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Mortgage giant Freddie Mac reported Thursday in its weekly survey that rates on 30-year, fixed-rate mortgages averaged 5.80 percent this week, down from 5.91 percent
last week.

It was the third 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 5.36 percent this week, down from 5.46 percent last week.

Rates on one-year adjustable-rate mortgages dropped to 4.26 percent, down from 4.30 percent last week.

The averages do not include add-on fees called points. The 30-year mortgage and the 15-year ARM carried a fee of 0.5 point on average while the five-year and the one-year ARM carried a 0.6 point fee.

A year ago, 30-year mortgages averaged 5.94 percent, 15-year mortgages were at 5.25 percent and one-year ARMs averaged 3.69 percent.

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