LITTLE ROCK — QUOTE OF THE DAY
“I think it would be much more beneficial
if this became a European problem as opposed to a national problem.There’s no flag that will fix this.”
Sergio Marchionne,
chief executive officer of Fiat and Chrysler on automakers plans to handle slowing sales Article, 1DMortgage rate hits a record-low 3.4%
WASHINGTON - Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve’s stimulus efforts may be having an effect on mortgage rates.
Mortgage buyer Freddie Mac, short for the Federal Home Loan Mortgage Corp., said Thursday that the rate on the 30-year loan dropped to 3.40 percent. That’s down from last week’s rate of 3.49 percent, which was the lowest since longterm mortgages began in the 1950s.
The average on the 15-year fixed mortgage, a popular refinancing option, fell to 2.73 percent, down from the record low of 2.77 percent last week.
To calculate average rates, Freddie Mac surveys lenders across the country on Monday through Wednesday of each week.
The average does not include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.
The average fee for 30-year loans was 0.6 point, unchanged from last week. The fee for 15-year loans also held steady at 0.6 point.
The average rate on one-year adjustable-rate mortgages dipped to 2.60 percent from 2.61 percent. The fee for one-year adjustable rate loans was unchanged at 0.4 point.
The average rate on five-year adjustable-rate mortgages fell to 2.71 percent from 2.76 percent. The fee remained at 0.6 point. - The Associated PressSoup sagging, Campbell to close 2 plants
NEW YORK - Campbell Soup Co. is closing two U.S.
plants and cutting more than 700 jobs as it looks to trim costs amid declining consumption of its canned soups.
The world’s largest soup maker said Thursday that it will close a plant in Sacramento, Calif., that has about 700 full-time workers. The plant, which makes soups, sauces and beverages, was built in 1947 and is the company’s oldest in the country.
That also means it has the highest production costs of Campbell’s four U.S. soup plants.
Campbell also plans to shutter a spice plant in South Plainfield, N.J., that has 27 employees. Production will be shifted to the company’s other spice plant in Milwaukee.
Employees at the two closing plants were notified that there would be a meeting at 6 a.m. local time Thursday; about 400 workers showed up in California, where they were told of the closure.
“It’s always difficult, even when there’s a business case that is compelling,” said Anthony Sanzio, a Campbell spokesman.
“You’re dealing with people, and this is going to impact 700 employees who’ve worked together closely for many years.”
Although Camden, N.J.-based Campbell makes other products such Pepperidge Farm baked goods and V8 vegetable juices, soups account for half its revenue. Over the past decade, overall canned soup consumption is down 13 percent, according to the research firm Euromonitor International.
- The Associated PressJapan firm to make new Amtrak rail cars
CHICAGO - The company that makes Japan’s bullet-train cars has been selected to manufacture a fleet of next generation passenger cars for Amtrak rail corridors in the Midwest and California.
Illinois, Michigan, Missouri and California are teaming up to buy the 130 bilevel cars for $352 million from a joint venture by Nippon-Sharyo and Sumitomo Corp. of America.
Transportation authorities in Illinois and California said Wednesday that the cars will be produced at a plant operated by Nippon-Sharyo’s U.S. subsidiary in Rochelle, Ill., pending an audit to verify that the cars and components will be produced and assembled in the United States.
The first new cars are scheduled for delivery in 2015.
Business, Pages 28 on 09/28/2012