Mortgage Rates: PMMS vs. Actual (Jul 2024-Jun 2025)

Origination Trends
PMMS vs. Actual Mortgage Rates 30YR FRM TTM 2025
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Data Points

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%

Date Published:
July 24, 2025
Date Updated:
July 24, 2025
Chart type:
Line Chart
Suggested Citation:
Polygon Research. (2025). PMMS 30 vs. Average MBS Rates for 30YR FRM Home Purchase: Actual Mortgage Rates vs. PMMS by Month (July 2024 - June 2025). Data analyzed in Polygon Pulse (MBS Pivot) and sourced from loan-level data and Freddie Mac's Primary Mortgage Market Survey. Retrieved from polygonresearch.com/data
Key Insight and Commentary

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.

From Analysis to Action

This analysis provides a clear blueprint for how to uncover meaningful market dynamics. Its true power is unleashed when you apply this same methodology to your own local markets. Because all real estate is local, this granular approach is essential for crafting precise strategies that effectively address the unique conditions of each community.

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