WASHINGTON (12/31/15)--Average interest rates on all mortgage loans dipped 4 basis points in November from October levels, to 3.86% from 3.9%, reports the Federal Housing Financial Agency.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.08%, also down 4 basis points from 4.12% in October. And, the agency said, the effective interest rate on all mortgage loans was 4.01% in November. That was down 3 basis points from 4.04% in October. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
There was, however, a month-to-month increase in the average loan amount, which increased $11,200 to $319,800 in November, up from $308,600 in October.
In a separate report, Zillow's Home Value Index found that home values in November rose 3.9% annually to $183,000. Zillow assessed that the value of all homes nationwide grew $1.1 trillion in 2015, and projected that the year will end at a $28.5 trillion total. While slower than last year's 6% growth rate, the nation's housing stock did grow 4.1%, according to the Zillow index.