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Designation of Replacement for Federal Housing Finance Agency's ARM Index

Open Date:
Open for comment 7/9/2019
All comments are due by 9/9/2019
Adjustable Rate Mortgage (ARM) Index; Mortgage Research; Mortgage
Fannie Mae; FHLBanks; Freddie Mac
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FOR FURTHER INFORMATION CONTACT:  David L. Roderer, Senior Financial Analyst, David.L.Roderer@fhfa.gov, (202) 649-3206; or Eric Raudenbush, Associate General Counsel, Eric.Raudenbush@fhfa.gov, (202) 649-3084 (these are not toll-free numbers); Federal Housing Finance Agency, 400 Seventh Street SW, Washington, DC 20219. The Telecommunications Device for the Hearing Impaired is (800) 877-8339.

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​SUMMARY:  The Federal Housing Finance Agency (FHFA or Agency) recently discontinued publication of its monthly index for adjustable rate mortgage loans, known as the National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders, due to dwindling participation by mortgage originators in the Agency’s Monthly Survey of Rates and Terms on Conventional One-Family Non-farm Mortgage Loans, on which the index had been based. By this notice, FHFA is designating a replacement index, to be called ‘‘PMMS+.’’ The replacement index will be an adjusted version of Freddie Mac’s Primary Mortgage Market Survey 30-Yr FRM, and will take effect immediately. FHFA intends to publish the PMMS+ Index value monthly and on approximately the same schedule as it has been publishing the existing index. FHFA is soliciting public comments on its designation of the replacement index and will consider any comments received before finalizing its decision about the successor index.

DATES:  Interested persons may submit comments on or before September 9, 2019.

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