Short answer. The Freddie Mac Primary Mortgage Market Survey (PMMS) is the most widely cited U.S. mortgage rate benchmark. Published every Thursday since April 2, 1971, it surveys lenders on the rates and points offered to creditworthy prime borrowers during the prior week and reports the national average.
| Year | PMMS Annual Avg | Notes |
|---|---|---|
| 1971 | 7.33% | Series begins |
| 1981 | 16.63% | All-time high |
| 2000 | 8.05% | Dot-com era |
| 2012 | 3.66% | Post-crisis low |
| 2021 | 2.96% | All-time low |
| 2024 | 6.84% | Most recent full year |
When news headlines say "the 30-year mortgage rate is 6.84%," they are almost always citing the Freddie Mac PMMS. It is the gold-standard weekly series for U.S. mortgage rate history and the primary source used by this site's annual data series.
How PMMS is collected
Each week, Freddie Mac surveys lenders — primarily large commercial banks, savings institutions, and mortgage companies — asking what rates and points they are offering on first-lien, 30-year conventional, conforming, fully amortizing, prime purchase-money mortgages. The survey collects applications received between Monday and Wednesday of each week; results are published on Thursday morning. Freddie Mac weights the responses by loan volume to produce a national average.
What it measures and doesn't measure
The PMMS covers conforming loans only — those at or below the conforming loan limit ($766,550 in 2024 for most areas). It does not cover jumbo loans, FHA or VA loans, or adjustable-rate mortgages. The published rate is for borrowers with good credit scores (typically 720+) and standard loan-to-value ratios. Actual rates offered to any individual borrower may be higher or lower depending on credit score, down payment, and lender-specific factors.
Key PMMS records from the annual data
- All-time weekly high: 18.45% — October 9, 1981 (Volcker era)
- All-time annual average high: 16.63% — 1981
- All-time weekly low: 2.65% — January 7, 2021
- All-time annual average low: 2.96% — 2021
- 2024 annual average: 6.84%
Annual averages vs. weekly readings
The Housing Almanac's mortgage rate series uses annual averages of the weekly PMMS readings, calculated by averaging all 52 (or 53) weekly observations in each calendar year. This smooths intra-year volatility and allows meaningful decade-by-decade comparisons of the full 1971–2024 series.
Sources
Freddie Mac Primary Mortgage Market Survey (PMMS); Freddie Mac Economic & Housing Research; Federal Reserve Bank of St. Louis FRED PMMS series.
Related
- How is the 30-year mortgage rate determined?
- What's a normal U.S. mortgage rate?
- Historical average 30-year fixed mortgage rate
- 30-year fixed mortgage rate history
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