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.