As expected, the Federal House Finance Agency today published in the Federal Register its methodology for calculating the new “PMMS+” index. The index will replace the agency’s Monthly Interest Rate Survey, which was used by many lenders to benchmark interest rates on various mortgage products. FHFA ceased publication of the MIRS index in May.
The PMMS+ index is derived from Freddie Mac’s 30-year FRM Primary Mortgage Market Survey, with adjustments made by FHFA. The agency is accepting comments on the methodology through Sept. 9, 2019.