It's officially official - the U.S. and Utah economy is improving! Well at least some of it - and in some parts of the country. Both the housing and jobs sectors are looking up. Stocks are extending their gain as the Dow moves towards 13,000 and a near 4 year high as optimism about a Greek bailout deal improves. Investor sentiment is cautiously improving after what finally looks like the finishing touches are being put on the bailout package. This moved the Best Available interest rates for the first time in weeks from 3.875% to 4.00%.

However, even with things looking better for the economy, the process is just beginning. Jobless claims fell to their lowest levels since 2008. This suggests the labor market is finally picking up again, though the Fed still remains cautious about the pace of the recovery. Utah's unemployment rate dropped to 6% in December, 2011 and is a good sign for the Utah economy.

Housing Starts rose in in January - up 1.5% from December and nearly matches November's three-year high - aided in part by warmer than usual weather conditions. Increases in permits, single-family starts and multi-family construction all point to a recovery but this critical gauge of the housing market's health has a long way to go before most declare a full recovery under way.

It should be noted that Utah's share of problem loans is nearly 3 percentage points lower than the national rate. Mortgage performance in Utah continues to improve reflecting the improvement in the job market and broader economy.

Today's Best Available Rates in Utah

30 Year Fixed Conventional - 4.00% but with higher closing costs you can get 3.875%
30 Year Fixed FHA/VA - 3.75% with higher closing costs. 3.875% with no origination fee
15 Year Fixed - 3.375%

The Best Available Rates are generally for those borrowers with excellent credit (740 plus) and 80% loan to home value. Mortgage insurance applies to conventional loans over 80% loan to home value and for all FHA loans.

For More Info on what market factors affect interest rates, check out my Mortgage Commentary.
___________________________
I'm Linda Miller, a Smart Loan Lady and Your Preferred Utah Mortgage Advisor
Call me at 801.550.1222
www.UtahMortgageAdvisors.com

NMLS #39250
www.utahmortgageadvisors.com

Affordable Home Loans
Utah's Most Affordable Correspondent Mortgage Lender
7651 Main Street, Suite 214
Midvale, UT 84047