Interest rates on conventional purchase-money mortgages decreased from October to November, according to the Federal Housing Finance Agency's latest mortgage report.

The national average contract mortgage rate for the purchase of previously occupied homes by combined lenders index was 4% for loans closed in late November. This is down 11 basis points from 4.11% in October.  

Meanwhile, the average interest rate on all mortgage loans was 4.01%, dropping 10 basis points from 4.11% in October.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.24%, compared to 4.32% in October.

The effective interest rate on all mortgage loans fell from 4.27% in October to 4.16% in November. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.

The average loan amount for all loans was $293,600 in November, up $8,600 from $285,000 in October.