NATION

NATION

Toyota to invest $1 billion in marketing campaign

NEW YORK — Toyota Motor Corp. will pour $1 billion into a major U.S. marketing campaign in the fourth quarter, as the Japanese automaker bets on a recovery in the ailing auto market here.

The sum is “more than we’ve spent before” in the period, spokesman Irv Miller said.

“We see the economy is starting to strengthen a bit,” Miller said. “We’ve stopped playing defense. It’s time to go on the offense.”

Mortgage rates drop

WASHINGTON — Rates for 30-year home loans edged down for the third-straight week and are close to record lows reached over the spring, providing an excellent opportunity for borrowers to save money by refinancing their home loans.

The average rate for a 30-year fixed mortgage was 5.04 percent, down from 5.07 percent a week earlier, mortgage company Freddie Mac said Thursday.

The average rate on a 15-year fixed-rate mortgage fell to 4.47 percent, from 4.5 percent last week, according to Freddie Mac.

Associated Press