NEW YORK (CNN/Money) - Mortgage rates fell after the Federal Reserve held borrowing rates at historic lows, but signs of an economic recovery sent Treasury yields soaring, which may affect mortgages in the coming weeks, Freddie Mac said Thursday.

The rate on 30-year fixed-rate mortgage loans fell to 5.94 percent, with 0.6 of a point payable up front, in the week ending Oct. 31. Last week the 30-year averaged 6.05 percent and a year earlier it averaged 6.13 percent.

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The 15-year fixed-rate mortgage fell to 5.26 percent from 5.39 percent last week. The 15-year also averaged 0.6 point payable up front. A year ago, the 15-year rate stood at 5.51 percent.

The rate on one-year adjustable-rate mortgages, loosely indexed to the 10-year Treasury note, dipped to 3.74 percent from 3.76 percent last week. That rate is below the year-ago rate of 4.25 percent.

"Gross domestic product numbers surprised everyone today, posting a much larger-than-expected increase and confirming the notion that the economy has finally turned the corner," said Frank Nothaft, Freddie Mac chief economist.

"Worry about disinflation should now be tempered somewhat, but fear of inflation is still unwarranted. And that should keep mortgage rates from rising too quickly or steeply anytime in the near future."

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.

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Freddie Mac (FRE: down $0.44 to $56.86, 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.