Mortgage Rate Climbs to 4.91%

The rate on the 30-year fixed mortgage rose for the fourth straight week.

According to Freddie Mac, the average rate on the 30-year loan rose to 4.91 percent from 4.87 percent the previous week. It hit a 40-year low of 4.17 percent in November.

The average rate on the 15-year fixed mortgage increased to 4.13 percent from 4.10 percent. It reached 3.57 percent in November, the lowest level on records dating back to 1991.

Rates are only headed higher from here. If you heven't locked a long term rate, do it now.