Business digest

REGION

Ontario GM plant to add second shift

OSHAWA, Ontario — General Motors is adding a second shift late this year at its car assembly plant in Oshawa, Ontario, to meet demand for the 2011 Chevrolet Camaro and the Buick Regal. GM says it will recall roughly 700 employees to the plant for the second shift, which will be added in the fourth quarter of this year.

The Camaro has been a strong seller for GM and a major focus of its marketing since it re-released the signature muscle car last year as a 2010 model. Last year GM sold more than 61,000 Camaros. The Regal midsize sedan hits showrooms later this year. The Oshawa plant, located near Toronto, has been operating on one shift since last spring. The facility also makes the Chevrolet Impala sedan.

NATION

30-year mortgage rates drop below 5 percent

McLEAN, Va. — Mortgage financier Freddie Mac says rates on 30-year fixed mortgages slipped below 5 percent this week.

The average rate on a 30-year fixed mortgage was 4.97 percent this week, down from 5.01 percent last week. Freddie Mac says the rate for a 30-year fixed mortgage averaged 5.16 percent at this time last year.

Rates fell to a record low of 4.71 percent in early December. They have held around 5 percent due to a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable. That program is set to end March 31.

Guarantee offered on Chrysler minivans

AUBURN HILLS, Mich. — Chrysler Group LLC is offering a 60-day money-back guarantee on its minivans to attract customers who may be turned off by its financial troubles.

The Auburn Hills, Mich., automaker says buyers can get the guarantee by trading any vehicle made by another automaker for a Dodge Grand Caravan or Chrysler Town & Country minivan. The offer runs through March 31.

Buyers must drive the minivans for at least 30 days. If they aren’t satisfied, they can return them to the dealer for a refund of the purchase price.

Spokeswoman Kathy Graham says the offer is being made to attract people who may not consider Chrysler products. The company went through bankruptcy protection last year and has received $15.5 billion in U.S. government aid.

Wire reports