30-year mortgage rates drop to five-month low
WASHINGTON: Rates on 30-year mortgages dropped sharply this week, falling to the lowest level in five months, as the government's takeover of mortgage giants Fannie Mae and Freddie Mac had the hoped-for impact of lowering mortgage rates. Freddie Mac reported yesterday that its nationwide survey found that 30-year, fixed-rate mortgages dipped to 5.93 percent this week, down from 6.35 percent last week. The sharp decline pushed the 30-year rate below 6 percent for the first time since late May and marked the lowest level for this rate since they averaged 5.88 percent the week of April 17.
Associated Press
Mattress Discounters files for bankruptcy
Mattress Discounters Corp. has sought bankruptcy protection from creditors for the second time in six years, pointing to declining sales. The closely held company, based in Upper Marlboro, listed both debt and assets of $10 million to $50 million in Chapter 11 documents filed Wednesday in U.S. Bankruptcy Court in Greenbelt. Mattress Discounters, a 30-year-old business, emerged from its previous bankruptcy in 2003. The retailer operates about 140 stores in six states and employs about 475 people. The retailer said it is quitting the New England market and will close all 45 stores located there. Fifteen have shut or will soon, and the company is seeking court approval to conduct store-closing sales. Court filings also indicate reductions of retail operations in the Mid-Atlantic region. Chief Executive Officer Stephen Newton said yesterday that there is a "possibility" that a few stores in Maryland will be closed but no decision has been made at this time. Sales fell "as a result of the industry downturn, combined with increasing competition and a weakened overall economy," Newton said in court documents.
From staff and wire reports
US airline passenger numbers drop in 1st half
WASHINGTON : U.S. airlines carried fewer domestic passengers but more international travelers during the first half of this year, the government said yesterday. The overall number of scheduled passengers fell by 1.5 million, or 0.4 percent, to 378.2 million compared with the first six months of 2007, the Transportation Department said.
Associated Press