Rate on 30-year mortgage falls to record 3.87 pct.

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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. 1 }# P9 P' P; c, \8 o5 O
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. & o5 _, ?% Q9 L# E2 g( J7 l
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. " Q$ X. \, d8 m. p$ Z( l
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
1 Z7 a! ~$ w& R8 K2 \+ \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. 5 I+ d1 D4 N3 Y- U" 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.
. U+ f% Q* U; m: s$ ZSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. 0 ^  Y0 t9 h. S4 H0 ^+ B  }
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact. : }6 ?3 h( s: K6 ~- ^

$ y2 t$ l2 C3 C9 |, s, v0 H) lMortgage applications have risen slightly over the past four weeks, according to the Mortgage Bankers Association. But they are coming off extremely low levels.
, m6 y/ c5 Y5 WTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. # t! M: ^4 Y" h' ]
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.
% [, a& a$ {. C0 U: n8 J1 ~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.
. o% n4 t' y! y, s& a/ E1 yFor 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. % h" u+ Z6 a- f  S  K/ j/ l# Y6 x
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.