Mortgage rates cling to record lows this week

WASHINGTON — The average rate on the 30-year fixed mortgage stayed at a record low this week, providing some added incentive for those looking to buy a home or refinance.

Mortgage buyer Freddie Mac says the rate on the 30-year loan was unchanged at 3.87 percent.

The average on the 15-year fixed mortgage rose to 3.16 percent, up from last week's record low of 3.14 percent. Records for mortgagerates date back to the 1950s.

Still, 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 to buy a home or refinance. Many of those who can have already done so.