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. / E5 O8 i& Y9 [8 J0 y* u6 [7 i
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. / O- w  @- n( H) I1 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.
! n1 j, v5 |; C' w. oMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
$ u4 ?  y1 ]% u4 _+ \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. : i0 V; h7 G4 j4 j0 h. X' u7 Q6 Y! ~
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. / a, M+ O# S+ q9 I. ~0 O, l& 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.
# {& X& U; c  O' @$ R; U) |' GBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. / r7 a: P1 w, K+ z7 j  H

3 l" Q  W5 }8 ?2 L% ^: CMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. : b: p! P. E, c/ }* G1 v- d
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. + y3 l# [1 L: B5 p( e3 g6 D4 u9 J
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.
/ m, y* i0 r* E- O  P) [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. ; V9 H' s: A# \9 m& L) J
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.
9 s; I1 I% t8 v3 \! aThe 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.