rose more than half a percent to 4.46%, and that s in one week. 15-year rates jumped to 3.50%. and now the highest level since july of 2011. let s do the math. a $200,000 home loan cost $880 a month, that s how much it was, a payment in early may, and that same loan in today s rates would be $1,000. that s real money right out of the family budget. why is this happening? ben bernanke said it could taper back the extraordinary stimulus, and that stimulus has kept mortgage rates low, and it can t last forever and that means you will pay more to borrow. don t get me wrong. rates still historically low but not the deal you were getting a year ago. if you want to lock in the low rates, you better do it soon.
heather: this week mortgage rates making the biggest one-week jump in 26 years. a 30-year mortgaged 4.46% according to mortgage giant freddie mac. that is the highest in almost two years. mickey cargile joins us now to let us know why, why the rise? well, the main reason for the rise is simply that the fear that the fed is going to stop buying so many bonds. they have been buying $85 billion worth of bonds every month and that has depressed interest rates. actually they are down quite lower than they should be. heather: so the historic rates in the past are those over? the lowest rates ever we re seeing happened about two months ago. those are gone.
coaster we have seen in stock market prices. what about down? it went down slightly from may. it s still near six-year highs. it s still better than economists had expected. the biggest takeaway is we re looking at a tale of two american consumers right now. lower income consumers are not actually feeling good about the market, about the economy at all. but higher earning americans. so people making $75,000 and more are feeling better because we are seeing an increase in home prices. despite that roller coaster, we are seeing stocks higher. they re feeling better about spending because household wealth is feeling fuller. let s talk about mortgage rates. those are going up. there seems to be some miss perception, some are saying, based on what s actually happening. mortgage rates are spiking. 4.46%, for a 30-year fixed rate. that is the largest weekly increase we have seen in about
the good news, coming off the biggest three-day rally. stock futures are higher this morning. the dow and nasdaq jumped yesterday. giving a soothing talk from federal reserve officials they are in no hurry to take away the billions of dollars the world is used to that we have been dumping into the market. all that soothing talk hasn t stopped the rise in mortgage rates. no calm tones there. the rate on the 30-year fixed taking the biggest jump in 26 years. that s right. that rate spiked a half percentage point in a week to 4.46. that extra point will cost you $56 more a month for every $100,000 borrowed. that adds up. it really adds up. rates are still low. they are not close to 2007, almost 7% back then.
past few weeks. stock futures higher again this morning. federal officials have been hinting they re in no hurry to do anything rash when it comes to propping up the bond market. the damage has been done to mortgage rates. 309-year fixed rate mortgage jumping by the biggest amount in 26 years, that rate spiked a half of a percentage point to 4.46%. look at that. the jump comes a week after ben bernanke signaled policymakers may consider pulling back on stimulus if the economy can handle it. student loan rates will double to 6.8%, interest rates are rising on just about everything, folks. you re going to like the way you look, he s going to like the deal he made with the board. george zimmer will still be paid $1 million over the next four years for the tv ads he s already done for the company and going to get that money whether men s wearhouse uses the ads or