Long-term mortgage rates trended down in the week ending July 16, marking the third consecutive week of decreases after rates began edging upward in May, according to mortgage giant Freddie Mac (FRE). Freddie’s latest rate survey found that 30-year fixed-rate mortgages (FRMs) posted an average 5.14% with an average 0.7 point, from 5.2% last week. Fifteen-year FRMs averaged 4.63% with an average 0.7 point, from 4.69% last week. Thirty- and 15-year FRMs both came in well below year-ago levels of 6.26% and 5.78%, respectively. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 4.83% this week with an average 0.7 point, up from 4.82% last week, while one-year Treasury-indexed ARMs averaged 4.76% with an average 0.5 point, down from 4.82% last week, according to Freddie. A separate rate survey conducted by Bankrate.com, which tracks large banks and thrifts, was less optimistic in terms of average rates this week. Bankrate found 30-year FRMs slipped to 5.58% from 5.59% a week earlier, while 15-year FRMs averaged 4.93%, unchanged from the previous week. Write to Diana Golobay.