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FHFA Reports Declines in Mortgage Interest Rates for November

Mortgage Interest Rates [1]Mortgage interest rates nationwide experienced declines from October to November, according to an index released [2] by the Federal Housing Finance Agency (FHFA [3]).

The average interest rate for all mortgage loans in the U.S. was 4.01 percent in November, a decline of 10 basis points from 4.11 percent in October; for conventional, 30-year fixed-rate mortgages of $417,000 or less, the average interest rate of 4.24 percent for November represented a decline of eight basis points from 4.32 in October.

For all mortgage loans, the effective interest rate (which accounts for the addition of initial fees and charges over the life of a mortgage) for November was reported at 4.16 percent, a drop of 11 basis points from the figure of 4.27 percent reported for October.

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders index for loans closed in late November declined by 11 basis points from October to November, down from 4.11 percent to an even 4.00 percent, FHFA reported.

Despite the month-over-month declines in interest rates in November, the average loan amount for all mortgage loans in the U.S. increased by $8,600, from $285,000 in October up to $293,000 in November, according to FHFA.