Rate on 30-year mortgage falls to record 3.87 pct.

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WASHINGTON (AP) -- The average rate on the 30-year fixed mortgage fell this week to a record low, the ninth time that has happened in the last year. Even with the cheapest rates in history, the housing market remains depressed. ( j# O! S. t5 H3 R
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That below the previous record of 3.88 hit two weeks ago. & E4 M5 _6 f" |, q
The average on the 15-year fixed mortgage fell to 3.14 percent, also a record low. Records for mortgage rates date back to the 1950s.
! `$ H5 g* F  xMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. 2 F  ^) ~8 t3 Z8 f) Y1 L
Rates have been low for more than a year, and the average rate on the 30-year loan has hovered near 4 percent for more than three months. Yet few people can afford to buy a home or qualify for a loan. Those who can have already done so.
  l3 L" X5 B! ?3 L1 C! F* Y- ?2 BHigh unemployment and scant wage gains have made it harder for many people to qualify for loans. Many don't want to sink money into a home that they fear could lose value over the next few years. 5 q8 O# a' R1 V+ G5 Y/ n! @
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
# h. n+ m" |: t# |Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. ) k- t5 I! Y9 [  ^' d$ S' y

& @9 E! B8 a  X& HMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. 7 d" o2 i- R5 ~2 m) b
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. % H# E: `" k. L& A3 o
The average rates don't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount. : s! _7 H  t% @* V" c1 p. u
The average fee for the 30-year loan rose to 0.8 from 0.7; the average on the 15-year fixed mortgage was unchanged at 0.8. , \* b+ s( t/ T9 B8 P
For the five-year adjustable loan, the average rate fell to 2.80 percent from 2.85 percent. The average on the one-year adjustable loan rose to 2.76 percent from 2.74 percent. # w$ U8 ]6 ~& y
The average fee on the five-year adjustable loan rose was unchanged at 0.7; the average on the one-year adjustable-rate loan was unchanged at 0.6.