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. 3 C4 W" c+ X) p( n6 C5 M& G
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.
* K5 _! X3 m3 o/ X/ W8 I2 IThe 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.
# K% x" l3 w5 L* @; R8 nMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
1 R, e ]# P, t8 |4 V* ERates 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. 7 C$ r( U0 X( P' f
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.
3 T2 p* ^% P- c4 t2 j% jSales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. % }' V# [4 G! O$ z. \" @" \1 d; W1 Z
Builders are hopeful that the low rates could boost sales next year. But so far, they have had a minimal impact.
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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. 9 p3 Q- p5 z$ J p
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. 9 L5 e+ o7 X; L4 S
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 y8 h- {5 a3 u/ _7 s7 s( [ rThe 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. . s, w8 b+ J, Q9 _
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. " w" f. c0 E8 J1 O9 ~$ y- @: v. d
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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