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.
. f0 z5 n4 ]0 W, C% u6 u# l. V) B2 LMortgage 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.
' Z7 q- V$ J0 B* ]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. ' L- H/ N2 h. [+ @
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
+ `2 _& X4 u+ DRates 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.
5 w. w& g, o$ V7 ?7 `! Q4 P7 R0 m# o' dHigh 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. ' _6 s9 k4 U1 ^
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. - K0 c; A9 W- I4 M) M. 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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. V6 W% {4 C1 oMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.   R9 v: l# B+ B, h! h
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 2 U3 B, H. ~, t
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.
7 R& v5 r" o6 {4 wThe 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.
0 Q( t' X' u- _4 I2 |" l" tFor 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.
) \5 x+ k0 _/ u4 e0 rThe 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.