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MORTGAGE RATES DECLINE AGAIN

Rates on 30-year mortgages fell for a second straight week.

In its weekly nationwide survey, mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 5.91 percent this week, down from 5.93 percent last week.

It was the second straight decline since rates at the end of March hit 6.04 percent, the highest they had been since last July.

Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, fell to 5.46 percent this week, down from 5.48 percent last week.

Rates on one-year adjustable-rate mortgages bucked the downward trend and actually rose slightly to 4.30 percent, up from 4.23 percent last week.

Five-year hybrid adjustable rate mortgages averaged 5.31 percent this week, down from 5.33 percent last week. These hybrid mortgages have a fixed-rate for five years and then adjust each year after that.

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