Article: Home mortgage commitment rates decrease in early November.

HOME MORTGAGE COMMITMENT RATES DECREASE IN EARLY NOVEMBER

WASHINGTON, Dec. 3 /PRNewswire/ -- Effective interest rates on commitments for conventional home mortgages declined from early October to early November to 11.23 percent for fixed-rate mortgages and 8.98 percent for adjustable-rate mortgages.

It was the first drop since August, the Federal Home Loan Bank Board reported today, and the decrease mirrored the drop in interest rates in general.

The decline in the rate for fixed-rate mortgages (FRMs) was much larger than for adjustable-rate mortgages (ARMs). "As a result, the spread between the two rates narrowed from the previous month's ...

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