Rubbish Check
ABC News Business · 15 October 2026
source“Average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years”
R1/ 10
Base fact
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates ABC News's claim that the "average long-term US mortgage rate holds at 7.4%, remaining at highest level in nearly 3 years" a 1/10 because the headline matches Freddie Mac's own PMMS release word for figure, with no cherry-picking or buried caveats.
The Verdict
Base fact. The headline states exactly what Freddie Mac reported, no more and no less, and the body immediately supplies the context (prior week, year-ago comparison, Treasury-yield driver) that a spun version would have buried or omitted.
What actually happened
Freddie Mac's weekly Primary Mortgage Market Survey showed the 30-year fixed rate unchanged at 7.40%, matching the prior week's reading and confirmed directly by Freddie Mac's own release. The article explains this ends a seven-week run of increases and ties the level to the highest point since November 2023, while also reporting the 15-year rate eased slightly.
Key facts
- 30-year fixed rate: 7.40%, unchanged week-over-week, confirmed by Freddie Mac's PMMS statement that the 30-year fixed-rate mortgage (FRM) averaged 7.40% with Chief Economist Sam Khater noting "The average 30-year fixed-rate mortgage remained unchanged this week"
- A year earlier the 30-year average was 6.27%, versus 7.40% now
- 15-year fixed rate dropped to 6.71% from 6.73% the prior week; a year ago it stood at 5.52%
- Current level is highest since Nov. 16, 2023, when the 30-year rate hit 7.44%
- 10-year Treasury yield sat at 5.10% midday Thursday, down from a peak above 5.30% earlier in the month but still well above the pre-Iran-war level of 3.97%
- The 1.42 percentage point rise since the February 2026 low of 5.98% adds roughly $376 a month on a $400,000 loan at current rates
What to watch for
Watch whether the Treasury yield's pullback from its 5.30% peak continues, as mortgage rates track it closely; a sustained retreat would be the real signal of relief, not a single flat weekly print. Also worth tracking: next month's existing-home-sales data, since the article notes sales already slowed year-over-year even as rates held steady this week.
About this scoreThe R-Score is Rubbish Talk's editorial opinion on how far a headline's framing sits from what the underlying facts support. It is a judgement about presentation and emphasis, not an allegation that any outlet has acted dishonestly. Every figure we rely on is linked under Receipts so you can check it yourself.
