Freddie mac pmms rate for the northeast region for 2011 series#
One of the most-referenced data series in the mortgage market is the weekly Freddie Mac Primary Mortgage Market Survey (PMMS) which is widely used to cite prevailing rates and trends in the mortgage sector. Ok, so ZMM has got plenty of volume, but is that volume representative of the overall market? How would one know? Probably the best way would be to compare aggregate ZMM rates to those produced by another commonly-accepted authority on mortgage rates. Borrowers with a better credit profile typically get more quotes than those with a weaker one. A mortgage broker may offer multiple quotes to the same borrower, perhaps with different points associated with a different rate. Each quote is a customized package that a mortgage broker offers for that particular consumer-location, size of loan, credit quality of the borrower, and loan-to-value ratio. Since its launch in April 2008, over 2.3 million loan inquiries have been made on ZMM, generating over 33.5 million quotes to consumers from brokers or lenders.
With this question in mind, we did what we do best-analyze our own data to show that we’re using good stuff.įirst, before we get to the deeper analytics, a brief overview of ZMM data is in order. A natural question that a reader of these analyses may have is how representative this data is of the overall mortgage market as a whole. The Zillow Real Estate Research team has made use of our proprietary Zillow Mortgage Marketplace (ZMM) data in a few recent briefs ( here and here).
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