The average fixed rate for a 30-year mortgage dropped further below 5%, to a point not seen since mid-May, and average 15- and five-year mortgage rates fell to record lows in the week ended Thursday, according to Freddie Mac's weekly survey.

The average 30-year fixed rate slid to 4.87%, from 4.94% a week ago and 5.94% a year ago; the average 15-year fixed rate descended to 4.33%, from 4.36% a week ago and 5.63% a year ago; and the average rate for a five-year Treasury indexed hybrid adjustable-rate mortgage decreased to 4.35%, from 4.42% a week ago and 5.90% a year ago.

The 15-year loans "were at a record low since data were first collected in 1991 and five-year ARMs also hit an all-time record starting in 2005," said Frank Nothaft, Freddie's chief economist. "Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing." However, the average one-year Treasury adjustable rate rose to 4.53%, from 4.49%. A year ago this rate was 5.15%.

To obtain the rates, lenders charged 0.7 of a discount point, on average, for 30- and 15-year loans and half a point for five-year hybrids and one-year ARMs.

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