McLEAN, Va. Average rates on 30-year mortgages slid to the lowest levels since May last week, Freddie Mac said. The average rate for a 30-year fixed-rate mortgage was 5.12 percent, down from 5.29 percent the week before, Freddie Mac said. At this time last year, the average rate for 30-year fixed-rate mortgages was 6.47 percent.

Low mortgage rates can spur refinance activity and make home buying more attractive. The last time rates for 30-year mortgages were this low was the week of May 28, when they were 4.91 percent.

From wire reports