The 30-year fixed-rate mortgage fell six basis points this week, averaging an even 6.5% for the weekly period ending Thursday, according to Freddie Mac.

It’s the lowest weekly average since October, and is more than 50 basis points below the year-to-date high of 7.04% seen during the third week of January.

The 15-year fixed rate fell even further week over week, from 5.69% to 5.6%.

“Mortgage rates continue to trend down, increasing optimism for new buyers and current owners alike,” Freddie Mac Chief Economist Sam Khater said in a press release. “As rates continue to drop, the number of homeowners who have the opportunity to refinance is expanding. In fact, the share of market mortgage applications that were for a refinance reached nearly 47%, the highest since October.”

On Wednesday, the Mortgage Bankers Association (MBA) reported that the refinance share of mortgage activity increased to 46.9% of total applications for the week ending Aug. 29 from 45.3% the previous week.

However, conventional refinance applications declined by 2.9%, with overall weekly gains of 0.9% largely attributable to loans backed by the Federal Housing Administration and Department of Veterans Affairs.

Overall mortgage application volume fell 1.2% last week, according to the MBA, with the association’s president and CEO, Bob Broeksmit, noting in a market commentary that despite purchase activity trending higher in recent weeks, applications “dropped modestly last week as affordability challenges continue to pose a hurdle for some prospective buyers.”