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Credit, even disincentivizes them from taking out a loan. i was crunching some numbers earlier and back when mortgage rates were at a record low of 2.93%, it cost about $2,000 to finance a $500,000 mortgage. today with interest rates pushing 7%, that is now about $3350. and for people with credit scores below 680, it is becoming even more challenging to being assess credit. and this is also what happens when you see the price of borrowing money rise so extensively, it requires a lot more capital monthly for these households to be able to make these payments. lenders don t necessarily stop lending all together. they just focus on lending to households that are so-called less risky and that is why at bank rate we say that it is important to concentrate on your credit profile. in fact that could prkcould pro impact you more than the fed ....
Era. reporter: this paired with the high interest rates making it difficult for byers. we don t see prices decreasing much, and even if they do, just keep in mind the interest rates are rising. so the cost of borrowing money is going up, so that just means you re still going to be paying as much or nearly as much as you were even if those prices go down. reporter: car, home and student loans all higher. interest rates on a 30-year fixed mortgage from jumped from 2.93 to 5.78% in the last year. this is how it looks. reporter: he wishes his interests would have been lower, but says it was his need and want that motivated his new car purchase. camilla bernal, cnn, los angeles. you know, the car purchase issue is really something because people, it used to be you could get the car you wanted. now you can t really find sometimes the car that you want. a lot of people who leased in this category, leased a car like ....
Food, 10.1%. and gas up 48.7%. but gas prices, not necessarily deterring potential buyers at this southern california car dealership. demand is high. supply is still low, and we re still in shortage era. this paired with the high interest rates making it difficult for buyers. we don t see prices decreasing much, and even if they do, just keep in mind the interest rates are rising so the cost of borrowing money is going up, so that just means you re still going to be paying as much or nearly as much as you were even if those prices go down. car, home and student loans all higher. interest rates on a 30-year fixed mortgage have jumped from 2.93 to 5.78% in the last year. this is how it looks. reporter: he wishes his interests would have been lower but says it was his need and want that motivated his new car ....
Difficult for buyers. we do not see prices decreasing much. if they do, interest rates are rising. the cost of money is going up. that means you will pay as much or nearly as much as you were, even if those prices go down. reporter: car, home and student loans are all higher. interest rates on a 30 year fixed mortgage have jumped from 2.93 to 5.70% in the last year. this is how it looks. he wishes his interest would have been lower, but says that was his need and want that motivated his new car purchase. a lot of people are turning to electric vehicles. prices for those are higher. even though it s cheaper to charge a car, electricity is up 12% in comparison to last year. burnell in los angeles. thank you so much. hello gas prices plus the ....
2.93%. the housing joins food and gas on the list of prices that keep rising. let s go now to cnn white house correspondent arlette saenz, so what s the president saying about it? reporter: well, victor, some economists predict a recession may be looming. president biden pushed back on that idea with an interview with the associated press saying he does not believe a recession is inevitable and also arguing he believes the u.s. is in a strong position to fight inflation compared to the rest of the world. even as the president is expressing a little bit of optimism there, he did acknowledge the weariness that so many americans are feeling at this moment, when you have issues like the covid-19 pandemic and the floundering economy hitting americans in their pocketbook. the president spoke about inflation in global terms as he held a virtual meeting with leaders from more than 20 countries that make up the world s largest economies. and the president once again pinned inflation on pursue ....