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.
( V1 y) w  k$ T* X9 a0 ?5 FMortgage 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. # Q# |$ Z$ n* U
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. , C. [6 D: ~4 A6 U: x
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. * h0 I* C& i) O
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.
& ?! q- I% t0 I$ s# J& JHigh 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. ; q+ `1 S/ D: G
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. . A6 a& h! n6 e& ]! d6 v$ K9 r
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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% [' i: Y% h: u4 L( U& WMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
& n/ v8 K8 w8 b& GTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. - K( F2 r! @" H5 ~" }
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. 9 o, a/ C( z' J3 U9 L) _  ?
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. - U5 q! X$ v0 `& B0 y- S8 y7 A
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. ' p$ ]5 ]$ n& b* U
The 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.