published Friday, August 17th, 2012

Business Briefs: Verizon expands 4G LTE in Chattanooga area

Verizon expands LTE in city

Verizon Wireless has expanded its 4G LTE network in the Chattanooga area to cover about 76,000 new customers, according to a news release.

With the expansion, the wireless giant now offers its newest LTE service to more than 85 percent of Tennessee residents. The company says LTE is up to 10 times faster than 3G, and can be used to power consumers' home Internet in rural areas as an alternative to slower dial-up or DSL.

While wireless LTE offers average download speeds of between 5 megabits per second and 12 megabits per second, it remainsl substantially slower than the city's fiber-optic gigabit service, which boasts speeds of up to 1,000 megabits per second.

Mortgage rates up for 3rd week

Average U.S. rates on fixed mortgages ticked up for the third straight week, staying slightly above record lows. Cheap mortgages have helped fuel a modest housing recovery this year. Mortgage buyer Freddie Mac says the rate on the 30-year loan increased to 3.62 percent, up from 3.59 percent last week. Three weeks ago, the rate fell to 3.49 percent, the lowest since long-term mortgages began in the 1950s.

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