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Mortgage Rates At Highest Level Since November 2023; Turek And Hinson Spar Over Epstein In Dueling Iowa Senate Ads; WI Dem Shoots Clay Pigeon Labeled "Data Centers" In House Ad; Now: El-Sayed Campaigns With AOC In Deep-Red Part Of Michigan; Democrat Aims To Flip Deep-Red Michigan House Seat. Aired 12:30-1p ET
Aired October 15, 2026 - 12:30 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[12:30:00]
DAVID GOLDMAN, CNN BUSINESS SENIOR REPORTER: -- matters in just a bit. Because in 2020, right, for every $100,000 of a mortgage, it cost you $400 a month. But today, that is $690, another $300 almost, in added costs. For every $100,000 of a mortgage, no one has a $100,000 mortgage anymore, we are seeing prices that are significantly higher.
Why is this happening? Well, this is my very accurate depiction of what mortgage rates look like. This was COVID, right, remember that? We don't want to, but mortgage rates were very, very low. That's when I refinanced, they were below 3 percent, but then we had inflation, and we hit something closer to 8%.
Then inflation kind of eases off. We were down near 6 percent very recently, but then the Iran war happens, and that means that we are all the way back to about where we were just a year or so ago, not so far removed from when we were thinking about, this is going to be a much better situation, Dana.
DANA BASH, CNN ANCHOR: I finally met somebody whose handwriting is worse than mine. That does say --
GOLDMAN: You got it.
BASH: We have to talk about the house too, but let's stay focused on what matters, which is the money. What does this mean for people who are actually paying or people who don't have a home who really still want to buy one?
GOLDMAN: Yes, because, you know, rates are kind of esoteric, but actual dollars matter.
BASH: Yes.
GOLDMAN: So if you have a $300,000 home today per month, and this doesn't include taxes, it doesn't include insurance, you're paying almost $1,900 a month. In February, that was $1,600 a month. And back in 2020, it was $1,100 a month. You can see how much more expensive it is to own and buy a home. But, you know, rates and housing costs are going higher and higher and higher. What about a $500,000 home?
You can see $3,100 a month today compared to under $1,900 six years ago. And then those million-dollar homes are really, really expensive. $6,200 today, again, not including taxes, not including insurance, compared to $5,400 in February before the war and $3,700 in 2020.
So maybe you can buy a lot of these sweaters. I'm going to get Collinson one after this, but not a ton of houses.
BASH: It's so weird. Collinson just said, where do I get that sweater? I want one.
GOLDMAN: I already sent one to you, Stephen.
BASH: But those numbers, particularly from the war until now, the rise in the average mortgage payment, it's just stunning. Thank you for breaking all that down. It's always good to see you, David.
GOLDMAN: Thank you. You too, thanks.
BASH: And coming up, can Abdul El-Sayed win over voters in one of Michigan's reddest districts? My next guest is a Democrat who hopes to flip that House seat. She's skipping the rally that you're seeing live come in right now. It's happening with AOC. Stay with us.
(COMMERCIAL BREAK)
[12:37:54]
BASH: Despite the focus on economic issues on the stump, on the air, a lot of Democrats are talking about the Epstein files in their ads. Many Republicans aren't responding on the air. That's why this new direct-to-camera spot by Iowa Senate candidate, Ashley Hinson, is so fascinating.
First, we're going to show you the ad that started it by her Democratic opponent, Josh Turek, and then her answer.
(BEGIN VIDEO CLIP)
UNIDENTIFIED FEMALE: Hinson helped keep the files hidden and Epstein- linked billionaires gave her nearly 100 grand. Protecting predators and billionaire donors, Hinson helped herself.
ASHLEY HINSON (R), IOWA SENATE CANDIDATE: This week, I had to explain to my boys, no, mom does not protect pedophiles. Men like Epstein who hurt children, they'll have to answer to God. But men who lie about it to win an election, they'll have to answer to you.
(END VIDEO CLIP)
BASH: I mean, wow, that says something.
STEPHEN COLLINSON, CNN SENIOR POLITICS REPORTER: Yes.
BASH: Not only what she said, but the fact that she did it.
