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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 t...

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 r...

Not be too late to get in. now may also be the time to buy for first time home buyers according to clark howard. i sat down with him yesterday. he told me that despite big-time investors helping to push some home prices up, the first-time buyer, this is the chance of a lifetime. >> this is an absolutely great time to be a first-time home buyer. you don't have a house to dump. even with these increases we're talking about, houses are so much cheaper than they were years ago, in so many markets. and interest rates, this is virtually a once in a lifetime opportunity. with these ultracheap interes...

In washington in that regard? people get caught up in their jobs and it consumes more of their lives than they would like it to. >> what you didn't see there was shortly after that, michael had two phones to his ears at one time. unbelievable. tomorrow at this time michael and i have an in-depth discussion about the runup to the iraq war and the twisting of truths to justify invading iraq in the wake of 9/11. time for today's list of number ones. first up with the price of gasoline averaging about $3.70 a gallon across the country, some folks are enjoying the lowsest pump prices in the land....

Him. >> he was always the most courteous and sensitive of all the ones we visited. of course, the pope, i think, he has been most astonishing teacher. >> pope benedict parting words were good night. now pope emeritus, the former pontiff, says he plans to spend time hiden away from world in prayer and interlecht wall pursuits, while the cardinals get ready to choose his successor, they will likely set the date for the conclave on monday. >> bret: amy kellogg in rome. thank you. mortgage rates in the u.s. dropped to just over 3.5% this week. that is .2 of a percentage point from the historic low...