IN BRIEF

Rates to drop for gas, increase for electricity

Monthly natural gas rates are scheduled to go down, and electric power rates are to go up, because of quarterly adjustments made by utilities.

Southwest Gas Corp. filed a quarterly adjustment notice, indicating that it will lower rates effective Feb. 9, because the price of gas has declined in recent months, spokeswoman Sonya Headen said.

The typical residential customer using 6,500 cubic feet monthly in the winter will pay $77.95, a reduction of 50 cents from current rates.

NV Energy, however, said changes in the cost of fuel and purchased power will boost its monthly rates for single-family residents by 4.3 percent, or $6, to $145.89, starting today.

The electric utility said it passes along quarterly changes for fuel and purchased power on a dollar-for-dollar basis with no added profit for the company.

NEW YORK

Trump reaches deal for debt extension

Trump Entertainment Resorts has reached a forbearance agreement with lenders and noteholders that gives the company until Jan. 21 to negotiate a possible restructuring of its debt.

Trump Entertainment Resorts Inc. had delayed paying a $53.1 million bond interest payment that was due Dec. 1, and the 30-day grace period expired Wednesday. The Atlantic City-based company had hoped to reach a deal to restructure $1.25 billion in bond debt during that period.

The holders of roughly 70 percent of its outstanding notes and the lenders involved in a $490 million loan agreement have agreed to wait until Jan. 21 to demand accelerated payments, Trump said.

WASHINGTON

Thirty-year mortgage rates hit record low

Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring.

Freddie Mac reported Wednesday that average rates on 30-year fixed mortgages dropped to 5.1 percent this week, down from the previous record of 5.14 percent set last week. It was the ninth straight weekly drop. The survey was released a day early due to the New Year's holiday.

Mortgage rates have plunged by about 1.3 percentage points since late October, Freddie Mac said. For a borrower taking out a $200,000 loan, that means a savings of more than $170 in monthly payments, according to Frank Nothaft, the mortgage finance company's chief economist.

The average rate on a 15-year fixed-rate mortgage dropped to 4.83 percent, the lowest point since March 2004. That rate was 4.91 percent last week, Freddie Mac said.

NEW YORK

Treasury prices follow stock indexes higher

As stock prices rose Wednesday to close a year that wiped out six years of gains, Treasury prices climbed.

The 10-year Treasury note rose 1.59 to 113.14 and its yield rose to 2.25 percent from 2.08 percent. At its highest in 2008, the yield hit 4.27 percent.

The 30-year Treasury bond fell 3.67 to 136.21 and its yield rose to 2.69 percent from 2.59 percent. That's well off its high of 4.79 percent during the year.

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U.S. financial markets will be closed today for New Year's Day. They will be open Friday.