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.
6 d  z8 h9 s; U& m) E+ Y4 R) AMortgage 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. - F" c8 K7 Q' J# g' ~2 F9 L
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. - n$ U: V/ x1 @1 }2 ~& P( f- Y
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
5 J/ [/ j* m  u% P3 A+ S! dRates 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 n1 J
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.
' D6 v% `3 _5 C+ z. Q; rSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. . Q; Z( G/ m( o4 c
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 2 M2 t" @% L% ?5 n4 M8 }
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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.
4 e0 ^2 I% S5 l+ ~) n$ o' ATo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 4 m+ a9 T6 P4 v% |
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.
4 v$ C+ l8 x' x! c* v5 O; `! `# QThe 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.
  e$ s# I- e; @# \0 e2 H# K+ OFor 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.
+ S: b4 r! ~5 u7 W$ ^1 N* MThe 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.