Mortgage rates fell for the week that ended Thursday, with those on shorter-term loans posting the biggest declines, and the average 30-year fixed rate retreating further below 5%, according to Freddie Mac's weekly survey.

The 30-year fixed rate averaged 4.93% for the week that ended Thursday, down from last week's 4.97% average and 5.04% a year earlier.

It hit its lowest rate on record earlier this month, when it fell to 4.71%.

Rates on 15-year fixed-rate mortgages were 4.33%, down from 4.34% the previous week and 4.68% a year earlier.

Five-year Treasury-indexed hybrid adjustable-rate mortgages averaged 4.12%, down from last week's 4.19% and 5.04% a year earlier. One-year Treasury-indexed ARMs declined to 4.23%, from 4.33% and 4.8%.

To obtain the rates, the 30-year fixed-rate mortgage required payment of an average 0.7 point. The 15-year fixed and the one-year ARM had a payment of 0.6 point, and the five-year ARM mandated 0.5.

A point is 1% of the mortgage amount, charged as prepaid interest.

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