FHFA Releases November Contract Mortgage Rates

The Federal Housing Finance Agency (FHFA) has reported that the national average contract mortgage rate for the purchase of previously occupied homes by combined lenders – which is used as an index in some adjustable-rate mortgage contracts – was 4.42% based on loans closed in November. This is a decrease of 0.07% from the previous month.

The FHFA also reported that the average interest rate on conventional, 30-year fixed-rate mortgage loans of $417,000 or less decreased 12 basis points (bps) to 4.38% in November. These rates are calculated from the FHFA's Monthly Interest Rate Survey of purchase-money mortgages, and the results reflect loans closed during the Nov. 23-30 period.

The contract rate on the composite of all mortgage loans (fixed- and adjustable-rate) was 4.35% in November, down 9 bps from 4.44% in October, according to the FHFA. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.46% in November, down 11 bps from 4.57% in October.

This contract rate series can be found at the FHFA website.

SOURCE: FHFA

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