The Federal Housing Finance Agency on Thursday reported that mortgage rates on purchased homes fell by 11 basis points in October to 3.44%.

The effective interest rate, which reflects the amortization of initial fees and charges, was 3.57% in October, down 10 basis points from September.

Both figures represent a composite rate of all mortgages, the FHFA said in a release, including both fixed and adjustable rates.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.