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 S5 A. s: g  P# E! w5 q7 uMortgage 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. 9 e- W* O, g9 ~1 x4 {
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.
( H' M" Y2 O2 SMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week. $ o& K! F) V4 E1 |. O  \& u
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.
. I. W/ e+ \3 l1 GHigh 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. # ]$ ]: T0 ?% w8 O! W
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century.
0 r# u8 U5 ~( l, GBuilders 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. ) t' p) K! o7 k; Y9 v5 w0 J
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
& G! V5 n! y% f+ _7 B/ x3 C& |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.
# K, I4 w, X/ w( F) x/ m. dThe 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.
9 N1 d0 m  |: W8 [# ^( ~; L1 b2 [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. ( r8 l4 P$ I* Q3 u2 H: _
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.