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.
* Q4 [2 ~& X5 J$ a- J4 o) VMortgage 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. * X! p( p. _. w
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.
. J( N. h2 L) p. K- \: ^$ GMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
- p* ?0 [- y( I, V8 |  NRates 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.
! d) m8 ]4 W4 H( l+ S. Y5 DHigh 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 K5 o) h# p- ?, t) X
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. 2 L# n. ?; C1 f  E9 T- M
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. ( ?4 W2 ]0 A* m) L2 e
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Mortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. ) y) w  m3 L) X
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.   h$ a2 U" g! g& m, A4 a. M
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. / e) u  s- U% w3 Y, m
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.
& X2 ?( f/ c4 YFor 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. 4 g" y& E, x) X4 H$ g
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.