NEW YORK (CNN/Money) - Mortgage rates fell for the third consecutive week on indications that the Federal Reserve may not need to raise interest rates right away, a survey showed Thursday.

According to Freddie Mac, the 30-year long-term mortgage averaged 6.94 percent for the week ending April 19, with an average 0.7 point payable up front to the lender. The rate was down from last week's 6.99 percent. The mortgage rate averaged 7.14 percent at this time last year.

The 15-year fixed-rate mortgage averaged 6.42 percent this week, with an average 0.8 point, also lower than last week's average 6.49 percent. The rate averaged 6.66 percent during the same week a year ago.

(For more on interest rates, check out CNN/Money's Bond & Rate center.)

At the same time, one-year adjustable-rate mortgages (ARMs) indexed to the Treasury averaged 4.95 percent this week, with an average 0.9 point, down slightly from last week's average 5 percent. Last year at the same time, the rate averaged 6.08 percent.

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"Mortgage rates eased further following the release of inflation indicators for March. The increase in the core Consumer Price Index (CPI) was below expectations, suggesting that the Federal Reserve has more time to monitor the economy before needing to raise interest rates," said Frank Nothaft, Freddie Mac chief economist. "This should keep mortgage rates low and affordable to many families."

Freddie Mac (FRE: down $0.45 to $65.88, Research, Estimates), or Federal Home 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.