30-Year Mortgage Rate Falls to 9th Record Low in a Year

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. But even with the cheapest rates in history, the housing market remains depressed.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan dropped to 3.87 percent this week. That is 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.

Mortgage rates tend to track the yield on the 10-year Treasury note, which fell below 1.9 percent this week.