Business Briefs: Berkshire shares reach new high

Business Briefs: Berkshire shares reach new high

August 15th, 2014 by Associated Press , 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.