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! y) a% v$ N+ u9 ?
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.
, e) J7 j8 K7 k% N, y$ x }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. - w, {4 Z$ U, U$ Y" Y. W- D
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
0 V6 z2 Y& d% K: Z- c$ mRates 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. 4 ]( P. u7 B2 k |4 o2 { z4 L
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. ( K1 z2 K* p; [. Q; v+ \# p( F
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
) P+ n8 e( Q/ JBuilders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact.
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& R! ^( a4 m% ^7 S; q) yMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
" U8 H# t+ O% K- ETo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. ; ~, T7 ]( B& H9 j1 [
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.
' o' T1 L3 y0 D) ]( PThe 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. 6 s3 _0 R$ o! U6 ?: N$ E/ y
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.
- L$ B! Y' 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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