Home loans aren't as dirt cheap as they were this spring.

But mortgages have settled into an affordable groove, well below what they cost the past few summers.

The average rate for a 30-year, fixed-rate loan -- the most popular way to finance a home -- was 5.65% in our latest weekly survey of major lenders taken Aug. 5.

That's a half-point higher than in April when the average fell to 5.13% -- the lowest it's been since Interest.com and its print predecessor began the survey in 1985.

It's also a full-point lower than those loans cost last August. And the August before that. And the August before that.

By any historical standard, anytime you can get a 30-year, fixed-rate loan for less than 6.5% you've gotten a good deal.

So we may not be enjoying record rates this summer, but we're enjoying great rates we would have killed for last summer.

In our extensive database of mortgage rates, you'll find lenders in most markets charging 5.125% for 30-year, fixed-rate loans with no points and fees of $1,000 or less.

The Federal Reserve is still flooding the mortgage market with money by purchasing billions of dollars' worth of home loans made by commercial banks and mortgage companies.

That's what drove rates down this March and April.

Then the Treasury Department started borrowing the staggering amounts of money needed to finance the record federal budget deficit, which is projected to reach $1.84 trillion this fiscal year -- four times more than last year's record $454.8 billion deficit.

That pushed the cost of long-term debt, including mortgages, up a bit.

The 4.5%, 30-year mortgages that had everyone talking this spring probably won't return to most markets.

But if you can still come close to those super-cheap rates by paying a point or two.

Paying points allows borrowers to obtain a lower interest rate than the lender normally offers, with one point equaling 1% of the loan amount. It's worth considering if you're going to live in the house long enough to recoup the extra up-front costs.

Two points will allow you to buy the rate below 5.0% in most markets and as low as 4.625% in a few cities.

We have a calculator that compares loans with and without points, so you can pick the one that's right for you.

Another way to still get a 4% mortgage is to take out a shorter loan.

That won't get you the lowest possible monthly payment, but there are still a few lenders offering 15-year mortgages for 4.50% with no points.

We also have a calculator that will let you compare all the costs and savings of 15-year versus 30-year mortgages.

You've also probably heard that banks and mortgage companies have tightened their requirements for getting a mortgage after unwisely lowering their standards during the housing boom.

They have. But that return to reasonable underwriting standards doesn't mean you can't get a mortgage.

You'll have the best chance of getting a low rate with low fees if you:

Have a reasonable credit score. Anything above 700 should work, although fees are rising even for people who have scores as high as 739. Here's where to find out what goes into your credit score and how to get your credit score.

Poor credit is another good reason to pursue an FHA or VA loan. They'll accept borrowers with lower credit scores and more debt.

Earn enough money to repay the loan. Here's where to learn about the two affordability tests most lenders use.

Be able to fully document your income, assets and debts. Here's where to find out about questions you'll be asked on a mortgage application and all the paperwork you'll need.

By Mike Sante

Interest.com Managing Editor