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.
8 a' Z2 E: ~# b0 H+ WMortgage 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. : `( w7 u, T0 i9 j! z+ R9 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.
2 `! @7 p( q. C vMortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.
! w' [0 ]& n8 b2 h! u5 r( lRates 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. 1 A* }* O( t1 L. r4 E5 G; \' E
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. ; ]1 f1 }8 V4 C6 v2 c
Sales of previously occupied homes were dismal last year. New-home sales in 2011 were the worst on records going back half a century. 8 n" v+ ?0 {, P' J2 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. ) ]- }( ]% _5 I
To calculate the average rates, Freddie Mac surveys lenders across the country Monday through Wednesday of each week. , M+ h% V, O; w7 Z2 s1 w
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. 6 B+ o& W; b U
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. 6 B3 J/ W- ^+ S* j
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. " F- S9 g! M% x0 k, |9 E
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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