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. ( x4 o# J0 V; M- P
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. ( N X0 `* f9 d' 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. - O) S7 ^+ _" L6 @0 Y; G
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. - _# ]0 `. u/ m& O% H6 _/ k( z( p
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. + `* _ X8 Z' x* Z& ~8 ?# |. K
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. $ P! p+ F1 q9 e c6 |0 Z: f
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. # h" g6 J0 O; Y3 v3 J
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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Mortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
, ~: T- V' s/ J8 CTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 9 y$ b! W% C% `( K/ T
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. , _8 L. ~' @% U- ^9 z( s
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 V& m) I: {# f6 sFor 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.
8 u0 Y. z+ M/ H1 yThe 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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