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.
' v/ J2 C: T1 B( V2 ^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.
+ m: M& w" W3 i8 \# gThe 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. 6 x. s8 ]7 s" H
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. 3 B, ?/ Y) m# J 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.
# a; m& m8 p- e' mHigh 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. ; V2 i" Z$ m) p6 m7 |; F+ A X
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 g+ v/ E: Q# s+ B9 R: a
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 6 E/ c+ W, U! b$ R
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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.
/ U; B: q$ k4 @6 d' R4 f' {To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
0 J: s& O7 F" @1 UThe 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. % W4 W& M# N1 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.
* s+ v$ x$ L; z9 WFor 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.
# y6 d. ]6 C& U- o9 Q' NThe 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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