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. * U# P3 b( v) ]# [# Y& O' s% 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.
& l! g0 F0 j& C# \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. & K" D4 N4 q5 ?: u+ [
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. / ~) ~; R, r$ [8 c; i! n, n$ [
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.
' a2 v  ]! d/ ^" sHigh 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. 3 V$ _: \4 d" k; k  E6 B. V$ 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. 5 n" A$ l3 a/ v( |# x3 f# o: s
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. " E: q1 k  t4 q, x
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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. 3 i  e& x5 v! Q2 g
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
5 P7 e8 T: O. Y' J( J% c7 XThe 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. $ W0 u1 {7 L2 o, ]' w
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.
8 S7 t$ P2 A7 E+ g, d8 S1 v& WFor 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.
: F. n4 O. J! Y8 V  c6 g  U) lThe 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.