When a headline says the average 30-year mortgage rate hit 6.4% this week, it is quoting the Freddie Mac Primary Mortgage Market Survey — the PMMS. It is the industry standard. It is also often misunderstood.
What it measures
PMMS surveys about 100 lenders each week on the rate they would offer a prime borrower with 20% down, buying a single-family home. It does not include jumbo loans, cash-out refis, or borrowers with credit scores below roughly 740.
Why your quote is different
- Points: PMMS assumes about 0.6 discount points. A no-point quote will be higher.
- Credit score: below 740, you pay more. Below 680, quite a bit more.
- Loan-to-value: less than 20% down adds a premium.
- Product: cash-out refi, investment property, or a jumbo all price above PMMS.
How CasaMint uses it
We show you the PMMS 30-year and 15-year weekly averages from FRED, plus the 10-year Treasury yield as a leading indicator. When we compute your refinance math, we use PMMS as the market rate — the same reference every honest calculator uses. Your actual quote from a broker may vary; we tell you why.