COLLINSON: And that is, in a way, a very Iowa way to respond to that. You know, you can imagine that appealing to the evangelical voters maybe in Western Iowa. I think the question is, I mean, what are they trying to do here by invoking Epstein? Are they trying to -- obviously, they're targeting those Republicans --
BASH: Yes.
COLLINSON: -- for whom this is an existential issue. Do they think they can get them to move from Democrats to -- from Republicans to Democrats, or just not show up?
BASH: Or stay home.
COLLINSON: Because they're so demoralized by what they see happen in the Trump administration. I think it's very interesting.
ZOLAN KANNO-YOUNGS, CNN POLITICAL ANALYST: I got to say, though, I think traveling the country, you -- Epstein seems to be one of those issues that crosses the party line though.
BASH: And it's still there.
KANNO-YOUNGS: Yes.
NIA-MALIKA HENDERSON, CNN SENIOR POLITICAL ANALYST: Yes.
KANNO-YOUNGS: Yes, it is. I mean, it comes up --
BASH: Yes.
KANNO-YOUNGS: -- when you're talking to people. Maybe not the people in the rally on either party, but those who might not show up typically to the midterms, right?
BASH: Yes.
KANNO-YOUNGS: This is still very live and potent.
BASH: It's -- I mean, this is kind of what you were alluding to. It's the disappointment among a lot of Republicans who were promised, not by Trump per se, but the people who -- around him who are now in senior positions in the administration, that they were going to do more than they have.
[12:40:03]
OK, so let's keep going with the ads. Mitch Berman is running in Wisconsin's 1st District and has quite an ad.
(BEGIN VIDEO CLIP)
MITCHELL BERMAN (D), WISCONSIN CANDIDATE: They use our water and our power, take our land, we get the bill. Oh!
I'm Mitchell Berman, and I approve this message because Wisconsin isn't for sale.
UNIDENTIFIED FEMALE: Great shot, Dad.
(END VIDEO CLIP)
BASH: Democrat --
HENDERSON: Coach shooting. It's amazing.
BASH: Yes.
HENDERSON: Yes, I've done this a couple times.
BASH: Yes, Democrat.
HENDERSON: I'm quite good at it. But anyway --
BASH: That I want to say.
HENDERSON: Yes. So listen, I mean, data centers really is this issue that was sort of a sleeper issue, right? I think it caught Republicans especially by surprise and some Democrats too. But it is an issue that moves voters. And it really dovetails into a sort of anti-AI framework that we're seeing.
But also this sort of populism that we're seeing that also is about Epstein too, right? This idea that these billionaires are getting over on the little people, right? That's sort of at the core of what's going on with Epstein and also these data centers.
That these --
BASH: Yes.
HENDERSON: -- rich people -- they're the ones who are going to profit from these data centers. We're going to be stuck with the bills.
BASH: And he is, I should say, running in Wisconsin against a Republican who is in Paul Ryan's old seat. So this is -- this would be very interesting if that turns D. Speaking about a seat that would be very interesting if it turns D again, Ohio.
Jon Husted is the Republican incumbent. He was appointed to fill JD Vance's term. And he has a challenger in Sherrod Brown who was defeated two years ago. Let's watch Husted's ad.
(BEGIN VIDEO CLIP)
SEN. JON HUSTED (R), OHIO: I'm John Husted. The bipartisan bill I helped pass stops big corporations from buying up our homes and makes it easier for you to own one. Sherrod Brown talks about problems. I solve them. (END VIDEO CLIP)
KANNO-YOUNGS: It was just also earlier this year that President Trump threatened to not sign that law, housing legislation, unless the party --
BASH: He called it yawn.
KANNO-YOUNGS: -- was forth to say that, right?
BASH: He said it was boring.
KANNO-YOUNGS: He's criticized it. But we know that this is a major concern for Americans across the country, is rising housing prices and access to housing. So it makes sense that he would try to tap into that issue. But just to connect sort of the through line here, another issue in Ohio, the data centers too --
BASH: Yes.
KANNO-YOUNGS: -- right?
BASH: Yes.
KANNO-YOUNGS: And it does speak to the economic anxiety. And once again, you have President Trump not making it easy for a candidate because he has backed data centers and thrown his support over it, which puts someone like Husted really on the defensive on some of these issues.
