30-Year Mortgage Rate Falls to 6.13%
The average rate on 30-year conventional mortgages nationwide dipped to 6.13% this week from 6.31% last week as Treasury bond yields tumbled, mortgage giant Freddie Mac said.
Also, the cost of funds index for savings institutions in the Federal Home Loan Bank’s 11th District fell to 2.759% in September from 2.763% in August, lowering monthly payments on adjustable-rate mortgages in California, Arizona and Nevada.
The index, called COFI, sets payments on adjustable-rate mortgages through November.
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