Washington ? Rates on 30-year mortgages dropped to a new low this week, providing good news to people looking to buy homes or refinance the ones they already own.

The average interest rate on 30-year fixed-rate mortgages dropped to 5.94 percent this week, down from 6.11 percent last week, Freddie Mac reported Thursday in its nationwide survey.

This week’s rate was the lowest since the mortgage giant began tracking 30-year mortgage rates in 1971. It also marked the seventh time this year that rates on this benchmark mortgage hit a new low.

Rates for 15-year, fixed-rate mortgages, a popular option for refinancing, also dipped to a new low this week, falling to 5.32 percent. That was down from last week’s 5.48 percent and represented the lowest levels since Freddie Mac began tracking these rates in 1991.

Analysts said recent mortgage rate declines were spurred by falling rates in the Treasury bond market.