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.
" N$ T9 X, l$ ]2 y9 u$ n7 N7 V2 m0 ]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.
( J1 ]7 Z3 D, z0 Z2 I4 i1 |: ZThe 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. $ Z5 j$ g& f2 A! o* m
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. 0 O4 D+ ^; Y5 X% I1 B3 {' {
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. 5 u7 |1 Y( ]0 J- [3 d. f
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. ( M$ F* _" D  F1 z4 g
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. + B+ S1 O$ l0 s% b9 H9 i  n
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 4 ~5 A; b' m! e3 k
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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.
3 l& b8 o3 F: v9 e- E! _; n) zTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 9 H% Q! w* _7 I9 [4 j# K
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. + f* h5 e0 M5 e
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.
# l( v0 n" D3 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.
* k1 N( u2 G5 w5 I) L$ e+ 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.