Transcript for Record-Breaking Day on Wall Street
First a record breaking day on wall street. The dow soared 169 points, closing in another record high. But at the same time mortgage rates spiked causing homeowners and those looking to buy to real and to david muir right here to tell us what is next. Great to be with you here in person. We've been reporting on historically low mortgage rates. Tonight they are quickly vanishing. We do the math for you. Your monthly mortgage payment if you bought six months ago versus buying the same home tonight. Reporter: If you blinked you missed them. Those historically low mortgage rates suddenly on the rise tonight. The average rate in a 30 year fixed mortgage now at that 4.15%, a two year high. It was just more than six months ago it was 3.31%. If that doesn't seem like much of a spike look at the span of 30 years. Take a full mortgage on a 200, $000 loan. 877 a month. At the new rate tonight that jumps to $1,015 a month. It adds up quickly. Over 30 years that is an additional $49,517 on that mortgage. Hi, david. We first met this couple a little more than six months ago. The entire reason they went for their new home, not surprising. The mortgage rates were so low. They and their children are now loving their new home. If you took out a full mortgage on their same home today, the monthly payment would be $384 more than when they bought it, which is why lisa handler is on the hunt in atlanta tonight looking for a new home for some time now. We were taking our time and now we're under the gun. Reporter: The economy over all is actually doing better so the fed will likely start doing less to move the recovery along, buying fear treasury bonds which has been keeping mortgage rates low, which is why mary blan charde told us it's pushing buyers to get in knowing rates are on the rise. People have been locking into the rate. We checked with lisa. She hasn't found a home tonight. This will no doubt push perspective buyers into the markets at least into the short term. The fed chairman just yesterday said they're going to keep buying treasury bonds but that's not going to continue forever. This is not expected to stall the market? No. Once the how'sy recovery begins it's going to keep going. Either face it today or three or four months from now. To the on going mystery of
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