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 Y0 h- a; F* |; _" cMortgage 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.
1 E' R+ g; n# I  C/ ]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. 9 d9 L2 ^, T' \) i7 G( L
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
$ D* o8 O" t" f& j7 P  T/ Y1 lRates 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.
2 g6 E$ N% L* wHigh 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.
! `1 k. U% @) _  }. }; RSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
: B5 b/ h6 q: M$ J3 W( 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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1 x# `( Q/ l) ?& O# i4 cMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
( z5 w% {$ ^$ ^' |" vTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. # U' K% z6 i. M4 m8 }
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. : q/ \5 ~! g! N. ^8 F& g1 ~
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.
- H/ y7 E2 t5 R2 k2 MFor 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.
+ Z* K' H2 w% i* C  qThe 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.