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. $ {; C9 W2 t. ?1 E, k m' g W' b$ 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.
% o8 V: |0 ?$ D; ?2 Q/ A' L9 p- SThe 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. 3 o5 I& y; J- Q( T h1 J
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
8 ?; _) Q. W, w, `, L% l5 a- `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.
9 d3 Z# ~: D1 UHigh 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. * e7 p1 m+ |1 C% E* Y0 U
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
( Q4 P8 a) \8 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.
! |# M2 T+ I+ c% G Y, }; v. jTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
5 f a4 A2 T& `( c+ L# `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.
: I- K; r) N% N! {& t, }) uThe 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.
& W3 \2 p4 c7 J8 LFor 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.
* c% o2 R# _& M1 k' I, {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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