Mortgage rates have reached three-year highs, which is pushing down housing sales. Akiko Fujita has more details from Los Angeles.
“CBS Evening News” delivers the day’s most important stories, delivering context and depth to bring greater understanding to your world. Check local listings for “CBS Evening News” broadcast times.
Subscribe to the “CBS Evening News” YouTube channel: https://youtube.com/CBSEveningNews
Watch full episodes of “CBS Evening News”: https://cbsnews.com/evening-news/full-episodes/
Follow “CBS Evening News” on Instagram: https://instagram.com/cbseveningnews/
Like “CBS Evening News” on Facebook: https://facebook.com/CBSEveningNews
Follow “CBS Evening News” on X: https://twitter.com/CBSEveningNews
Download the CBS News app: https://cbsnews.com/mobile/
Try Paramount+ free: https://paramountplus.com/?ftag=PPM-05-10aeh8h
For video licensing inquiries, contact: licensing@veritone.com
source
28 Comments
@shaheen8344 · October 20, 2026 at 2:26 pm
The Nationwide Surge: Lenders repossessed 5,794 U.S. properties in August 2026 alone—a 42% increase from 2025 and a 22% jump from the previous month. Total foreclosure filings (including defaults and scheduled auctions) hit 40,277. For Money First
@KAZHE63 · October 20, 2026 at 2:26 pm
They should be at 8%. Prices are ridiculous and sellers are in denial
@2WhiteAndNerdy · October 20, 2026 at 2:26 pm
The mortgage rates aren't the problem. The outrageous PRICES are.
@dannyt7075 · October 20, 2026 at 2:26 pm
Enjoying 2.75% since 2021🤣
@summaryjudgment · October 20, 2026 at 2:26 pm
In another shocking turn of events, water is also wet.
@xesxblackarrow7912 · October 20, 2026 at 2:26 pm
Wait for the housing crash they said…
@ge2623 · October 20, 2026 at 2:26 pm
Great. Now I'll never be able to get that 14-bedroom 9 baths, 2 half baths, 8 car garage 23,000 sq. ft McMansion that's worth 40K but lists at $2,300,000 for the wife and I.
@ericmares8036 · October 20, 2026 at 2:26 pm
Everything is expensive.
@davidcantor293 · October 20, 2026 at 2:26 pm
Some? Try the bottom 90% lol.
@toddgammons9400 · October 20, 2026 at 2:26 pm
We are in average mortgage rates. It's the prices.
@adakale75 · October 20, 2026 at 2:26 pm
To me, this feels like it’s happening by design. Keep mortgage rates high long enough and eventually the average consumer breaks. Families can’t afford to buy, existing homeowners feel trapped by their low-rate mortgages, and housing becomes even harder to reach.
And who is positioned to benefit? Large corporations and institutional investors with access to capital, including companies expanding into build-to-rent. They can keep buying and building while ordinary families struggle to qualify for a mortgage.
I’m not saying the Fed openly announced a plan to create a nation of renters. I’m saying we need to look seriously at where these policies are taking us. If homeownership keeps becoming less attainable while corporate ownership and build-to-rent keep expanding, we could end up with a country where more and more Americans rent because buying a home is simply out of reach.
@ljacobs357 · October 20, 2026 at 2:26 pm
Welcome to Trump's America.
@madamcurry9297 · October 20, 2026 at 2:26 pm
Do not buy a home because it is way overhyped, overinflated, overpriced; plus the interest rate will continue to go up to 8 to 9 or 10% next year or two-2027-2028. Avoid the trap. Per 100,000 is $ 7,500/ year. If you buy above 700, 000 then you multiply 7,500 by 7.5 and that's your interest rate, not including closing cost and agents commission unless if you really have extra extra bucks to put a down payment of at least 25% to skip the PMI. goodluck.
@raulduke2nd161 · October 20, 2026 at 2:26 pm
Dead kennedys were talking about a solution years ago😂
@okhondaguy3288 · October 20, 2026 at 2:26 pm
Owners in my neighborhood are doing seller to buyer lending at 3 percent. This is how things should be done, cut out the banks. The banks are not your friend is what our friend Alex Mashinsky would say.
@joanndavis4843 · October 20, 2026 at 2:26 pm
The Obama administration took Fannie Mae and Freddie Mac into federal conservatorship to prevent the complete collapse of the housing market. So where is Trump on this growing problem? Probably spending most his waking hours trying to figure out how to rewrite GSA history on how to get two pensions for being a president twice. Remember he was a money man first, a president second.
@ak9989 · October 20, 2026 at 2:26 pm
HEY CBS YOU CANT BUY A HOME IN SOUTHERN CALIFORNIA FOR $429,000😂😂😂. More like 700,000 k and up!!!
@jonathantaylor6926 · October 20, 2026 at 2:26 pm
A “3 year high” is an odd way to phrase it. From 2001 to 2026 rates were sub 7% for 24 of those years. We had decades of low mortgage rates. 7% at current prices isn’t going to work forever.
@M21-r7x · October 20, 2026 at 2:26 pm
No market correction or crash is going to happen. These rates are the new norm. Everyone got used to low rates (spoiled) but those days are gone.
@tars7706 · October 20, 2026 at 2:26 pm
Thank you President Trump 🙏😂
@KayDee-q4x · October 20, 2026 at 2:26 pm
“And they shall take of the blood, and strike it on the two side posts and on the upper door post of the houses…”
@jerrypresley2396 · October 20, 2026 at 2:26 pm
I got foreclosure in hall county Georgia now. It has begun. Overpriced and people can’t afford. Banks loaded with record cash
@mto6420 · October 20, 2026 at 2:26 pm
The government has the power to set rates at 0% for first time buyers. No reason that mortgage rates need to be set by Wall Street.
@richardm4825 · October 20, 2026 at 2:26 pm
Another record FAIL for corrupt, incompetent Trump.
@scoobie8amg · October 20, 2026 at 2:26 pm
Prices wont come down because there is no supply. Boomers own their home and millions more have too low of interest rates. Doesnt matter how expensive it appears, until people die off or move into senior facilities, things wont change!
@LordCommissarLex · October 20, 2026 at 2:26 pm
This isn't even a situation of by the house date the rate anymore there's a situation of an entire generation of playing keeping up with the Joneses and people will refuse to sell their home because their neighbors sold theirs 6 years ago for God only knows how much different market different price.
@mchankerhoff853 · October 20, 2026 at 2:26 pm
More like all time highs
@stoptracking-x6g · October 20, 2026 at 2:26 pm
Waiting for a market correction to buy. Prices are way to high for these homes.