File under More Good News in Travel: Travelocity reports steep declines in Memorial Day airfares. The data show a dramatic drop in international fares for the holiday. A recent USA Today story by Marilyn Adams outlines the bargains that can be had for domestic fares.

Two key points:

 - At $295, average domestic airfare is under $300 round trip

 - At $610, international airfare is lower than 2005

Several carriers have announced plans for international capacity cuts come September, so my advice is to take advantge of these low airfares now, before fewer seats translate into higher fares. As reported in BusinessWeek (and many other sources) last month, Delta will trim international capacity by 10 percent after the summer; United by 15 percent; and American Airlines by 2.5 percent. American will also reduce domestic capacity by 9 percent.

Travelocity has identified five "high value" international destinations for Memorial Day, where average fares are down more than 13 percent.

Cancun: average fare $414, down 14 percent

Vancouver: average fare $449, down 15 percent

Dublin: average fare $580, down 30 percent

London: average fare $713, down 20 percent

Don't forget to take advantage of fare sales on international carriers. Here's two to consider:

Aer Lingus: Western Europe fares from $506 RT for travel now - June 15. Fares June 16 - August 22 from $674 RT. Book by April 17.

China Airlines: Asia and Australia fares from $600 RT. Book by April 15, travel through May 20.