November mortgage rates increase

The November Federal Housing Finance Agency (FHFA) Index has been released and indicates that nationally, interest rates on conventional purchase-money mortgages increased from October to November, according to several indices of new mortgage contracts:

• The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.66 percent for loans closed in late November, up 4 basis points from 3.62 percent in October.
• The average interest rate on all mortgage loans was 3.64 percent, up 4 basis points from 3.60 in October.
• The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.80 percent, up 4 basis points from 3.76 in October.
• The effective interest rate on all mortgage loans was 3.77 percent in November, up 5 basis points from 3.72 in October. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
• The average loan amount for all loans was $314,700 in November, up $2,000 from $312,700 in October.