Rate on 30-year mortgage stays at record 3.87 pct.

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Rate on 30-year mortgage stays at record 3.87 pct.

CREATED Feb. 16, 2012

Web Producer: Laura Kittell

WASHINGTON (AP) - The average rate on the 30-year fixed mortgage held steady at a record low for a third straight week, offering more incentive to those looking to buy a home or refinance.
   
Mortgage buyer Freddie Mac says the rate on the 30-year home loan was unchanged at 3.87 percent. That's the lowest level since long-term mortgages began in the 1950s.
   
The average on the 15-year fixed mortgage was also unchanged at 3.16 percent. That's up from a record low of 3.14 percent reached two weeks ago.
   
The low rates have done little to boost the struggling housing market. Rates have been below 5 percent for all but two weeks in the past year. Yet few people can qualify for the rates and many of those who can have already done so.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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