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. # X$ Q) s: m( F! I! k+ 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. . G- a& y$ q. i' k5 g
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. ) k. j& \: ?3 d2 k, O
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
, M. A- G4 R: Q( u/ I. D- ~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. 0 X1 _4 _# v$ B+ 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. - [( F n& F3 u; E: L1 W* A7 |
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. ! A' m* G- |! M$ _/ `# O' r! [
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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5 n% L. E7 ]+ s4 [% V) m8 y$ fMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
9 ~8 b; u c) l/ X! ETo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 5 Z$ e3 w* b( X3 c: q: H4 Z: p- R
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.
/ b; Q* b2 u( O! q+ i9 q1 X4 iThe 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.
9 C: v' _ q% o; Z4 Z7 }/ g' eFor 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. 8 `, r& Z# u# m$ _- w m
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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