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. / f4 x. }( c* W
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. / o% W* k, ]* l" n) \6 h# q9 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. 3 e1 Z# U6 E( R+ v
Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
. Q/ \  g- r' c9 P6 N% 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. " |9 n  `/ U# S) J+ a1 t0 ?
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, u9 A% \1 E
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 z' t+ t3 |3 W- K
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.
$ r( I0 T1 i1 L8 C) ?To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week.
; w, L& c2 b- U) WThe 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. 6 n2 `! @! o! M! p' C! U# n
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.
9 J  T* d0 X* KFor 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. 4 B- Y( t7 P& z5 m1 `  k' c: Q* M2 j! t
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.