Business Briefs: Berkshire shares reach new high

Business Briefs: Berkshire shares reach new high

August 15th, 2014 by Associated Press and Staff Report in Business Around the Region

Berkshire shares reach new high

Naysayers have been calling shares of Warren Buffett's company overpriced for decades. But Berkshire Hathaway Class A stock, which first topped $1,000 in 1983, on Thursday surpassed $200,000.

Berkshire, which owns Shaw Industries in Dalton, Ga., and Clayton Homes in Knoxville, has long had the most expensive U.S. stock. Buffett never split Berkshire's A shares, although he did create more affordable Class B shares in 1996 that now sell for just over $135 each.

Berksharie Hathawaty Class A stock rose by $3,241 per share, or 1.6 percent, to close at $202,850, in trading on the New York Stock Exchange.

Mortgage rates decline again

A week of few economic reports helped nudge down mortgage interest rates this week to the lowest level of the year.

The average rate on a 30-year, fixed-rate mortgage this week was back at its 2014 low of 4.12 percent, down from 4.14 percent last week and 4.40 percent in the same week a year ago, according to Freddie Mac's weekly survey.

On a 15-year, fixed-rate mortgage, Freddie Mac said the average rate this week was 3.24 percent, down from 3.27 percent last week and 3.44 percent a year ago.