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.
4 _  \2 q( F0 Y3 q& p: |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. ; _9 c$ J) ?3 I/ L. B- {+ n
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. 2 `3 Q. }: V& R$ Q
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
4 Q( \1 J) H' F/ X: kRates 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. , U$ K! W4 [2 Q" }, H
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. - q; y; x8 L' `/ J4 x
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. & G$ e+ g% o- s
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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3 c" X1 x, V( f5 u5 l  r8 e/ iMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
; @& M" b- K4 s: J) `To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. ; s" K8 s( h  F5 G& C$ V% \$ J5 U$ h
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. 0 q' g' v, C1 |2 R8 |2 [
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.
4 V' Q: ?7 }% l7 RFor 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. ) `, F4 j* z" R# w& g
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.