FHFA: Mortgage Rates Up in November

Dec 27, 2016

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.

About the author

Phil Hall

Link copied

Published

Dec 27, 2016

People On The Move

First Horizon Corp. Names Thomas Hung Chief Credit Officer

Susan Springfield Announces Retirement after 13 years.

First Horizon Corporation announced that Executive Vice President, Head of Franchise Finance Thomas Hung will be named senior executive vice president, chief credit officer, effective October 1, 2024. Hung will succeed Susan Springfield, senior executive vice president, chie...

Analysis and Data

Builder Sentiment Unchanged In April

Latest data breaks four-month period of gains for HMI Index

Builder sentiment flatlined in April as mortgage rates remained close to 7%, inciting mixed reactions from housing analysts on the new-home market. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index, (HMI) released Tuesday, showed builder co...