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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. ....
Say here in d.c. union station, trace, you ve been probably through there a million times. it looks so different after just a couple of years during this pandemic, it has changed, it s empty, there s a lot of people wandering around and they are not exactly commuters. all right, trace, we ll keep on that story. meanwhile, how much are you paying for gas? trace, your answer to that. trace: 5.65. sandra: are you ready to see $6 at the pump? sticker shock next. trace: the left villefying members of the freedom convoy. why it s more than just vaccine mandates. as a professional bull-rider i m used to taking chances. but when it comes to my insurance i don t. i use liberty mutual, they customize your car insurance, so you only pay for what you need. ....
Maybe $4.75 per gallon for gasoline and it s realistic that diesel hits $6 and we can talk about those $5 prices, right? they ve been confined to california for gasoline. those might start popping up in areas like chicago, where i am, the national average asked his meaty average in chicago now $4.65 a gallon, so you re going to start to see this hit more of mainstream america. sean: i paid over $4.50 per gallon this weekend. thank you. here now with a full report from l.a. county where gas prices, they are the leader, now approaching $7 a gallon in some areas, investigative reporter sara carter is with us. can you panning? i want to see that sign behind you. yeah, you can see right behind me, sean, the gas is $5.75 per premium. we got like $5.65 for regular and unlighted. it s incredible. the residents here, i m actually in burbank, california, right now in the residence here in california say these are ....
Accelerated the purchases. i don t think we have an issue with demand. i think incomes are strong, retail sales are strong, companies have lots of money. the problem is the supply-side end unless we fix the supply-side it will contaminate demand-side. supply destruction and inflation. trace: one of the biggest indicators is gas prices, i tell people outside the door it s $5.65 a gallon. on one hand you have the president tapping oil reserves adding 50 million barrels of oil to the market and on the other hand he wants to make it more expensive to drill for oil on federal property. how do you square the two. were in a very funny. where we have a transition issue, were moving away from fossil fuel, coal, oil. ....