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.
: m; i; @7 O( }' I" [0 VMortgage 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. 3 |6 \4 }* f, K3 @5 f# e
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. & F! S z0 u/ G6 z9 `$ G" @: A- h
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
; \* j& Z2 ]0 T) v u. l- v! 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.
' i$ j4 ^2 b/ X1 Y- Z7 ~4 \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.
/ _% E2 o) H# Z* ISales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
' {: \$ [8 k/ g& ^4 f5 k3 rBuilders 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.
; {; u6 l# O# B, o x& xTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. ; G' ]! S$ e; P+ s
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. ; [9 r, D. L) v4 m
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. $ \1 p S+ s+ o
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 L2 C9 I1 Y/ u& M( Z4 R
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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