The average interest rate on mortgages sold to the government-sponsored enterprises fell 20 basis points to 4.36% in October, the Federal Housing Finance Agency said. The agency bases its average rates on conventional, 30-year, fixed-rate mortgage purchases of $417,000 or less. The national average contract mortgage rate to buy previously occupied homes, used as an index in some adjustable-rate contracts, was 4.19% based on loans closed in October, down 0.19% from September. The results from FHFA are based on rates from loans that closed between Oct. 25 and Oct. 31, and the rates depict market conditions prevailing in mid- to late-September. The contract rate on the composite of all mortgages (fixed- and adjustable-rate) was 4.17% in October, down 19 bps from 4.36% in September. The effective interest rate, which reflects the amortization of initial fees and charges, was 4.29% in October, down 20 bps from 4.49% in September. The report contains no data on adjustable-rate mortgages due to insufficient sample size. Initial fees and charges were 0.83% of the loan balance in October, down 0.11% from 0.94% in September. The FHFA said 28% of the purchase-money mortgage loans originated in October were "no-point" mortgages, down 1% from September. The average term was 28.7 years. The average loan amount was $218,500, down $2,200 from $220,700 in September. Write to Kerry Curry. Follow her on Twitter @communicatorKLC.