The average rate on 30-year, fixed mortgages held at 5.04 percent for the week ended Sept. 24—down from 6.09 percent a year ago, according to Freddie Mac.

Interest on 30-year, fixed loans has declined in the past three weeks, according to Freddie Mac chief economist Frank Nothaft, and the Mortgage Bankers Association reported a 13 percent increase in application volume last week.

Other rates performed as follows:

• 15-year fixed loans dipped for the week from 4.47 percent to 4.46 percent.
• Five-year hybrid adjustable-rate mortgages were flat at 4.51 percent.
• One-year ARMs fell from 4.58 percent to 4.52 percent.

Source: Wall Street Journal