Nationally, interest rates on conventional purchase-money mortgages decreased from October to November, according to the Federal Housing Finance Agency’s mortgage rate index.

The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.85 percent for loans closed in late November, down 4 basis points from 3.89 percent in October.

The average interest rate on all mortgage loans was 3.86 percent, down 4 basis points from 3.90 in October.

The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.08 percent, down 4 basis points from 4.12 in October.

The effective interest rate on all mortgage loans was 4.01 percent in November, down 3 basis points from 4.04 percent in October. 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 $319,800 in November, up $11,200 from $308,600 in October.