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. ( F; F/ l( I3 T- \1 z! m
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.
& A5 U% a8 o0 N1 G4 rThe 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. % o% h: r5 b7 [/ \9 E
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. ( H8 j# o: R) ^. R) E
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.
1 w$ S3 t# d- d/ vHigh 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. ) h. x8 D- c. ?* h0 D5 d2 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.
5 y1 F+ ^. ^  K% q5 ?9 uBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact.
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1 J0 m2 J" m$ m2 J. [Mortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
$ z, s" X+ m0 `* ]- _- j# F0 BTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
" m8 I  G4 x9 o! K' U8 E; OThe 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.
; k( m1 h# u- pThe 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.
$ m$ x' J% k7 s: a" {, pFor 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.
; B" [9 A7 e  r7 A4 KThe 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.