A Race Across America to Close Housing Deals Before the End of the Boom

Mortgage rates up more than a full percent with buyers hoping to close before rates go up even more.
1:49 | 09/19/13

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Transcript for A Race Across America to Close Housing Deals Before the End of the Boom
Home buyers and sellers are in a frenzy of activity. Last month sales of existing homes hit their highest point in six and a half years. A 30 year fixed mortgage is down to 4.2 percent. So is this the last chance to get in on the lower prices and the house you've always wanted? Abc's chief business represent rebecca jarvis. Reporter: The amazing race, home buyers and sellers across the country desperate to get deals done before rates rise again. In new orleans meghan gehrke forced to make an offer on this home before her husband even got a look. I saw it for three minutes. There were 60 people looking at it. It was pretty crazy. Reporter: In boston, dave seymour flipping homes in less than 24 hours. If I sell at $300,000, I want to make $60,000 on this. Reporter: In san diego, the robinson's on a charm offensive. We said we could pose ella outside the house and make puppy dog eyes at everybody who came to view it. Reporter: Look at this home. In may the mortgage would have cost $887. Today it's over $1,000. Nearly $2,000 more a year and a total of almost $60,000 more for the same home simply because mortgage rates have gone up. There isn't going to be a perfect moment. Basically if you are afford it and you don't mind being there for a few years you don't need to know much more. Reporter: For megan and jeremy gehrke, the risk was worse the reward. What did he say when he walked into the house? He said I love it. Reporter: How long will this last? Analysts say they expect a window of opportunity to close in about three months and don't think rates will go much lower than they're right now. Lock it in now. Today we watched as the president's daughter stepped

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