Yesterday Federal Treasurer Wayne Swan says a rise in interest rates in Australia is "obvious" because they are sitting at 49-year lows. The Herald Sun reports.

Financial markets are already predicting the bank's official cash rate of three per cent will rise to four per cent by the middle of 2010, prompting lenders to lift mortgage rates in an election year.

In the last couple of months, this fear has rushed homeowners to lock in their mortgage rates; fearing interest rates have bottomed and will rise.

After nearly 12 months of interest rate cuts, the first real sign of upward movement of interest rates has occurred from the banks in the last few days, with most lenders adjusting rates on 1 year fixed to 5 year fixed loans.

However, it is important to note that the increases varied across the lender group, so people who are in the market to fix a portion of their investment or personal mortgages should seek the advice of Vantage Capital who has access to 30 lenders plus, by seeking expert advice they are assured of getting the most competitive rate available before they lock-in their mortgage for a fixed term.

It is also a good time to take advantage of the FREE Vantage Mortgage Check Up, a unique five point plan that cuts through the mortgage maze, using a strategy that will help you to get ahead and achieve your goals.

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