Rate on 30-year mortgage falls to record 3.87 pct.

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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. 8 Y7 w: p2 h6 z2 ~6 G
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. , p# Q0 }  a  k
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. 4 t4 [, P* R  d" d( {) i
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. - ^  B3 Q1 Z# R0 B% b
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. 0 M- N: O6 j# \  f3 W% U. o: h+ g
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.
: W8 Y/ T! H- `1 [Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. ( K& N$ r* {: U& v' W
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.
; A% t. I0 U& F& R3 r+ S: OTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
1 p! H2 R  V% g, D, b1 EThe 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.
% \" y" V2 ?- ?3 L) E1 x! [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.
+ E3 u/ O: [* N  t6 M4 Z' A. v1 h& n" UFor 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. 1 \. X6 B" S) h5 V
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.