Business News in Brief

NATION

Rates drop again for 30-year mortgages

McLEAN, Va. — Average rates for 30-year mortgages fell for the second straight week but still remained above record lows reached earlier this year, Freddie Mac said Thursday.

The average rate for a 30-year, fixed home loan was 5.2 percent this week, down from 5.32 percent last week, Freddie Mac said. At this time last year, the average rate for a 30-year fixed mortgage was 6.37 percent.

This week, the average rate on a 15-year fixed-rate mortgage fell to 4.69 percent, down from 4.77 percent last week, according to Freddie Mac.

Trucking company, Teamsters reach deal

NEW YORK — Debt-laden trucking company YRC Worldwide Inc. and the Teamsters union said Thursday they have reached a tentative deal on concessions they say will address the company’s immediate need for cash while protecting union jobs.

But though an agreement with the Teamsters is a big step in the company’s push to stave off bankruptcy, analysts say the company still has some changes to make in its effort to stay afloat.

Neither side provided details. The Teamsters said specifics of the deal will be made available to union members next week. It will then go to a vote.

Associated Press