New employment numbers released this week by the U.S. Bureau of Labor Statistics may suggest the U.S. economy's continuing recovery from the malaise of the last few years. Conditions are even more favorable out West, suggesting that conditions may be optimal for individuals buying a home in Utah.
The U.S. economy added 243,000 jobs in January as the overall unemployment rate dropped by 0.2 percent to 8.3 percent. Most jobs were added in the private sector, specifically among manufacturing and business jobs.
While conditions may not be this positive across the nation, one of the states with the most favorable economic climates is Utah. In January, Utah's unemployment rate declined for the third consecutive month and its consumer attitude index, measured by Zions Bank, steadied at 79.8, which is nearly 20 points higher than the national figure.
"Unemployment [in Utah] is low, economic activity is consistently growing and average prices are consistently growing," Randy Shumway, CEO of research firm The Cicero Group, told The Deseret News. "So there are a number of positive economic indicators that we are slowly but surely recovering from the deepest economic recession that most of us have ever weathered."
All this news bodes well for anyone who is a Utah first-time homebuyer or considering refinancing. Mortgage refinances have been especially popular since the end of 2011, as the fourth quarter saw that 85 percent of homeowners who refinanced at record-low interest rates were able to maintain or lower their principal balance.
These homeowners will be able to generate, on average, about $2,700 in savings over the next year, according to Freddie Mac. Opportunities exist for homeowners to acquire home loans in Utah while still keeping money in their pockets. In an uncertain economy, any financial savings are particularly valuable.
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