The 30-year average mortgage continues declining, hitting its lowest since February

The 30-year average mortgage continues declining, hitting its lowest since early February.

After dropping sharply on Thursday, 30-year loan rates floated further on Friday, for a cumulative decline of more than a third of a point over two days. The average for almost all mortgages was also significantly lower.

National averages for the lowest rates offered by over 200 of the nation's top lenders, with a loan-to-value (LTV) ratio of 80%, applicant with a FICO credit score of 700-760, and no mortgage score.

National averages for mortgage rates today

The 30-year mortgage average shed another eight basis points on Friday for a two-day drop of 35 basis points. Now at an average of 6.57%, 30-year rates are the cheapest in more than six weeks and oscillate between October's historic 20-year peak of 7.58% and a five-month low in early February at 6.11%.

Interest rates on 15-year loans also fell quickly, minus another 13 basis points on Friday at 5.75%. Similarly, the 15-year average is at its lowest since early February, ticking between a 15-year high of 7.03% seen in October and a quiet reading of 5.23% in early February.

Again, the 30-year jumbo average was flat, holding at 5.77% for a third day. Jumbo prices for 30 years are currently half a percent lower than the October 12-year average of 6.27%.

Friday's refinancing rates moved similarly to new purchase rates. The 30-year average refinancing lost a less dramatic five basis points, while the 15-year average refinancing fell 20 basis points. Meanwhile, jumbo 30-year refinancing rates have set time for a third day. The cost of a 30-year refinance currently 35 basis points more expensive than new purchase rates.

After the historical interest rate low in August 2021, mortgage rates rose in the first half of 2022. Indeed, the mid-June peak of 6.38% in 30 years was roughly 3.5 percentage points above the summer 2021 low of 2.89%. But the increases in September and October significantly outperformed the summer high, with the 30-year average finally coming 1.2 percentage points above the June peak.

The prices you see here generally differ from teaser prices advertised online, as these are chosen as the most attractive. Given the home's value, they may pay points upfront or be selected based on a hypothetical borrower with a very high credit score or a smaller-than-usual loan.