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.
+ M4 E- A+ ]( t3 q, F' \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. % `5 E) c8 x) @4 Y
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. 1 \1 w/ {1 |' `" t- \
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. ! `' T( L# o! ]) \1 y X+ @- c: |
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. 8 N" Q" R8 @/ X# q
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.
5 R+ \: [4 k8 m. |1 A% v! eSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. # @/ R; j: I# t% ~3 C2 P
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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Mortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels. 9 ^5 R* o3 M* e5 Y( X1 @ ]
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
+ }6 m* ?1 A$ ]/ y# T6 \$ gThe 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. 1 a1 a; b; @* ~9 g
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.
' o. U0 ^2 ~# @7 p4 ?) {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. ! h' N4 @1 J3 x' |
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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