15-year mortgage rate hits record low
Mortgage rates in the U.S. fell for a fourth week, with the 15-year average hitting a record low, helping to strengthen the housing recovery. The average rate for a 30-year fixed mortgage was 3.40 percent in the week ended Thursday, down from 3.41 percent, McLean, Va.-based Freddie Mac said. The average 15-year rate dropped to 2.61 percent from 2.64 percent.
* * *
BYD sees profit surge
BYD Co., the Chinese automaker part-owned by Warren Buffett’s Berkshire Hathaway Inc., said its first-half profit may surge 31-fold as losses for its solar unit narrow. The maker of the E6 electric car said it may earn first-half net income of $65 million, according to its filing to Shenzhen’s stock exchange Thursday. First-quarter profit gained 316 percent as sales increased 9.8 percent.