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.
5 G# R u k3 n9 Q+ T/ l3 {2 u. ZMortgage 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, r. z% Z) k9 e
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.
5 N9 E# e/ n3 g; W+ ]5 z# [# ^7 mMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
H* x+ |1 M6 RRates 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.
3 \8 z6 v( 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. : Y0 p/ J$ b9 s& d( ~6 `
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. 2 @: q8 ?) T: r) K& x+ S" t
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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# n3 Y( r) b: E! y: TMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. ! T; Q1 u5 `2 A" k. g* H$ o" ?
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
/ e4 G' |2 d+ Y5 F' F4 AThe 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. % c* l! t1 m& l- _' l9 }, V; ]/ ]
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. / r/ ^/ W* G' J- f3 e
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. X7 c7 a$ Z! s$ {
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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