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. % J* e. o! y; {
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. ( m/ t- ^+ z" [" S
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 c* b$ A O8 O5 u/ X( d, Z lMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
: e8 m& l5 l8 fRates 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.
( K0 ` ]8 I! f) FHigh 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.
3 f" Q% a7 ?0 L8 N1 ~- ]3 zSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. $ p. T0 ^5 Q) y" ]1 _
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 6 ]3 b7 x! R3 M! L3 y
$ {1 n, j/ {. SMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
8 C0 e% X1 X- V( t k7 MTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
! d4 o% ]6 S/ J/ x. b w2 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. 6 I/ D, u; D0 m& l
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.
- R1 N$ e; J% S4 vFor 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. 3 k0 Z6 g7 R, m3 c7 ^9 B
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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