Page 2 - Teaser Rates News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Have seen nothing in the price action that tells me that the market is in trouble. financials are strong. commodity prices are ticking up. that could mean better economic numbers. the price of copper is moving up. i'm not sweating it just yet. get me a 2% correction before i can even start worrying. again, just not there yet. i nice price action to change and it's not happened. >> i've been saying this a lot. i've covered the market for years. back in 99 into 2000 and back in 2007 and 2008, i mean, i was worried about 2003. i could see it coming. you could just see it. rates were so long and t...

29-year-old nurse, ashley warren, has been searching for her first home for a year, all the while watching those mortgage rates creep higher. >> that's definitely made me more aware of the time that i have to buy a home, and i want to be -- make sure that i buy it in a timely fashion. >> reporter: mortgage rates already factoring in today's hike, now a $250,000 30-year-fixed rate mortgage will cost almost $100 a month more than it would have last year, a difference of more than $25,000 over the life of the loan. interest on private student loans, car loans, and credit cards also now going up. ...

To consider that the issue is not just about the numbers. >> i talk a lot about math but the senate's decision about student loans is a decision about our values and a decision about how we build a future. we shouldn't treat our students like a profit center. we shouldn't ask them to pay an extra tax to go georgia to school, and we shouldn't try to trick them by shuffling numbers around, hitting them with teaser rates and declaring that a problem is solved while students just keep paying more and more. >> joining us now from capitol hill, democratic senator from ohio, sherrod brown. senator br...

>> eight critericriteria, credi history, assets and things automatically applying. >> no more high fees, that sounds good. how does that work? >> it's great, cap off at 3%. you the borrower to get that mortgage won't be paying more than 3% of the loan. >> mike: and no more teaser rates. how are we being teased? >> we saw with the subprime mortgage crisis and all of the lax lending that led town that, exotic loans and toxic assets. and misleadingly low teaser rates and people qualify for that interest rate and take out loans that maybe eventually couldn't afford. no more of that. >> alisyn: no ...

One in three chance of blowing up and burning down the house, that would never be allowed. but certain kinds of mortgages that had crazy teaser rates and ballooned in the end would be allowed. she draws the analogy. the question is, do you have the power that the consumer product safety commission has. does the consumer financial protection bureau have the authority to say no, you cannot make that kind of loan? >> well two things about the toaster situation. first, what we're doing is actually more important than toasters. can you live without toast. american families can't get by without mort...