Wave good-bye to super-cheap mortgages.

The average cost of a 30-year, fixed-rate loan -- the most popular way to finance a home -- was 5.76% in our most recent weekly survey of major lenders taken June 17.

By any historical standard, that's still quite affordable.

But mortgage rates have risen dramatically the past few weeks and are more than a half-point higher than they were April.

That's when the average cost of a 30-year, fixed-rate loan fell to 5.13%, the lowest it's been since Interest.com and its print predecessor began the survey in 1985.

The 4% mortgages that had everyone talking this spring are no longer available -- unless you can handle the payments on a shorter, 15-year loan.

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 winter and spring.

But the Treasury Department is starting to borrow 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's driving up the cost of all types of long-term debt, including mortgages, despite the Fed's best effort to keep rates low.

In most markets, our extensive database of the best mortgage rates shows that lenders are charging 5.25% to 5.75% for 30-year, fixed-rate loans with no points and less than $1,000 in fees.

Loans like that cost 4.875% just a few weeks ago.

If you want a mortgage for less than that, you'll have to pay at least one or two points.

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.

Even if you pay points, you probably won't be able to qualify for a rate any lower than 5.0% in most markets, although we've seen loans for as little as 4.625% and 2 points 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 4.25% with 2 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