We begin with news sure to affect every american family. It came from the government's top banker, fed chairman ben bernanke said today that he expects the economy to grow and unemployment to fall... See More
We begin with news sure to affect every american family. It came from the government's top banker, fed chairman ben bernanke said today that he expects the economy to grow and unemployment to fall well into next year, but he also signalled that years of low interest rates that have made it easy for companies to invest and families to buy cars and homes may soon be ending, a big reason the dow dropped more than 200 points on the news. Reporter: David and sarah turnbull are looking at homes for their expanding family, hoping to take advantage of record low interest rates. We're at a time when we can buy, and we'd like to lock in a low rate. Reporter: But in the last six weeks, interest rates have started to climb. Mortgages now about 4% for the first time in a year, up more than half a percent since may. Reporter: Every 1% increase in mortgage rates makes owning a home about 10% more expensive. Reporter: In real terms, the cost of the mortgage on that $500,000 dream home goes up $239 a month, more than $2,000 a year if rates go up just a same goes for the carp car loan. Jpmorgan ceo jamie dimon speaking at a conference last week said rising rates aren't a matter of if but when. It's going to be scary and volatile. Reporter: Are experts caution it doesn't mean you should be in a rush to buy. Higher rates can also sometimes lead to lower prices there is a silver lining in all of th. Folks will gradually see interest on savings accounts and CDs START TO IMPROVE. Now to a riveting allegations about flight 800,
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