Rate on 30-year mortgage falls to record 3.87 pct.
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Rate on 30-year mortgage falls to record 3.87 pct.
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.
; j7 t. t7 [' c, U. C+ BMortgage 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. 5 {6 s8 y4 ^6 }: f: 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.
3 W; K3 v6 v# r" v. LMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
: k" a% s) N6 h/ a: n) k- JRates 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 S! b' \' s0 f! J. GHigh 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.
5 W; e5 V; P1 A( X rSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
& U Z: T6 C6 [. C! L, F6 |Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact.
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9 H4 }2 u/ _( i" q- d# x% `( O7 ^Mortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. ) W$ c. a/ I& D. A5 W3 k# l
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. : A, c. _0 k# Q2 z* J$ f0 I
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.
0 Y5 A$ T# L; S+ \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. - S4 ]: {8 C# ?6 C! u: k* V% F0 S
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. 4 f5 B1 J) D6 B* }; y- T4 \4 B4 f
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. |
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