historically low mortgage rates suddenly on the rise. average rate, 30-year fixed mortgage, 4.51%. 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 what it does over 30 years. take a full mortgage on $200,000 home, the monthly payment at the historic low just months ago, $877 a month. at the new rate that jumps to $1,015, a month. difference of $138. it adds up quickly. over 30 years, that s an additional $49,517 on that mortgage. hi, abc. hi, david. reporter: we first met the evangelistas in ann arbor, michigan, six months ago. the reason they went for the new home, not surprising. mortgage rates so low, the best time. a steal. reporter: they and their children are 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.
historically low mortgage rates suddenly on the rise. average rate, 30-year fixed mortgage, 4.51%. 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 what it does over 30 years. take a full mortgage on $200,000 home, the monthly payment at the historic low just months ago, $877 a month. at the new rate that jumps to $1,015, a month. difference of $138. it adds up quickly. over 30 years, that s an additional $49,517 on that mortgage. hi, abc. hi, david. reporter: we first met the evangelistas in ann arbor, michigan, six months ago. the reason they went for the new home, not surprising. mortgage rates so low, the best time. a steal. reporter: they and their children are 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.
family. here is the happy ending part. they were rescued. the family had been in jelly fish infested water for eight hours. amazingly though none suffered significant injuries. good financial news this morning. stocks will open today at record highs after fed chairman ben bernanke said the central bank would continue to support the economy. the dow rose 169 points to close at 15,461. nasdaq meanwhile rose to its highest level in nearly 13 years. finally maybe a good time to check the 401(k) statements. huh. historically low mortgage rates are now, a thing of the past. the average rate of a 30-year fixed mortgage is now at 4.51%. that is a two-year high. just more than six months ago, 3.31%. high mortgage rates are actually a sign that the economy is doing better. a day that yankee fans had anxiously anticipated the captain. derek jeter back in the lineup for the first time after nearly
rick: mortgage rates you might have noticed are on the rise. what do these rising rates mean for the housing markets? consider this. home prices are up just over 10% according to industry analysts in just the last year. a moderate increase in mortgage rates they say will not hurt the housing recovery. according to freddie mac the average 30-year fixed mort age is 3.93% compared with a low of 3.31 last november. fears that rates will continue to increase has caused potential buyers sitting on the sidelines to jump into the market. i was waiting to see how low they would go. now i wanted to lock why they when were their lowest.
mortgage rates are expected to increase. according to the federal home loan mortgage corporation, freddie mac, the average 30-year fixed mortgage is now 3.9% compared with a low of 3.31 last november. it s causing some potential buyers to jump into the market. business has been very, very strong, and one of the main reasons for that is the fact that people want to take advantage of what we still perceive as low interest rates compared to what they ve been in the last ten years or six years. so they re still relatively low. reporter: many economists believe that a year from now mortgage rates will hover around 5%. historically speaking, still a pretty low rate. how high will they go? that s anyone s guess. if, however, they spike to 7% or higher, that s when the housing market could be in trouble. according to freddie mac, buyers with medium incomes would be