In Salt Lake County previously occupied homes sales rose in January to the highest pace in five years. This is similar to what is happening nationally and it is offering a hopeful sign that there will be a good spring buying season.

Last month's home-sales total was the highest since January 2007. And although sales are up prices are not. In January the median home prices in Salt Lake County fell to $171,000 from around $220,000 in January, 2007. Nationally, home sales have risen nearly 13 percent over the past six months and analysts suggest slow but steady improvement.

However, while home sales are trending up, home prices are not. As in Utah, nationally prices are still falling. However, on the positive side the pace of the decline seems to be slowing.

The supply of homes on the market in Utah has declined to 6 months which is consistent with a healthy housing market. Fewer homes on the market could help boost prices over time. Most economists are encouraged but also caution that the damage from the housing bust is deep and it will take years to fully recover.

Check out Utah Rates Here.

With historically low mortgage rates, home builders and real estate professionals are more hopeful because more people are saying they are considering buying this year. Much of the optimism has come because hiring has picked up. Unemployment in Utah is well below the nation with 6.3%. If you are in a situation where you have good employment and a good credit history, now is the time to find out what it would take to get a home loan. While lenders have really toughened up their guidelines, good credit and good job history can put you in a new home.

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.
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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