FHFA: 30-year fixed mortgage rate down to 4.38%
The average interest rate on a 30-year, fixed mortgage fell to 4.38% in November from 4.5% the prior month, according to the Federal Housing Finance Agency. The average for an adjustable-rate mortgage declined to 4.42% last month from 4.49% in October. The agency bases its average rates on purchase mortgages of $417,000 or less that closed the week ended Nov. 30. Rates typically are set a month to a month and a half before close, so these FHFA average rates indicate market conditions of mid to late October. Jason Philyaw.