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.
6 t$ L+ u; d, |6 n) a pMortgage 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.
! b) C6 F- S" f, EThe 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. 2 _5 M8 t/ a8 R3 c2 z
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
0 O6 O: k1 [5 w) J- `! uRates 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.
* q2 P. z8 T$ E. r3 }2 I) UHigh 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. ! j! P' b. e( k1 |1 x( @% P
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. # d, n- p9 u7 V' @' E! Y
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. $ n: G1 E( P: V# ~( d$ E7 E
3 _' X& w3 p+ N2 rMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
; M* _9 L+ z: q# a! t# W8 lTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. + X1 e4 [( X% p5 i
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. 8 _0 E& N% Q) [ ~) ]
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 k8 V% v* w! |0 d- v
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.
5 z3 ^/ L2 T: M9 e1 \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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