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.
& b. @! h0 u, z$ v& \/ |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. 3 Q8 Z" s3 d/ ?- A% I; P
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.
# W8 n# B7 A! x. j' jMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. ( v( U5 |8 M" v
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. 5 R2 C7 n. J: E- I4 M
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. ) m5 g0 u5 g; f+ J: M6 [
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 @! U1 N/ q5 WBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. ' B* \* j* f/ `# Z
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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.
# F. ]1 y& x/ o* tTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
- }7 [' y! I8 GThe 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.
: {0 @! L9 r( K% m* ^% \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. " i$ N5 W/ P& N8 P X
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. 0 y9 j. D- C0 G/ m
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. |
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