Business Briefs: Mortgage rates hit yearly low

Business Briefs: Mortgage rates hit yearly low

August 22nd, 2014 by Associated Press and Staff Report in Business Around the Region

Mortgage rates hit yearly low

Average long-term U.S. mortgage rates declined this week, with the 30-year loan rate hitting its 52-week low.

Mortgage company Freddie Mac said Thursday the nationwide average for a 30-year mortgage fell to 4.10 percent from 4.12 percent last week. The average for a 15-year mortgage, a popular choice for people who are refinancing, slipped to 3.23 percent from 3.24 percent.

Mortgage rates have fallen in recent weeks after climbing last summer when the Federal Reserve began talking about reducing the monthly bond purchases it was making to keep long-term borrowing rates low.


Menear heads Home Depot

Home Depot said Thursday that Craig Menear, the president of its U.S. retail operations, will become president and CEO of the company Nov. 1.

Frank Blake has been Home Depot's chairman and CEO since 2007, and he will remain chairman of the company. Menear, 57, became president of the company's U.S. retail unit in February and the company said the move was part of a planned succession.

Menear has worked for Home Depot since 1997, and the company said he helped revamp its merchandising operations, strategy, and supply chain as well as bolstering sales growth for Home Depot's website. He also has worked for Ikea, Builders Emporium, and Montgomery Ward.