US 30-year mortgage rate slips to 6.13pc, refinancing jumps

NEW YORK, Sept 25 (Reuters): The interest rate for the most popular US home loan ticked down to 6.13 per cent last week, the lowest in about two years, and refinancing activity jumped, data from the Mortgage Bankers Association showed on Wednesday.
The average contract rate on a 30-year fixed-rate mortgage dropped 2 basis points in the week ended Sept. 20, the data showed, a far smaller move than the half-of-a-per centage point policy rate cut delivered by the Federal Reserve last week.
Mortgage rates had been falling for weeks in anticipation of the Fed's move, however, and are now down more than three-quarters of a per centage point compared with July, and more than 1.75 per centage points compared with the October 2023 peak.