The national average mortgage rate for previously occupied homes fell eight basis points in November to 3.36%, the Federal Housing Finance Agency reported Thursday.

That rate is used as an index in some adjustable-rate mortgage contracts, the FHFA said in a release.

The FHFA also reported that the average interest rate on conventional, 30-year, fixed-rate mortgage loans of $417,000 or less decreased four basis points from October to 3.54% in November.

Initial fees and charges were 1.08% of the loan balance in November, up three basis points from October. Sixteen percent of the purchase-money mortgage loans originated in November were “no-point” mortgages, down from 21% from the share in October.

The average term was 27.4 years in November, down 0.1 years from October.

The average loan-to-price ratio in November was 75.7%, down slightly from 75.8% in October, the FHFA said.

However, the average loan amount increased nearly $15,000 from October, to $272,300 in November, the agency said.