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.
1 @, u+ n& ^6 {7 I2 t7 [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.
5 Y2 R8 P- b9 b9 w E) ?, m+ \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.
! t$ C* t( t% |2 |, j7 l, c- {- BMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. x& h9 {& M I+ D: D3 w
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 [/ f! x) m5 ^ 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. # O. M. {- g. H( J: u
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
5 @1 B% e4 I4 h- H- XBuilders 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.
% J e0 E+ V" Y* H1 oTo calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. ' ~9 g% t* X! ^4 v! j& G
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.
4 B1 D3 D0 U8 L% Z! TThe 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.
4 p( g- {" z2 N* Y& q7 U' p7 NFor 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.
8 Y) w# S7 A M/ Z- I* T. YThe 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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