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. 8 U$ y& p% `$ N$ _
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.
& w: f3 |" c- d. ^: x/ W WThe 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. , x5 l, x; @# u% k; v9 u t( q! X
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. 4 `/ c% b; [+ A# L
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. * B! f# G8 _- F4 m& k# I
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.
! M* a$ x4 C% L; @7 RSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
4 K% k. X/ | Y5 X) SBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 7 j3 C" K' m( }/ Q7 n
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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. , g9 N- J" a: ^0 J$ \$ R+ N
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
1 K" n; S0 r2 K% 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. 0 Y) S5 l( N f' G2 J! d
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.
2 t6 a- A7 q. e5 W, `1 V5 GFor 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 p- b+ ?6 p; gThe 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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