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Dow breaks 30,000, and mortgages are at a record low: Here's how the headlines could affect your money

The Dow is on track for its biggest monthly gain since 1987.

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Twenty20 | Criene

The Dow breaks 30,000 for the first time, mortgage rates are at a record low, and experts warn against running up massive credit card bills on Black Friday. Here's how the headlines could affect your money.

Record day for markets

The Dow on Tuesday closed above a landmark 30,000 for the first time and is on track for its biggest monthly gain since 1987. The S&P and the Russell 2000 also saw record closing sessions. Markets were on an even keel in Wednesday morning trading.

Mortgages at record low

Great news for prospective homebuyers: Mortgage rates fell to another record low, dropping to 2.92% from 2.99%. As often happens when mortgage rates drop, demand is up.

In a competitive housing market, buyers sometimes are willing to forgo the inspection to sweeten the deal. Real estate agents caution against this, advising that you should never skip a home inspection.

There are smarter things you can do to appeal to the seller, such as writing a personal note about yourself to connect emotionally and make your offer stand out. Some experts say this reassures the seller that you will take care of the home as well as they did.

Be careful with credit cards on Black Friday

Black Friday is in two days. Shoppers nationwide expect to spend $998 this year, but in certain cities they can afford to spend more, a WalletHub analysis estimates. 

Still, experts are reminding consumers to stay within their budgets and not rack up credit card debt. Credit card rates are near 16%, and in most cases it's compounded daily. If you spent the average holiday figure of $998 now, that could cost you just over $1,171 in a year, depending on how quickly you were able to pay off the balance. 

VIDEO2:1202:12
How balance transfer credit cards can help you pay off debt

Video by Ian Wolsten

Words you've heard: Russell 2000

The Russell 2000 index tracks the performance of about 2000 small-cap companies. While lesser known than the big three indexes, it's the anchor of many mutual funds. It's also considered an indicator of the health of the economy, as it reflects the performances of smaller businesses and not just huge corporations.

Although the daily news can have an impact on your wallet, remember to take a long-term outlook when it comes to decisions on spending, saving, and investing.