FHFA: Mortgage Rates Up in November

The Federal Housing Finance Agency (FHFA) is reporting that mortgage rates took a healthy uptick last month.

According to the FHFA’s latest data report, 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 from 3.62 percent in October, while the average interest rate on all mortgage loans was 3.64 percent, up from 3.60 percent in October.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 3.80 percent, an increase from 3.76 percent in October, while the effective interest rate on all mortgage loans was 3.77 percent in November, a nice rise from the 3.72 percent level in October.

The FHFA also noted that the average loan amount for all loans was $314,700 in November, up $2,000 from $312,700 in October.