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.
6 I$ k; y! t$ d$ sMortgage 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. * Z- ]' n4 M9 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.
+ |% S  Q: @+ h, x( l1 f6 E$ DMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
2 n5 N$ o* J4 ]' d5 `0 l9 wRates 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.
" [- ^6 x, u6 ?2 ~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.
9 j1 {' z7 ?5 y: z% BSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. + A, V& C+ `/ I0 t' y
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.
- B3 S( j& _' R" f6 }To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. . X, U$ P5 V4 Z/ G- e
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 A7 U( W: e0 }" i, }
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. 6 b+ T% [1 h) l0 z8 y
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.
* [- j" f& @8 \. E1 b& |: n7 y+ jThe 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.