Market Rate

Market Rate

Market Rate is a rate that is no more than 25 bps greater than the most recent Freddie Mac Weekly Primary Mortgage Market Survey (PMMS) Rate for 30-year fixed rate conforming Mortgages (U.S. average), rounded to the nearest one-eighth of 1 percent (0.125 percent), as of the date a TPP is offered to a Borrower or, when a TPP is not required, the date the Borrower is offered a permanent Loan Modification. The Mortgagee must first round the PMMS Rate to the nearest one-eighth of 1 percent (0.125 percent) before calculating the rate at 25 bps greater than the PMMS Rate.