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. 8 @! i& P: z9 u* c# Y
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. " K& n7 {# X* f4 N# B# `9 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. - v, e6 `" ^4 m9 b7 I7 B9 Q
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.   C( S1 X, Q8 S# 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.
! L" w8 t" w' }9 d' Q5 ~7 `6 C/ g; hHigh 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.
* v1 v* U- B& l# ^  K8 ?Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
* H8 Y1 {/ i5 Z) l; xBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact.
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$ j8 ?% D2 s3 [  L/ N/ H) \/ vMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
. [+ o& ]3 ?: _3 E1 Z+ NTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. / q; _. A' T# L) e4 Q  r, w
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.
# R/ U$ `! ^6 L2 ~' [4 }) WThe 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.
, g/ |1 z  h8 [/ F9 X. y, }4 vFor 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. : H( B, D3 P/ X% b: s
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.