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.
" ~& P5 s+ I9 E; G0 ZMortgage 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. 4 F. u$ ]3 a- |0 t1 g  R3 K6 }1 w
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 W& c5 d: E" q' R% E& ?& PMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. ! y4 F$ d7 h! \/ C  i+ N& P
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.
- D, k" r1 j+ V/ Y5 uHigh 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. 6 n- M& A# {/ B( K
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
3 z. m* j$ a& EBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. & H. u, \% l. `2 |5 [0 b3 T

5 ]" X: u9 |0 ]6 ~9 EMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. 8 t! ?- y& R+ G3 k) P" `& F
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 7 ^: j+ K0 w  E. t4 O( I, l! f
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 X1 q# y6 ~: H1 w9 n- JThe 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. . \. O6 Q7 Y+ E: v6 D0 K: U
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. 2 ~$ F8 P# X; G( N0 [8 ?* 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.