Business briefing for Sunday, March 29

• Published March 29, 2009

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People

Teresa Carr has recently been promoted to agency director of the Johnson Insurance Agency. She has been with the agency for 18 years.

A new residential loan officer, Kate Hoyt, has been hired by HomeStreet Bank to originate mortgages through the bank's customer service center.

Beth Johnson and George Whittaker, real estate agents with Reward Intl. Real Estate, have acquired the GRI (Graduate Realtor Institute) designation.

South Sound Business People acknowledges hires, promotions, employees of the year and outside awards. Send a brief announcement with a photo, including return information for photos, to: The Olympian, P.O. Box 1219, Olympia, WA 98507, drop off information at 111 Bethel St. N.E., Olympia, or send e-mail to news@theolympian.com. Questions? Call 360-754-5403.

Financial

Mortgage rates drop to record low

WASHINGTON � Rates on 30-year mortgages fell this week to the lowest level on record after the Federal Reserve launched a new effort to assist the staggering U.S. housing market.

Mortgage finance giant Freddie Mac said Thursday that average rates on 30-year fixed-rate mortgages dropped to 4.85 percent this week, from 4.98 percent last week. It was the lowest in the history of Freddie Mac's survey, which dates back to 1971 and was down a full percentage point from a year ago.

The previous record low of 4.96 percent was set in the week of Jan. 15. Rates fell after the Fed last week said it will pump $1.2 trillion into the economy in an effort to lower rates on mortgages and loosen credit.

Rates on 30-year mortgages traditionally track yields on long-term government debt.

The Associated Press

The Week Ahead

Here is a list of business events scheduled for the coming week:

Tuesday

NEW YORK � The Conference Board releases the Consumer Confidence Index, 10 a.m.

NEW YORK � Standard & Poor's/Case-Shiller releases its January index of home prices, 9 a.m.

ANN ARBOR, Mich. � Borders Group Inc. reports fourth-quarter financial results.

MIAMI � Lennar Corp. reports first-quarter financial results.

Wednesday

NEW YORK � The Institute for Supply Management releases its manufacturing index for March, 10 a.m.

DETROIT � Major automakers report U.S. auto sales for March.

WASHINGTON � National Association of Realtors releases pending home sales index for February, 10 a.m.; Commerce Department releases construction spending for February, 10 a.m.

Thursday

WASHINGTON � Labor Department releases weekly jobless claims, 8:30 a.m.; Commerce Department releases factory orders for February, 10 a.m.; Freddie Mac, the mortgage finance company, releases weekly mortgage rates.

RICHMOND, Va. � CarMax Inc. reports fourth-quarter financial results.

ST. LOUIS � Monsanto Co. reports second-quarter financial results.

CAMP HILL, Pa. � Rite Aid Corp. reports fourth-quarter financial results.

Friday

WASHINGTON � Labor Department releases unemployment data for March, 8:30 a.m.

NEW YORK � The Institute for Supply Management releases its non-manufacturing index for March, 10 a.m.

The Associated Press