30-year U.S. mortgages rates stayed at the lowest level on record as less people sought home loans.

The average rate for a 30-year fixed loan remained steady in the week ending today at 3.87 percent, the lowest on record dating back to 1971,Freddie Mac (FMCC) said in a statement. The average 15- year rate rose to 3.16 percent from the previous 3.14 percent, according to the McLean, Virginia-based mortgage-finance company.

Financing applications for home purchases fell 6.9 percent over the past four weeks, according to Paul Diggle, property economist for Capital Economics in London, citing figures from the Mortgage Bankers Association. This information signals that recent improvements in U.S. home sales may not be “built on solid foundations,” he wrote in a note to clients yesterday.

“At some point, mortgage applications will have to improve to keep the recovery in home sales going,” Diggle said in the note. “We believe that faster jobs growth and slightly looser credit will provide this boost to mortgage demand.”

Sales (ETSLTOTL) of existing homes increased 5 percent in December from the month prior to the highest level they have been since January 2011, according to the National Association of Realtors. The U.S. unemployment rate dropped unexpectedly to 8.3 percent in January, the Labor Department reported last week.

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For more information about what's going on in the mortgage industry, visit: http://topics.bloomberg.com/mortgage-rates/