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.