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.
3 ~% ?. W% [: G7 {! T1 T7 zMortgage 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.
7 R6 K3 n, q* Z8 Y) ]$ ]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. $ Q% v1 E* S+ }* d; d
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. 9 C5 c/ t' @4 G6 [5 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.
" M8 J# N$ r3 c! _9 n% [High 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. * @8 F) u4 z2 B3 J
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. ' c5 m4 L$ H' L) K4 U
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact.
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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.
" A4 Y! Q3 I8 R. U2 k% T/ G9 Z9 kTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. / k+ o: ]) I. J' `5 a6 M: R$ C  U
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. 9 u/ y! }/ a& m% h0 y
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. / ^# L/ v& b' A4 N* d1 T; M
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.
' M9 B" W. L  tThe 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.