30-year fixed mortgage rates drop to 2.67%; shot in arm for homeowners

Mortgage rates are defying this year’s avalanche of bad news, with a 30-year fixed-rate deal dropping to 2.67%.

FreddieMac said it’s the lowest rate recorded since they started their survey back in 1971. (The 15-year rate was 2.21% on Thursday. Not bad either.)

“The housing market continues to surge higher and support an otherwise stagnant economy that has lost momentum in the last couple of months,” said Sam Khater, Freddie Mac’s chief economist. “Mortgage rates are at record lows and pushing many prospective homebuyers off the sidelines and into the market.”

A year ago at this time, the 30-year fixed-rate mortgage averaged 3.73%, according to FreddieMac.

Demand for deliveries pushes FedEx 2Q profit to $1.2 billion

FedEx Corp. more than doubled its profit in the latest quarter, as holiday packages were being stuffed into delivery trucks alongside everyday goods that people buy online to avoid visiting stores during the pandemic.

The delivery giant said Thursday it earned $1.23 billion in its fiscal second quarter, compared with $560 million a year earlier. Revenue rose 19%.

Family behind OxyContin attests to its role in opioid crisis

Two owners of the company that makes OxyContin acknowledged to Congress on Thursday that the powerful prescription painkiller played a role in the opioid epidemic but they stopped short of apologizing or admitting wrongdoing.

“I want to express my family’s deep sadness about the opioid crisis,” David Sackler, whose family owns Purdue Pharma, said at a rare appearance in a public forum. “OxyContin is a medicine that Purdue intended to help people, and it has helped, and continues to help, millions of Americans.”

The company’s marketing efforts have been blamed for contributing to an addiction and overdose crisis that has been linked to 470,000 deaths in the United States over the past two decades.

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