The national average mortgage rate for previously occupied homesfell eight basis points in November to 3.36%, the Federal HousingFinance Agency reported Thursday.
|That rate is used as an index in some adjustable-rate mortgagecontracts, the FHFA said in a release.
|The FHFA also reported that the average interest rate onconventional, 30-year, fixed-rate mortgage loans of $417,000 orless decreased four basis points from October to 3.54% inNovember.
|Initial fees and charges were 1.08% of the loan balance inNovember, up three basis points from October. Sixteen percent ofthe purchase-money mortgage loans originated in November were“no-point” mortgages, down from 21% from the share in October.
|The average term was 27.4 years in November, down 0.1 years fromOctober.
|The average loan-to-priceratio in November was 75.7%, down slightly from 75.8% in October,the FHFA said.
|However, the average loan amount increased nearly $15,000 fromOctober, to $272,300 in November, the agency said.
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