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 m! `/ m+ l7 A$ u
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. * z/ f( Z! B6 A
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.
/ u6 z) }3 T# U; d' r9 rMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.   R9 [: G# S: M  F( n7 l
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. " n! v4 Z7 a4 P
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.
9 U9 z  K- ~7 r8 i/ H& mSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. 1 V/ d9 v6 i  g* I, R( h) g
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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) ^$ e6 _* }1 R# J9 \; Y  pMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. % ^- d0 f* i6 l: {6 q
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
- r( ]6 r. i( c* P- Y" }: HThe 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.
! a4 }$ H& R" j" I; I0 \; N9 M5 v* VThe 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.
' Z0 u3 E7 Y1 {( UFor 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.
' ]/ G$ f6 m* [6 n7 Y  n. D5 J4 WThe 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.