Mortgage Rates Are Going Up

Mortgage rates rose for a fourth-straight week to reach a six-month high as yields on government bonds continue to rise. The average interest on a 30-year fixed loan hit 4.61 percent, up from 4.46 percent a week ago, Freddie Mac reported.

Also, 15-year fixed loans averaged 3.96 percent, up from 3.81 percent last week; and rates for variable adjustable-rate mortgages floated higher as well.

Most experts expect the rates to continue the rise so now is the time to buy before rates go higher. Even with the rate increase, mortgage rates are still at historic lows.

As winter arrives we begin the slowest time for sales of mountain property so this is another advantage for a buyer looking for a home in Big Canoe in the north Georgia mountains.