Mortgage Rates: PMMS vs. Actual (Jul 2024-Jun 2025)
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Month MBS Rate PMMS 30 Difference between Actual Mortgage MBS and PMMS Jul 2024 6.72% 6.85% -0.13% Aug 2024 6.51% 6.50% 0.01% Sep 2024 6.19% 6.18% 0.01% Oct 2024 6.05% 6.43% -0.38% Nov 2024 6.32% 6.81% -0.49% Dec 2024 6.46% 6.72% -0.25% Jan 2025 6.55% 6.96% -0.41% Feb 2025 6.61% 6.84% -0.24% Mar 2025 6.49% 6.65% -0.16% Apr 2025 6.42% 6.73% -0.30% May 2025 6.50% 6.82% -0.32% Jun 2025 6.794% 6.818% -0.024%
This chart compares Freddie Mac’s PMMS (yellow)—a benchmark based on prime borrowers—with MBS average note rates (red) for 30-year fixed home purchase loans. Unlike PMMS, MBS rates reflect real borrower activity, including FHA, VA, and credit variation. Both the PMMS and MBS rates exclude points/fees. A lower MBS rate (e.g., Jan 2025) signals lenders actively aligning borrowers with lower-rate programs, not just adjusting price, but meeting diverse borrower needs. Use this to assess how product mix and strategy align with today’s market reality.
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