Rates on 30-year mortgages increase
Rates on 30-year mortgages edged up slightly this week after falling for three straight weeks.
Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.62 percent. That was up from 6.59 percent last week, which had been the lowest level since early June.
This week’s rate is the highest since 30-year mortgages averaged 6.73 percent four weeks ago.
Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, rose to 6.30 percent, up from 6.25 percent last week.
Rates on five-year adjustable-rate mortgages increased to 6.35 percent, up from 6.33 percent last week. Rates on one-year adjustable-rate mortgages increased to 5.67 percent, up from 5.65 percent.
Trump: Toss out smoking restrictions
Donald Trump wants Atlantic City to snuff out smoking restrictions in the casinos.
In a letter to Mayor Bob Levy and City Council President William Marsh, Trump says gamblers are fleeing for Pennsylvania, New York and Connecticut casinos that don’t curtail smokers.
In April, the city required casinos to ban smoking on 75 percent of the gaming floor.
Trump says if officials won’t repeal the ban, the ordinance should be suspended until the competing states enact their own smoking rules.
Levy and Marsh tell The Press of Atlantic City they haven’t seen the letter.
Casinos blame the smoking rules and nearby competition for a nearly 4 percent decline in gaming revenue for the first seven months of the year.
Wells Fargo invests in Nevada Solar One
Wells Fargo & Co. on Thursday said it made the largest equity investment in the company’s history in Nevada Solar One, a $266 million, solar power plant in Boulder City.
The amount of the investment wasn’t disclosed.
The bank holding company joined two other equity investors, an affiliate of Northern Trust and underwriter JPMorgan Capital Cop. Lenders include Banco Santander and BBVA of Spain and CAIXA of Portugal.
Acciona Energy, an affiliate of a similarly named Spanish company, developed the 64-megawatt plant. Nevada Solar One uses troughs of mirrors to focus the heat of the sun on fluid that is used to make steam that spins turbines. Nevada Solar One sells electricity to Nevada Power Co. and Sierra Pacific Power Co.
Sprint lays out targets for WiMax network
Sprint Nextel Corp. laid out its financial targets for its WiMAX wireless broadband network on Thursday, saying it expects revenue of $2 billion to $2.5 billion from the network in 2010.
The No. 3 wireless carrier is spending $2.5 billion through next year to build a WiMAX network it hopes will differentiate itself and draw new customers. It will spend $5 billion through 2010.
It expects the network to post positive adjusted operating income before depreciation and amortization in 2010 and positive free cash flow a year later.
Treasury prices rise as investors seek safety
With credit markets on the verge of seizing, investors turned in droves to the safety of short-term government bonds, bills and cash.
At 5 p.m. EDT, the 10-year Treasury note was up $5 per $1,000 in face value, or 0.5 points, from its level at 5 p.m. Wednesday. Its yield, which moves in the opposite direction, fell to 4.66 percent from 4.72 percent.