This is why Fannie and Freddie mortgage initiatives won't work

This is why Fannie and Freddie mortgage initiatives won't work

MBA declarations are feel-good, but temporary

How far can lenders push the credit box?

Watt announcement helps, but risk keeps standards tight

Warren calls for GAO investigation of nonbank servicers

Asks GAO to review “unprecedented” growth of nonbank servicers
W S

FHFA: 30-year fixed mortgage rate down to 4.38%

/ Print / Reprints /
| Share More
/ Text Size+
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.

The rate on the composite of all home loans in November slid to 4.35% from 4.44% the month earlier, according to the FHFA. The effective rate, including amortization of fees and charges, declined to 4.46% from 4.57% in October. The average home loan declined to $214,800 last month from $215,000 in October. The FHFA said 28% of purchase mortgages in November didn't have any points, down from one-third of all purchase loans the prior month. The average loan-to-price rose 2.6% in November to 74.8% from 72.2% in October. Write to Jason Philyaw.

Recent Articles by Jason Philyaw

Comments powered by Disqus