Mortgage-backed securities guaranteed by the Government National Mortgage Association have been listed on the Luxembourg Stock Exchange as the first step in what officials hope will be broad-based acceptance by European investors of mortgage-related securities to finance housing in the United States.

Ginnie Mae, a government corporation within the Department of Housing and Urban Development, guarantees privately issued securities backed by pools of federally insured or federally guaranteed mortgages on residential properties.

Ginnie Mae President Robert W. Karpe said listing the securities on the Luxembourg exchange makes them eligible as investments by many European pension funds.

In addition, Ginnie Mae officials expressed optimism that individual investors in Europe--namely professional people seeking high-quality, high-yielding securities for their portfolios--would find the Ginnie Mae securities attractive. Investors in Great Britain, Belgium and West Germany already have displayed such interest, they said.

GNMA had tried to market its securities in Europe for more than two years with little success--due largely to the lack of listing on recognized exchanges there and the Europeans' lack of familiarity with the product, Karpe suggested.

With the listing, nearly $60 billion in outstanding GNMA securities are available for trading in the European market; five series of issues were picked for listing, with interest rates ranging from 8 perent to 11 1/2 percent.

Several different approaches are being explored to make the U.S. mortgage securities easy to obtain in Europe, officials said. At least two institutions are considering the issuance of their own certificates backed by or collateralized by the GNMA securities they would purchase. The European investment houses could form partnership arrangements with U.S. banks for the development of the GNMA collateralized instruments.