WASHINGTON (AP) â¿¿ The average U.S. rate on the 30-year fixed mortgage rose this week after falling to new record lows in each of the past four weeks.
Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan jumped to 3.55 percent. That's up from 3.49 percent last week, which was the lowest since long-term mortgages began in the 1950s.
The average rate on the 15-year fixed mortgage, a popular refinancing option, increased to 2.83 percent. That's above last week's record low of 2.80 percent.
___Bristol-Myers executive charged with insider trading NEWARK, N.J. (AP) â¿¿ A Bristol-Myers Squibb executive took advantage of his high-level position and access to nonpublic information to make $310,000 from illegal insider trades, federal prosecutors and Securities and Exchange officials said Thursday. Robert Ramnarine was arrested Thursday morning by the FBI and was charged with three counts of using nonpublic information on companies his employer was considering buying to make stock trades. In each case, federal authorities said, Ramnarine was able to use inside knowledge to take advantage of something that almost always happens when a big company announces plans to acquire a smaller one: The smaller company's stock price shoots up. ___ Kellogg 2Q adjusted profit beats Street, revenue up NEW YORK (AP) â¿¿ Escalating commodity costs and ongoing weakness in Europe drove Kellogg's second-quarter net income down 12 percent Thursday. But adjusted results topped Wall Street's view and the food maker's one-two punch of breakfast goods and snacks gave a lift to revenue, driven by sales of Pop-Tarts and strength in North America. Kellogg Co. has long been known to consumers for its morning wake-up foods like Frosted Flakes cereal and Eggo waffles. But the company is aggressively building its snacks business as well, with hopes that its recent $2.7 billion acquisition of Pringles from Procter & Gamble Co. will make it a global player in that market. The snacks division already includes Cheez-It, Keebler's Club crackers and Special K crackers.
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