BASH: OK, we just have to do this because it's an ad. It's a video really by Scott Colom. He's the Democratic candidate running against incumbent Mississippi Republican, Cindy Hyde-Smith.
(BEGIN VIDEO CLIP)
UNIDENTIFIED MALE: -- gone price of beef continuing to go up.
SEN. CINDY HYDE-SMITH (R), MISSISSIPPI: You know, you have so many proteins to choose from.
UNIDENTIFIED MALE: Pick another protein? Shit. I'd rather pick another senator instead.
UNIDENTIFIED FEMALE: Pick another protein? She done lost her damn mind. I'd rather pick another senator.
UNIDENTIFIED FEMALE: Pick another protein? What the f?
SCOTT COLOM (D), MISSISSIPPI SENATE CANDIDATE: Pick another senator instead.
(END VIDEO CLIP)
HENDERSON: That's great. Yes, I know. I mean, it's a funny ad. And listen, don't sleep on the South, right? In terms of Democrats' chances in the South, Mississippi might be a long shot, but Democrats' prospects overall going forward have to at some point run through the South.
It's very diverse down there. You've seen obviously what happened in Georgia. North Carolina looks like it might flip as well. So listen, they need to invest something in these states that have large black populations. South Carolina's another one. Mississippi as well.
BASH: Don't sleep on the South.
HENDERSON: Yes.
BASH: I see a Nia-Colom coming.
HENDERSON: Yes. Next week.
BASH: OK.
Coming up, Alexandria Ocasio-Cortez says she hopes Republicans are listening to her campaigning with Abdul El-Sayed. Why Democrats think they have a shot in this area in deep red Michigan. Stay with us.
(COMMERCIAL BREAK)
[12:48:34]
BASH: Right now, Congresswoman Alexandria Ocasio-Cortez is in the Upper West Side of Michigan. She's supporting Democratic Senate candidate Abdul El-Sayed in one of the reddest districts of this purple state, the Upper Peninsula. This was his pitch moments ago.
(BEGIN VIDEO CLIP)
ABDUL EL-SAYED (D), MICHIGAN SENATE CANDIDATE: Shouldn't be this hard in the richest, most powerful country in the history of the world to afford to take a gas. Shouldn't be this hard to afford a bag of groceries. Shouldn't be this hard to afford your mortgage. Shouldn't be this hard to see a doctor.
UNIDENTIFIED MALE: Yes.
EL-SAYED: Shouldn't be this hard to pay your taxes and know that that money's going to be spent on you and your kids instead of dropping bombs on somebody else and their kids.
AUDIENCE: Yes!
EL-SAYED: Shouldn't be this hard.
(END VIDEO CLIP)
BASH: CNN's Gloria Pazmino is at that rally. Looks like it's more of a discussion at this point. So what are you hearing so far, Gloria?
GLORIA PAZMINO, CNN NATIONAL CORRESPONDENT: Yes, Dana, we're now in the Q&A portion of this town hall and they are listening from the voters. I want to just point out to you that in the last few minutes, people have been asking questions about unions, about the cost of food, about student loan interest. And that is what they're hoping to do throughout these campaign stops during the day today.
Both Abdul El-Sayed and Alexandria Ocasio-Cortez are doing this swing through Michigan's Upper Peninsula. And as you mentioned, this is very much Trump country. But they're hoping to just break a little bit of support. They are trying to reach out to voters in what is -- has been historically a reliably Republican part of the state.
[12:50:10]
Now, I also talked to some voters earlier this morning and they've told me the same thing. That they're worried about gas prices. They're very worried about the trade war with Canada. Canada being a major trading partner here.
And they're worried about gas prices. Gas prices is a huge issue for voters here. I spoke to at least one El-Sayed voter who told me that he is ready to support him while I met others who were just not ready to make up their minds just yet.
Now, even though this is a reliably red part of the state, we have heard just in the last few minutes from the Congresswoman actually reaching out directly to those Republicans. She said that she hopes that there are Republicans here in this room today.
She thanked them for being here. She said, I hope that you can keep an open ear to what we have to say. So I think that's interesting because I think, you know, speaking to their campaigns, that is very much the point of them being here.
