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. 5 b) U7 X& \9 O7 Z
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. 1 }4 ?( x. B3 p
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.
0 o8 j! P4 a/ s+ v' ?" rMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
: u: @; i# v! m7 GRates 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.
. y8 p8 M" y$ t- C+ o% GHigh 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.
; M5 m$ }4 k5 @8 OSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
' t8 h- J5 T: |6 lBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. " m4 S. |$ m! |  i0 a( u5 e7 v6 F: L
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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.
+ V3 F! B! X" @; |1 \/ FTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. * v9 o9 d2 w1 w7 Z
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.
' ?" O' g# A  j. Y& Y8 X' t. _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.
5 t) S& `2 s. f$ ?For 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.
' @! \6 r6 F2 e# F) N! zThe 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.