REGION

REGION

FirstEnergy earnings for 1st quarter drop 4.8%

AKRON — Regional electric utility FirstEnergy Corp. said first-quarter earnings dipped 4.8 percent, with increased costs and reduced investment income offsetting record first-quarter generation and a slight sales increase.

FirstEnergy said Thursday it earned $276 million, or 90 cents per share, for the quarter ended March 31 compared with a profit of $290 million, or 92 cents per share, a year ago. Sales rose $3.3 billion in the quarter from $3 billion a year ago.

Analysts surveyed by a Thomson Financial expected FirstEnergy to earn 83 cents per share.

30-year mortgage rates stay above 6 percent

WASHINGTON — Rates on 30-year mortgages remained above 6 percent, edging up to the highest level in seven weeks and reflecting continued financial market concerns about inflation.

Mortgage giant Freddie Mac reported Thursday that 30-year fixed-rate mortgages averaged 6.06 percent this week, up slightly from 6.03 percent last week. The average rate on 15-year, fixed-rate mortgages, a popular choice for refinancing, dipped to 5.59 percent this week, down from 5.62 percent last week.

Associated Press