Average U.S. Rate on 30-Year Mortgage Slips To 3.65%

The Gilmer Free Press

WASHINGTON, D.C. — Average long-term U.S. mortgage rates are down slightly this week and remain near historic lows.

Mortgage giant Freddie Mac says the national average for a 30-year fixed -rate mortgage slipped to 3.65% from 3.67% last week.

The average rate for a 15-year mortgage, popular with homeowners who refinance, slid to 2.92% from 2.94%.

A year ago, the 30-year mortgage rate averaged 4.33%; the 15-year mortgage averaged 3.39%.

The 30-year average rate hit a record low 3.31% in November 2012.

The 15-year average hit bottom at 2.56% in May 2013.

Rates have remained low despite the Federal Reserve’s decision last year to stop monthly bond purchases meant to hold down long-term rates.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week.

The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates.

One point equals 1% of the loan amount.

The average fee for a 30-year mortgage averaged 0.6 point this week, down from 0.7 point last week.

The average fee for 15-year mortgage was 0.6 point, up from 0.5 point.

The average rate on a five-year adjustable-rate mortgage dropped to 2.84% from 2.88% last week, and the fee fell to 0.4 point from 0.5 point.

For a one-year ARM, the average rate slipped to 2.44% from 2.46% last week; the fee was unchanged at 0.4 point.

Trek Bikes Recalled After Cyclist Is Paralyzed

The Gilmer Free Press

WATERLOO, WI—One million trek bikes have been recalled after a lever malfunction resulted in an injury that left a cyclist paralyzed.

The company recalled 900,000 bikes in the United States and 98,000 in Canada after Trek was made aware of three incidents of injury, including one that caused quadriplegia in a cyclist. The models included in the recall are from 2000 to 2015 and were sold beginning in 1999.

The issue, according to the Consumer Product Safety Commission, is the quick-release lever, which can come into contact with the front brake disc, resulting in complete wheel separation or the wheel coming to an instant stop.

Trek advises consumers to contact their local retailer for a free replacement of the quick-release lever and a $20 coupon toward any purchase of Bontrager brand merchandise. If a Trek bike owner is unsure whether their bike is included, they can take it to a local Trek retailer for a free inspection.

“We sincerely apologize for the inconvenience this has caused you,“ Trek said in a statement announcing the recall. “We value you as a customer and want you to safely enjoy cycling on your Trek bicycle.

Financial Market - 0424.15

The Gilmer Free Press

The S&P 500 and NASDAQ closed at new all-time highs on Friday as an earnings-driven rally in shares of Amazon (AMZN), Google (GOOGL) and Microsoft (MSFT) pushed markets higher.

Amazon was the best performer on the S&P 500.

Wall Street was pleased after the tech giant reported a double-digit increase in quarterly revenue.

Xerox (XRX) was the worst performer on the S&P 500, tripping more than 8% after cutting its profit outlook on a stronger dollar.

Microsoft led the Dow, reporting strong growth in hardware and cloud computing and beating both earnings and sales estimates in its first quarter.

Exxon Mobil (XOM) was among the worst performers on the Dow.

Mylan’s Offer for Irish Drug Maker Turned Down Again

The Gilmer Free Press

MORGANTOWN, WV — Hostile takeovers within drug manufacturing companies continued to drive business news Friday afternoon.

Irish company, Perrigo, reportedly rejected an increased offer from Mylan to acquire the company.

Perrigo officials had said an initial $28.9 billion dollar offer was a low ball offer. By Friday, Mylan increased the offer to $33 billion.

And, according to the company website, the latest Mylan proposal is in accordance to Irish Takeover Rules making it a legally binding step in the process.

“We are taking this next critically important step, which begins the clock under the rigid time frame set by the Irish Takeover Rules, in order to continue to ensure clarity and certainty around our intentions for investors, particularly in light of the strong market reaction to this combination and demands from investors for us to take this step,” Mylan’s Executive Chairman Robert J. Coury added in the release.

The Wall Street Journal reported “Perrigo executives said the bid was ‘lower than the previously rejected proposal’ based on Mylan’s unaffected share price before it became a takeover target itself.”

Meanwhile, Israeli company Teva continues the process to purchase Mylan in a hostile takeover move.

Some are indicating Teva wants to eliminate Mylan as a generic competitor of one of its most marketed drugs to treat multiple sclerosis.

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