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.
, F4 S4 u# [. c2 D2 l* TMortgage 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.
1 t* u4 Z6 |) _2 xThe 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.
& s6 a9 p8 [! f7 ]: GMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
! O! F% l" H8 L p/ DRates 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* b# Y: U9 r+ W8 @" w9 p
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. / z) f8 w9 G6 ^7 t) E. M4 c
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
* }0 a; {1 j S6 i9 [( NBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. 5 e2 d6 C @6 J q- D5 ^
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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. 5 c0 T4 g$ v/ o( a) M
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 3 X! r& p0 P# `+ v* x: b
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. 6 c3 O7 A6 p& r& c, K# B
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. & \# i) V% A, o4 F/ ?
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. ( D- F& c; ^6 ]- e/ R" G0 z
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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