MortgageCast

As of February 18, 2026, the average 30-year fixed-rate mortgage stands at approximately 5.98%, marking a decline of about 5-10 basis points from the prior week across major sources, with rates slipping below 6% for the first time recently. This follows data from Optimal Blue (as of February 13) showing 5.976% for conventional loans, NerdWallet at 5.79% interest (5.80% APR), and slight variations like Zillow's 5.87% from February 17. Shorter-term options are even lower, with 15-year fixed averages at 5.24%-5.36%, including NerdWallet's 5.33% interest (5.36% APR) and Optimal Blue's 5.242%. Government-backed loans trend cheaper: 30-year FHA at 5.90%, VA at 5.589%, and USDA at 5.831%.

Refinance rates remain somewhat higher but attractive for those with legacy loans above 7%, averaging 6.15% for 30-year fixed per Zillow data reviewed February 17, compared to purchase rates. Jumbo 30-year loans hover at 6.20%, down slightly weekly, while 15-year conventional refis are at 5.43%. Freddie Mac's weekly average through February 12 was 6.09% for 30-year fixed, down from 6.11% the prior week, reflecting broader cooling amid declining inflation and unemployment reports. Adjustable-rate mortgages (ARMs) offer alternatives, with 5-year ARMs at 5.88%-6.30% APR. These figures represent national averages; regional data, like Texas at 6.13% for 30-year fixed, can differ.

Recent dips stem from factors beyond Federal Reserve cuts in late 2024, which failed to immediately lower rates as hoped, with 30-year averages briefly topping 7% in January 2025 before easing end-February. Experts note persistent elevation above pandemic lows (2-3%), influenced by policy uncertainties like tariffs, yet current sub-6% levels boost affordability for buyers and refinancers—shop multiple lenders for the best offers, targeting debt-to-income ratios under 36%. (298 words)