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Nationally, interest rates on conventional purchase-money mortgages decreased 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 four percent for loans closed in late November, down 11 basis points from 4.11 percent in October.
The average interest rate on all mortgage loans was 4.01 percent, down 10 basis points from 4.11 in October. The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.24 percent, a decrease of eight basis points from 4.32 in October.
The effective interest rate on all mortgage loans was 4.16 percent in November, down 11 basis points from 4.27 percent in November. 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 $293,600 in November, up $8,600 from $285,000 in October.