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.
* g. T' d- w. w+ ^) e  _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. / r& R7 w6 H& g5 R
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.
, N+ A9 F0 b9 v$ o' i/ d% LMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
, X  N5 p! n0 `- r# QRates 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. 0 I# ~! N+ j2 U2 h7 H4 d! i. K! b
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. 6 Y' d: O( y: c' Z. d$ 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. 3 z, c6 ~+ U) z2 f9 \1 j/ l2 Z
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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" x: \. q% R& V& `& [% h  }- MMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
* S, l4 s$ P6 T* Y0 U4 WTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 3 a- c" ^6 P6 m/ ?8 r1 M' 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. * t6 L' _& t4 N
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.
7 [. T, t/ a( N" I2 s6 \% ]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.
" c* r4 V$ W4 gThe 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.