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Friday, Sep. 25, 1998
Business Briefs
Low mortgage rates fall still further, to 6.64%
From Staff Writer wire services
WASHINGTON - Mortgage rates, already at a three-decade low, fell a bit further this week.
The average interest rate on 30-year, fixed-rate mortgages dropped to 6.64 percent from 6.66 percent, Freddie Mac, the mortgage company, said Thursday. It's fallen more than a quarter percentage point over the past four weeks and is down two-thirds of a point from a year ago.
This week's rate marks the lowest since the company began compiling the average in 1971. Separate records kept by the now defunct Federal Home Loan Bank Board show rates haven't been lower in 31 years.
Baker Hughes deflates analysts' profits forecast
NEW YORK - Baker Hughes Inc. said Thursday that it expects earnings for the quarter to be ``roughly half'' of analysts' estimates. Analysts surveyed by First Call Corp. had predicted earnings of 35 cents a share.
Baker Hughes, based in Houston, provides products and services to the oil and gas industry. It earned 46 cents a diluted share in the quarter ended June 30.
In August, Baker Hughes completed the $3.3 billion acquisition of Western Atlas Inc., another oil-services company. The company said it sees continuing declines in activity.Post your comments about local news eventsFront Page || Main Index || News || Business || Texas || South Texas Outdoors || Birdwatching || Sports || Entertainment || Selena || Education || South Texas Attractions || World Wide Web