Rates on 30-year mortgages, which had jumped to the highest level in 2 1/2 years, edged down for a second straight week.

Mortgage giant Freddie Mac reported Thursday that rates on 30-year, fixed-rate mortgages averaged 6.32 percent this week, down from 6.34 percent the previous week but up from 6.01 percent a year ago.

The latest decline was the second in a row after 30-year rates had reached a high of 6.37 percent the week of March 9, the highest point since rates averaged 6.44 percent the week of Sept. 5, 2003.

The National Association of Realtors reported Thursday that sales of existing homes shot up by 5.2 percent in February after five straight months of declines.