Rubbish Check
CBS MoneyWatch · September 24, 2026
source“Mortgage rates top 7% for the first time since May 2024”
R2/ 10
Lightly altered
Rubbish Rating — 1 = base fact, 10 = pure rubbish
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In short
Rubbish Talk rates CBS MoneyWatch's claim that mortgage rates topped 7% for the first time since May 2024 a 2/10 because the figure is lifted directly from the MBA's own weekly survey, though the headline omits that Freddie Mac's same-week read stayed just under 7%.
The Verdict
Lightly altered. The headline is a faithful readout of the MBA's weekly survey, the article's own primary source, and the "since May 2024" framing matches what the MBA itself said. The only iteration away from a perfectly clean base fact is that the headline doesn't flag it's an MBA-specific number, when the article's own body shows Freddie Mac's parallel measure came in under the 7% line the same week.
What actually happened
The Mortgage Bankers Association's weekly survey showed the average 30-year fixed mortgage rate hit 7.12% for the week ending September 18, 2026, its highest since May 2024. Freddie Mac, which publishes a separate weekly benchmark, put the same-week rate at 6.95%, still below 7%. Rates have been pushed up by a spike in the 10-year Treasury yield, and more buyers are shifting toward adjustable-rate mortgages to soften the hit.
Key facts
- The 30-year fixed-rate mortgage rose to 7.12% the week ending Sept. 18, according to the MBA, the highest it's been since May 2024.
- Freddie Mac's competing weekly measure put the 30-year fixed rate at 6.95% as of Sept. 17, below the 7% threshold the headline emphasizes.
- Buyers are increasingly turning to 5/1 adjustable-rate mortgages, which the MBA's chief economist said were running more than a full percentage point below fixed rates.
- The 30-year fixed rate tends to track the 10-year Treasury yield, which the article says has spiked in recent weeks on inflation and debt concerns.
What to watch for
- Watch whether Freddie Mac's Thursday release also crosses 7%; if the two surveys converge, the "topped 7%" framing stops being a single-source call.
- If the 10-year Treasury retreats, expect next week's MBA print to reverse quickly, given how tightly the two move together.
- Track the ARM share of applications: a continued climb signals affordability strain is real, not just a headline number.
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.
