said John Serfustini, vice president and secondary marketing manager of the Mortgage Department at Bank of Utah. Through the Bank's utilization of the FHLB Des Moines’ Mortgage Rate Relief program, we’re helping more Utahns achieve the dream of homeownership, creating homes and lasting memories. Everyone deserves that opportunity.”

Bank of Utah, a longstanding member of the Utah community since 1952, actively engages in initiatives with the Federal Home Loan Bank of Des Moines (FHLB Des Moines). This organization supports local banks and credit unions by providing funding and resources for affordable housing and economic development. Bank of Utah is involved with the FHLB Des Moines’ Mortgage Rate Relief program and also participated in the organization’s Member Impact Fund initiative, providing $200,000 in grants to nonprofits in 2025. This commitment underscores both Bank of Utah and FHLB Des Moines’ dedication to supporting community needs.