The Worst Is Over – Mortgage Rates Going Up

After almost a year of economic crisis in the housing and real estate markets, it looks like the worst is finally over. The nation’s top housing officials have declared that the housing price slump is finally coming to an end, and it looks like mortgage rates will be going up this week.

The latest survey of mortgage rates from top banks have shown that all types of mortgages are going up. 30 year fixed mortgages now have an interest rate of 4.79 percent, which is higher by 8 points from last week. The 15 year fixed rate home mortgage also showed a rise with 3.9 percent compared to a 3.86 percent rate last week. Jumbo mortgage rates also went up by 6 points, coming from 5.21 percent to 5.27 percent.

Even adjustable rate mortgages are not left out with this upward swing. The 5/1 ARM went up to 3.49 percent, an increase of 4 basis points.

The secretary of the US Department of Housing and Urban Development also stated that “it’s very unlikely that we will see a significant further decline” with regards to home prices, as stated in n interview in CNN’s State of the Union show.

Although prices are steadily rising in the real estate market, it is still yet to be seen whether the rise will be significant enough to be considered as a strong recovery. The National Association of Realtors also mentioned that there are now more pending contracts to buy existing homes. The number would even be greater if banks and other lending institutions would return to their normal standards, and allow credit worthy individuals to take on a loan.

So what does this mean to all of us? First of all, home and other property owners will now begin to see the light with regards to their biggest investment. And they can rejoice for the predicted increase in value of their homes. On the other hand, new home buyers will also be faced with higher mortgage rates and increasing prices of properties. This can only mean one thing, if you want to buy a property, now would be the best time to do it. It may take a while for the market to recover, but it’s already on it’s way there. Better start while you’re still ahead.

Low Rates and Easy Loans with SpeedTrack Loans

SpeedTrack Loans is a financial institution that specializes in giving home loans from fixed mortgages to refinancing. Right now, SpeedTrack Loans is offering 30 year fixed mortgages with a fixed rate of 4.375%. With the average mortgage rate running at 4.77%, this rate is about one of the lowest borrowers can get.

And the rates aren’t the only thing that’s good about SpeedTrack Loans. This institution provides a user friendly website that allows people to enter brief information on their online form and a selection of what kind of loan you want. Their mortgage lender department will then contact you to know more about your situation.

Giving out of information isn’t a one-way street. SpeedTrack Loans will provide you with a wide variety of contact information to choose from like e-mails, phone numbers, and even pagers so you can get a hold of their personnel in a quick and efficient manner.

People who are low on cash for down payments also have a reason to rejoice. If you can’t afford a 20% down payment, SpeedTrack Loans allows you to give only 5% while still being able to qualify for a 30 year fixed mortgage on your primary residence. Their loan categories include refinance loans, home purchase loans, and home equity loans.

Other rates is 3.625% for 15 year mortgages, and 2.75% for 5 year ARM’s. Finally, SpeedTrack Loans is not location sensitive. Being an online lender, anyone from all over the USA can apply for a loan. What more can you ask for? Check out their website to see what SpeedTrack Loans can truly offer you.