They want to campaign in these areas where Trump's populist message has been popular in the past. They're hoping their popular message, populist message can actually bring in some of those votes. So we'll see how they do in this Upper Peninsula swing through Michigan, which is going to take us all around the state today. Dana?
BASH: Yes. The horseshoe theory that the populism on the right can also attract people who are interested in populism on the left.
Thank you so much for that, Gloria. And Michigan's 1st --
PAZMINO: That's exactly right.
BASH: -- Congressional District, where Gloria is at that event, is the state's largest. It covers the entire Upper Peninsula. You see it there on the map.
It has been reliably read in the recent past. There was a 20-point win for the incumbent congressman, Republican Jack Bergman. This year, his Democratic opponent, Callie Barr, sees a different race in their rematch, and Callie Barr joins me now.
Thank you so much for being here. So you just heard from our reporter. You heard what El-Sayed is talking about. It's going on as we speak. It's a really high-profile rally to get out the vote among Democrats.
You need to win in your district, and you decided not to go. How come?
CALLIE BARR (D), CONGRESSIONAL CANDIDATE: Well, thanks, Dana, for having me on. I really appreciate it. We've been campaigning all over this district, which, you're right, is one of the largest in the United States, actually. I'm the only candidate in Michigan running for Congress, where I pull out like the two-handed Michigan map.
And actually, I was just in the U.P. last week. And so it's been on our radar to have open public town halls all across the district. And look, when we have folks who come in that talk about bringing down costs, that's the number one issue that I'm seeing around this district, and it's something that we definitely need to be talking about.
The incumbent, Jack Bergman, is someone who has supported the war in Iran, that's, of course, driving up gas and diesel. He cut Medicaid, right, which funds our rural hospitals. We are actually going to lose four labor and deliveries directly related to those cuts.
He cut funding for, like, our national parks. And, you know, for folks that work on maintaining and keeping our Great Lakes clean. And so we see real hurt, real hurt in this district, which has given a sense of awareness and urgency to a race --
BASH: Yes.
BARR: -- that we just didn't see in 2024.
BASH: Yes. And I hear you, and I'm going to ask you in one second more about your opponent, but that's exactly the message that we're hearing right now in that district from Abdul El-Sayed and AOC, so why not join them?
BARR: Well, we're running a campaign here. We've got a congressional campaign that we've got to run.
BASH: OK.
BARR: And so, to me, we're focused on doing that, and we're focused on meeting the voters that we need to connect with right now in order to make sure that we continue with the surge that we're seeing in this congressional race. I mean, our internal polling shows us at three points.
Our fundraising, we're smashing records in this district. We raised almost $750,000 in the last quarter. You know, Jamie Raskin has picked this race as an impossible-to-inevitable seat. Pete Buttigieg has been super supportive, and Senator Debbie Stabenow has seen the opportunity we have to take this seat.
BASH: Yes. And I mentioned that this is a rematch. Jack Bergman, the incumbent Republican, he beat you by more than 20 percentage points just two years ago. Why do you think this year could be different? BARR: Yes, what's different? Well, you know, half the White House is gone. We've got a science experiment in the reflecting pool. Our friends, Canada, don't want to visit us right now.
You know, so we've got this national chaos that's happening. And then, of course, the driving costs here.
[12:55:04]
We've been hit harder than most places in the United States. I mean, just the impact of our Canadian friends not coming across in Sault Ste. Marie, there's like $60 million of business that we lost in that area. You know, our hospitals not getting the funding they need, services being cut.
You know, I spoke about our national parks. We have an incumbent also that lives in Louisiana. And while he's telling us that he's going to be to tighten our belts and cutting food assistance for kids, he's the number one spender in Congress on his lodging, right?
He has no problem spending $32,000 at a waterfront resort or buying $10,000 worth of cigars. And he's made sure to pad the pockets of his staff. You know, there was just an ethics complaint that was filed by a former Republican party chair in this district against him for having his staff run a political side hustle where they made over $500,000 and didn't disclose that.
BASH: Yes.
BARR: So I hear all over this district, look, enough's enough and it's time for a change.
BASH: Callie Barr, we have to leave it there. Thank you so much for being here. I should say we did invite Jack Bergman on the show and we hope he will join us soon. Thank you so much.
Thank you for joining Inside Politics today. CNN News Central starts after a quick break.
