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. / Q0 E. ~) x; f% M
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.
1 N L8 T' p, d; s# jThe 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. ! C6 X. k& Z7 n7 y2 W
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
' ?* Y1 f: Q5 q( bRates 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.
- R; i5 e6 t# k. gHigh 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.
+ V8 d2 }! h2 h2 Z% v& v6 WSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. t, Q z! L8 m9 Q( N
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. + k4 X% a7 i0 Q+ j/ T9 C# G
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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.
' J0 y! \6 y8 w! I, c. bTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
8 p$ D. J: @8 G( g& yThe 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. & r- P" W; H$ ~2 }
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.
' D3 S) D4 K" f# {! kFor 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. . A, \# J" Y/ o- p+ c+ n
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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