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. - r( T* N- e: o( J! J
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.
( d# q7 d& y1 _3 w n" [: v$ ^. ]/ VThe 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.
) ^3 N7 M$ ]9 O7 g0 }Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
( P( b8 r& J- Q3 }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.
: [/ L: N2 W# C9 ^/ r- ]6 Y: |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. ) T. L2 t' d) y: {- X* E8 l
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
8 M$ N" M$ Q1 ^$ yBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 4 p; g& O {* u9 c& L! I; N
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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.
/ j) m/ ?2 `( D, ZTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. : I/ g* k7 @+ e1 y
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.
# n; X3 g4 Q1 ]" NThe 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. + t% R! Q [) ?3 I/ _
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.
: ?1 _; `: z( v# M9 Z) D5 MThe 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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