Rate on 30-year mortgage falls to record 3.87 pct.
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Rate on 30-year mortgage falls to record 3.87 pct.
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.
0 o: ?1 z2 m* v1 GMortgage 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. 6 v3 s8 D& `1 n& {* M
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. 2 M# @+ @. I/ t; V8 w' i
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. ' W8 m- z1 ]) W
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.
% W- q8 K3 V1 OHigh 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.
) I" u. v) i4 G. j# ~' _2 K% GSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. + C8 _& s1 B0 t: D
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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& @: [0 O# ?+ e; X8 x% \Mortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. / p6 |# h- p& n$ G0 S w6 p% A
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 5 R( W4 f; g% e0 a. w" E3 L
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.
2 T2 i0 [/ u# A) H- ~$ yThe 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.
9 P1 }& T8 d/ w- N( x* u; d! [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.
$ a R& g+ B2 q0 S% r/ k1 aThe 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. |
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