NATION

NATION

30-year mortgage rates at highest level in 8 weeks

WASHINGTON — Rates on 30-year mortgages jumped to the highest level in eight weeks, squeezing some potential homebuyers out of the market, and reflecting how nervous lenders remain despite the massive global intervention in the credit markets.

Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.46 percent this week, up from 5.94 percent last week. It marked the third increase out of the past four weeks and pushed rates to the highest level since Aug. 21.

Rates on 15-year fixed-rate mortgages, which are popular with people who are refinancing, rose to 6.14 percent, compared to 5.63 percent last week.

Playboy Enterprises plans to cut back 80 jobs

CHICAGO — Even sex isn’t selling. Playboy Enterprises says it plans to cut 55 employees and eliminate 25 vacant positions.

The Chicago-based publishing and entertainment company made the announcement Wednesday in a Securities and Exchange Commission filing. Playboy chairman and chief executive Christie Hefner also sent a letter to workers Wednesday saying the troubled economy was to blame.

In February, the company had 789 full-time employees. According to the filing, Playboy hopes to reduce costs by $12 million a year.

Associated Press