Rates on 30-year mortgages fell for a fourth consecutive week.
Mortgage giant Freddie Mac reported Thursday in its weekly survey that rates on 30-year, fixed-rate mortgages averaged 5.78 percent this week, down from 5.80 percent last week.
Other mortgage rates declined as well this week. Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, fell to 5.33 percent, down from 5.36 percent last week.
Rates on one-year adjustable-rate mortgages dropped to 4.21 percent, down from 4.26 percent last week.
Five-year hybrid adjustable rate mortgages averaged 5.20 percent this week, down from 5.22 percent last week. These hybrid mortgages have a fixed-rate for five years and then adjust each year.