Mortgage rates are still declining

Average rates on 30-year, fixed-rate mortgages declined to 5.78% this week, down from 5.93% last week, mortgage company Freddie Mac said.

Rates on 15-year, fixed-rate mortgages, a popular choice for refinancing, fell to 5.35% from 5.54%. Five-year, adjustable-rate mortgages averaged 5.67%, down from 5.87% last week. One-year, adjustable-rate mortgages fell to 5.03% from 5.21%.

These rates do not include add-on fees known as points. The nationwide fee for 30- and 15-year mortgages averaged 0.6 of a point. The average fee for five-year mortgages was 0.7 of a point while the fee on one-year mortgages was 0.5 of a point.