Rates on 30-year mortgages declined this week to their lowest level in more than a year, mortgage giant Freddie Mac reported Thursday in its weekly nationwide survey.

During the week ending on June 30, rates on 30-year, fixed-ratemortgages averaged 5.53 percent, down from 5.57 percent last week.The reading for this week was the lowest since early April 2004.

Meanwhile, rates on 15-year, fixed-rate mortgages also decreased to 5.12 percent from 5.16 percent last week. Rates on one-year adjustable rate mortgages, however, rose to 4.24 percent from 4.23 percent.

Rates for five-year hybrid adjustable rate mortgages went up slightly to 5.06 percent from 5.05 percent. Freddie Mac began tracking the rates early this year.

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