30-year mortgage rate falls to record 3.87%

WASHINGTON -- 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.

Mortgage buyer Freddie Mac says the rate on the 30-year loan dropped to 3.87 percent this week. That's below the previous record of 3.88 hit two weeks ago.

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.

Rates have low for more than a year. Yet few people can afford to buy a home or qualify for a loan. Those who can have already done so.