Business digest

REGION

Motter’s ribbon-cutting

CANFIELD — Motter’s Music, 4242 Boardman-Canfield Road, will have a ceremonial ribbon- cutting at 10:30 a.m. Monday. The owner is Dennis Biviano.

NATION

Washington Post to close bureaus

WASHINGTON — The Washington Post will close its remaining U.S. bureaus in New York, Los Angeles and Chicago at the end of the year to save money and will focus news efforts on covering the nation’s capital.

Six correspondents are being offered jobs in Washington, while three news aides will be let go Dec. 31. In the last decade, the paper has closed bureaus in Miami, Denver and Austin, Texas.

The Washington Post Co.’s earnings increased 69 percent in the third quarter partly due to cost-cutting measures. The company also owns Newsweek magazine, Kaplan education services and television properties.

Mortage rates match record low, report says

McLEAN, Va. — Freddie Mac reports that average rates for 30-year fixed mortgages have matched a record low of 4.78 percent this week. Rates for 30-year mortgages hit an all-time low the week ending April 30. Since then, rates have hovered near 5 percent, spurring refinancing activity and home sales.

However, credit standards remain stringent, so the best rates usually are available only to borrowers with solid credit and a 20 percent down payment.

The Federal Reserve has pumped $1.25 trillion into mortgage-backed securities to try to lower rates on mortgages and loosen credit availability. Rates on 30-year mortgages traditionally track yields on long-term government debt.

From staff and wire reports