higher. we ll see an interest rate hike today. the question is, will it be 50 or 75 basis points? whatever the case, the fed s goal here is to slow things down. we are looking at an economy that is slowing but when you look at the mortgage market, bill, we had new numbers this morning. mortgage applications were showing that the rate for mortgages is now up to 5.65% but earlier on mornings with maria on fox business i spoke with someone from the wall street journal and he said lenders are saying they re out there with a 6%, 6 1/4% mortgage rate and that they are talking to potential mortgage holders and buyers about. so make no mistake, these kinds of numbers will slow down this economy. question is, will we go into recession sooner rather than later? bill: president biden yesterday blamed republicans for not passing his large spending. he blamed republicans in washington even though democrats control the senate, house and white house.
they ve done it again. it is sliding eastward. look at the numbers. killeen, just below 21 1/2. austin, storm total over 16 1/4. they picked up 14 1/2 in a 24-hour period. that was a record that went back to 1974. over 350 calls for help in the houston area. small tornadoes have been in the parishes of louisiana mainly around at zero, enough to, you know, down a tree and cause some power outages, but if you head back into texas we had three fatalities in travis county, two in harris county, one in san antonio, and possibly two more to add in the houston area. now the conveyor belt is bringing the heavy flooding rains to parts of mississippi, alabama, into georgia. it will soon continue its way to south and north carolina. but, again, the rivers were already swelling in parts of texas so, that s why they had those water rescues. but there could be definitely some problems to be found here across the parishes of louisiana. river warnings still in effect back into texas but it s just a wa
wettest day ever observed in recorded history. previous record from the 1920s was 6 1/4 inches on record. indianapolis also a record and fayetteville arkansas picking up 2.66 inches. that is 1,700. showers are started in nature. some working their way west of dallas. up around 80 in the nation s capital and new york at this hour. in fact, it s warmer up in new york than panama city in the morning hours. the cooler temperatures are in place. the pool of cool air eventually pushes off to the east and quickly warms up by the latter portion of the week and go back up above average by sunday and monday. thank you for that. breaking news. world markets in chaos. china s stock market is in a free-fall. greece days away from being kicked out of the euro. live team coverage breaking it
let s get to meteorologist pedram javaheri for the latest. good morning. yes, parts of 18 states and about 35 million people dealing with flood watches and warnings this morning. remarkable rainfall totals on tuesday across parts of the country. abilene, texas, single wettest day ever observed in recorded history. 8 1/4 inches of rainfall coming down. previous record from the 1920s was 6 1/4 inches on record. indianapolis about 4 1/2 inches and also a report. fayetteville, arkansas, picking up 2.66 inches. the concern is pretty expansive area. dealing with wet weather the next 24 hours. showers are started in nature. some of the heaviest working west of dallas this morning. look at the temperatures around the nation. up around 80 in the nation s capital and new york at this hour. in fact, it s warmer up in new york than panama city in the morning hours. you notice the cooler temperatures are certainly in place. this is what we are watching. notice the pool of cool air
the kospi off 6 1/4%. shanghai composite. the star of the day losing just 1%. in europe, this downward momentum is starting to gather some steam. down 141 points and in paris, down almost 3% now. check out the dax index in frankfurt taking a hammering, down almost 4% and we re seeing the energy stocks move lower, the bank stocks and the automakers taking a pummelling today in european. commodities for you with concerns of a global slowdown. oil prices owneraround $80. gold at $1867 per troy ounce. a look at some of the other headlines. president obama is kicking off his 10-day vacation in martha s vineyard. he s facing a lot of criticism for the trip in the wake of the market turmoil and concerns about the struggling economy. the white house says the president won t be relaxing the whole time. he will be working with his