McLEAN, Va. (AP) — Rates on 30-year-fixed mortgages declined this week amid reports of a weakening job market and easing concerns over inflation, Freddie Mac said Thursday.

The average rate on a 30-year fixed mortgage slipped to $5.03 percent this week from 5.15 percent last week. A year ago, the 30-year fixed-rate mortgage averaged 6.13 percent.

"Mortgage rates had room to ease this week following news of a weaker jobs market, which may slow consumer spending and keep inflation at bay," said Frank Nothaft, Freddie Mac's chief economist.

Last week, initial jobless claims totaled 645,000. Thursday, the Labor Department said the figure climbed to 654,000, while the number of people receiving benefits for more than a week increased by 193,000 to 5.3 million — the most on records dating back to 1967.

Average rates for 30-year-fixed-rate mortgages hit a record low of 4.96 percent in January, a decline attributed to the Federal Reserve's move to buy $500 billion in mortgage-backed securities to spur lending by banks.

"Given the recent historically low mortgage rates, homeowners have a strong incentive to try and refinance," Nothaft said.

This week's average rate on a 15-year fixed-rate mortgage fell to 4.64 percent from 4.72 last week. Last year at this time, the 15-year rate averaged 5.60 percent.

Average rates on five-year, adjustable-rate mortgages declined to 4.99 percent from 5.08 percent last week. Rates on one-year, adjustable-rate mortgages fell to 4.80 percent from 4.86 percent last week.

The rates do not include add-on fees known as points. The nationwide fee averaged 0.7 point for 30-year and 15-year fixed-rate mortgages. The fee for five-year adjustable-rate mortgages averaged 0.6 point and 0.5 point for one-year adjustable-rate mortgages.

Mortgage finance companies Fannie Mae and Freddie Mac, which were seized by the federal government in September 2008, own or guarantee almost 31 million home loans worth about $5.5 trillion. That's more than half of all U.S home mortgages.

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