NEW YORK (CNN/Money) - Mortgages rates fell and reached the ninth record low of the year as interest rates continue to slide in anticipation that the Federal Reserve will further reduce the cost of borrowing money at its next meeting.

The 30-year mortgage rate fell to its fifth consecutive record low at 5.26 percent in the week ending June 6, with an average of 0.5 of a point payable up front, mortgage lender Freddie Mac reported Thursday. The 30-year averaged 5.31 percent last week and 6.71 percent a year earlier.

The 15-year fixed-rate mortgage averaged 4.66 percent, with 0.5 of a point up front, down from 4.73 percent last week and well below the 6.22 percent a year ago.

One-year adjustable-rate mortgages (ARMs), loosely indexed to the 10-year Treasury note, hit 3.59 percent, up from 3.63 percent last week. At the same time last year, the one-year ARM averaged 4.71 percent.

"Anticipation that the Federal Reserve may well cut rates at its next meeting, combined with further weakness in certain sectors of the economy, caused interest rates to fall again," said Frank Nothaft, Freddie Mac's chief economist.

"May employment numbers will be released tomorrow. The market expects a slight loss in jobs and a blip in the employment rate. But if the figures are substantially different either way, it could really impact mortgages rates next week," he said.

TOOLS YOU CAN USE • How much house can you afford? • Find local homes for sale • Mortgage payment calculator • What's your home worth?

Freddie Mac's average mortgage rates are based on a survey of 125 lenders nationwide. The rates include those on mortgages accepted by borrowers with good credit ratings who place a 20 percent down payment on their homes, according to Freddie Mac. The total amount of each mortgage considered for the survey doesn't exceed a $322,700 limit.

Freddie Mac (FRE: Research, Estimates), or Federal Home Loan Mortgage Corp., is a publicly traded company the government established in 1970 to provide a flow of funds to mortgage lenders. It buys mortgages from banks, bundles them and then resells them as mortgage-backed securities.

Its products, and the products of other similar entities, have become increasingly popular as an alternative to government-backed bonds, particularly with international investors.