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. * w3 I- o/ z: ~/ a$ T8 t
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.
6 ~/ i$ y0 x1 d1 D* WThe 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.
" ?: S' H2 F$ d# yMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. ! O7 n! K" Z$ E+ n0 D$ `  v& d, z
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.
% j( L7 ~1 X6 E, t4 ^/ o/ `: I- rHigh 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. . \8 u! i7 E" W+ L
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
: W8 i- Z' Y- sBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 9 Z2 L. M& {* m( p
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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. ! N. T& t, v; y" [, W: V9 O( s1 p
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
4 s/ W+ E/ Q5 |2 P/ j. CThe 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.
2 `6 U1 [! u# y3 j* 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. : N8 N1 A- `1 e/ k/ v3 G, b
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.
8 u8 X$ {0 ]8 V+ |  eThe 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.