Rates on 30-year mortgages dropped this week to the lowest level in a month, Freddie Mac reported in its nationwide survey. All categories of mortgages showed declines for the week, reflecting a batch of reports showing the economy slowing.
For 30-year, fixed-rate mortgages, the rates dropped to 6.31 percent this week from 6.40 percent last week.
Rates on 15-year, fixed-rate mortgages fell to 6.02 percent from 6.10 percent. Rates on one-year adjustable rate mortgages fell to 5.53 percent from 5.60 percent. Rates on five-year adjustable rate mortgages dropped to 6.05 percent from 6.14 percent.
The rates don't include add-on fees known as points. The 30-year and 15-year mortgages each carried an average nationwide fee of 0.4 point. The one-year ARM had a nationwide average fee of 0.6 point and the five-year ARM had an average fee of 0.5 point.
Associated Press
FCC drops AT&T-BellSouth vote
The Federal Communications Commission delayed for a third time its vote on whether to allow AT&T Inc. to acquire BellSouth Corp., because it can't decide what conditions should be placed on the deal. The vote was scheduled for today, but the agency sent a notice last night saying the item had been removed from the agenda.
The agency was working with AT&T in an attempt to reach a compromise that would avoid a 2-2 deadlock. The apparent standoff raises the possibility that the fifth and newest commissioner, Robert McDowell, a Republican appointee who until now has taken no part in the proceeding, may be pulled in to cast a tie-breaking vote.
Associated Press
Ford shifts gear on pay, benefits
Salaried workers at Ford Motor Co. won't get pay raises next year and they'll pay more for health insurance under benefit changes announced by the struggling automaker. In addition, Ford will stop providing health insurance for Medicare-eligible salaried retirees over 65 starting in January 2008.
Ford will give the retirees $1,800 that can be used to buy supplemental medical coverage, a spokeswoman said.
Ford lost $7.24 billion in the first nine months of the year and is cutting thousands of jobs and closing plants to cut costs over the next few years.
The latest cuts also include some good news. Ford is restoring a company match to its 401(k) plan, paying 60 cents on the dollar up to 5 percent of an employee's base salary.
Associated Press
Semiconductor sales climb
Worldwide semiconductor sales reached a new high in September as electronics manufacturers geared up for the holiday season. Global chip sales totaled $21.4 billion in September, up 9.3 percent from the year-ago period and up 4.2 percent from August, according to the Semiconductor Industry Association. Strong demand for consumer products such as cell phones, digital music players and personal computers drove chip sales.
Associated Press
Macular degeneration trial opens
TargeGen said it initiated a Phase 1 clinical trial for an experimental treatment for macular degeneration. The San Diego biotechnology company said the study, which involves about 45 people, is expected to be completed by the end of the first quarter of 2007. Macular degeneration is the leading cause of blindness in adults.
European interest rate retained
The European Central Bank held its key interest rate steady at 3.25 percent but signaled a likely increase in December as it expects more economic growth in the 12 nations that use the euro.
Euro zone inflation was 1.6 percent in October, down from 1.7 percent in September and 2.3 percent in August, and well below 2.5 percent in May and June. The bank's target is to keep inflation at close to but just below 2 percent.
Associated Press
Director leaves RadioShack post
RadioShack Corp. said its board accepted the resignation of director Ronald Elmquist, who has been charged with possessing child pornography. The company did not give details of the charges, but the Internet docket of the Missouri court where they were filed showed Elmquist has been charged on three counts of possession of child pornography. He entered a plea of not guilty and posted bail set at $100,000.
Elmquist's resignation was the latest shake-up to hit RadioShack this year. In July, the retailer installed turnaround specialist Julian Day as chief executive to replace David Edmondson, who had resigned in February after admitting that he lied about his academic record.
Reuters
Delta wins more time to file plan
A bankruptcy judge granted Delta Air Lines Inc. a deadline extension to file its plan of reorganization as it tries to emerge from Chapter 11 by the middle of next year. The nation's third-largest airline now has until Feb. 15, 2007, to file a plan and until April 16, 2007, to solicit approval for the plan from creditors, according court documents.
Associated Press
