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CNN CNN Newsroom June 30, 2013 20:41:00

Standard to lock-in for 60 days and the longer out, the more expensive it will be. reporter: ask your lder so your rate could be adjusted lower if rates slip again. if you re still looking for the right house, make sure you re preapproved for a mortgage and pay down your debt while interest rates on auto loans and credit cards are still low. this is a time to take advantage of those rates. it means be as aggressive as you can about paying down the debt because once they start to rise, there won t be a stop. reporter: no stop and the lowest mortgage rates in history may be gone for good. christine romans, cnn, new york. all right. now to that other major investment, a college degree. rates on student loans could be double and that could lead to a wave of defaults. so for more on that, here s cnn s compazane asher. almost $60,000 in debt. it affects my mortgage and ....

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CNN CNN Newsroom June 30, 2013 20:43:00

Temporarily, other says rates should fluctuate with market forces. i think there s going to be some kind of compromise, some kind of adjustment. i don t know if they go to a variable rate loan. my guess is they may just kick the can down the road and say we ll do it for a year and revisit another year later. reporter: the higher rates could be a revenue booster for government generating $36 billion this year at a time when congress is scrambling for new sources of cash. though raising rates could cost $5,000 more in loan repayments over 10 years. the president and mrs. obama just finished paying off their student loans and the fact they re 40 years old and paying off debt is scary. we could be 50, 60 years without having paid off our student loans. politician vs to look beyond their own self interest because college students like myself and my peers are counting only them. reporter: zane asher, cnn, new york. coming up, a vital message ....

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