Primary Mortgage Market Survey (PMMS)

#What the average measures

Since late 2022 the survey has been built from applications lenders submit to Freddie Mac’s automated underwriting system, Loan Product Advisor, rather than from a survey of lenders, and each week averages applications from Thursday through Wednesday. It covers conventional, conforming, fixed-rate purchase loans on owner-occupied one-unit homes for borrowers with strong credit who put 20% down. It no longer reports points or fees. So it’s a benchmark, not a quote: your rate depends on your credit score, down payment, points and loan type, and the APR on your Loan Estimate shows the full cost.

#Reading it in dollars

On a $300,000 loan, the latest averages mean principal and interest of $2,044 a month over 30 years or $2,630 over 15 years. Last week’s 30-year average of 7.32% would have meant $2,061, so this week’s average works out to $16 a month less than last week’s. Weekly moves matter most while you’re deciding when to lock your rate. Try other rates in the mortgage payment calculator.