National Business Digest

NATION

Regulators probe practices of Wachovia Securities

CHARLOTTE, N.C. — Securities regulators from several U.S. states on Thursday raided the St. Louis headquarters of Wachovia Securities, seeking documents and records on the company’s sales practices.

The move is part of a broad investigation into questionable practices involving auction rate securities, Missouri officials said.

Missouri Secretary of State Robin Carnahan’s office said the “special inspection” at the Wachovia Securities, the former A.G. Edwards, concerned the collapse of the $330 billion auction rate securities market. Wachovia Securities is part of the Charlotte-based bank Wachovia Corp.

Drop reported in 30-year mortgage rates this week

WASHINGTON — Mortgage rates fell this week with 30-year mortgage rates dropping to the lowest level in six weeks as investors became less worried that the Federal Reserve would soon tighten credit policy to stall inflation.

Freddie Mac, the mortgage company, reported Thursday that 30-year fixed-rate mortgages averaged 6.26 percent this week. That was down from 6.37 percent last week.

Rates on 15-year fixed-rate mortgages, a popular option for refinancing, dipped to 5.78 percent, down from 5.91 percent last week.

Associated Press