welcome back to new day. i love this song as well. it is money time. christine romans is here with all of the business news you need. on wall street june had plenty of malox moments. talk of the federal reserve pulling back on stimulus had things wild. as wall street closes out the quarter, it s on track for solid gains. the dow and nasdaq and s&p 500 up 3% to 4%. dow futures up 35% now. 30-year fixed rate spiked a half percentage point to 4.46 this week. at that rate, a 200,000 loan costs about $1,000 a month. in early may it would have been
it be retro active. that would naming borrow $2,500 more in payments. another rate going up mortgage rates the highest in 26 years. yup. the 30 year fixed rate this week 4.46 percent. the highest, biggest increase, biggest jump in a week in 26 years. the popular refy option 15 year also rose to 3 and a half percent. what is this doing? we are seeing two things happen. number one a lot of potential home buyers are saying let s stay on the side lines for now the rates are too high. others are saying let s rush to get into the home market measure of home sales came in at nearly a 7 year high last week as investors and home buyers said okay might be time to buy now. jon corzine more trouble with ms global? more trouble. the head of that broke ridge
average rate for a 30-year fixed mortgage going to 4.46%. it s the biggest one week increase since 1987. still it s historically low. but we had to ask questions about this. ben stein, an author and economist. the author of how to ruin your life and portfolio. what do you make of this move in mortgages. is it something to be concerned about? a good sign? i see it as a very good sign. we have had mortgage rates as at astonishing low rates. it s been a fixed price system. it s been held down so long the mortgage market has become a joke of being too low. now the rates are normal amounts. they will go higher no question. we can have a very, very much higher interest rate for this
that is quite a story. and the usa today, the average rate of a 30-year mortgage loan rose to 4.46% making that the highest average in two years and the largest weekly increase in over a quarter of a century. the rates are still pretty low which could lead to more potential buyers to committing now instead of waiting for those rates to rise again. and from nbc news, one amusement park in mexico is offering ride stimulants, a ride that simulates what it would be like to illegally cross the border into the u.s. the ride offers a three to four-hour night walk which takes visitors no way. on a simulated border crossing complete with fake smugglers, barking dogs and a fake border patrol officer, according to the park. the experience is meant to discourage visitors from attempting to leave the country by showing them how dangerous it is. and this weekend is the parade s
added 15 and the knack up 28. rates on 30-year filmed mortgages are up to their highest level in nearly two years, rates jumped to an average of 4.46% last week. gold having a tough go, plummeting to its lowest level in nearly three years and apple shares closed down 1%, dropping below the $400 mark. that s it from cnbc in business worldwide. now back to hardball. i ve never said it came out of the office of the president or his campaign. what i ve said is it comes out of wa ugh. what a zero. welcome back to hardball. that guy s been shooting blanks for weeks now. white house enemies list, terms like that, a coordinated campaign to target conservatives. that s the perception of the controversy. republicans have seriously