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. 2 q; Q- {* d; @9 K( [
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.
3 Z$ s5 n! e8 a" g3 L. r% s4 qThe 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. : A! `) c5 X0 _" [& ~
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. 0 V1 R6 u% |7 u/ u3 x6 G6 R  _
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 }6 D6 D6 F5 W3 k: Y6 x% RHigh 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.
; H: _  d; n6 I8 X; eSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
- S; t& B0 _! \4 G; yBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact.
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" m3 e+ m  l9 y+ W6 y4 j* aMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.   k$ f: h' T& @8 V1 P
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
, n/ P) [& w. YThe 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.
. `- y  L$ _6 SThe 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.
! W& P4 O; H' yFor 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. ( v$ X# H' p4 D4 n9 V
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.