Mortgage Rates At 3 Year Highs 10/5/26

With a CNBC Your Money Minute, I'm Jessica Ettinger. Mortgage rates hit a nearly 3-year high last week topping 7 and 1/2%. Nothing says it's too expensive to buy a home than the highest mortgage rates in 3 years. >> We just saw this cross, the 30-year fixed mortgage hitting 7.58%, which is the highest level since November 13th of 2023. Is there even more pain to come? >> That's CNBC's Melissa Lee and a take from CNBC's Joe Kernan. >> We don't need 8% mortgage rates. >> Here's CNBC's Diana Olick. >> For anyone looking to buy a home, this is just making it that much harder. >> For would-be home buyers still looking this fall who didn't grab a home and a mortgage back in February before the war when rates were in the fives, well, the payment for the same median-price house now costs at least $350 more each month. >> As a comparison, go back to the last low on the 30-year fixed, which was 5.99% the day before the Iran war started. If you were buying a $450,000 home with 20% down, your monthly payment, just principal and interest, was $2,156. Today, it would be just over $350 a month more than that. >> You can read Diana's full piece, learn more about home buying and selling, and keep up on mortgage rates. Sign up for Diana's free Property Play newsletter at cnbc.com. I'm Jessica Ettinger, CNBC.