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December 3, 2009

Rates on 30-year mortgages set new record low

WASHINGTON (AP) — The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs.

The rate is the lowest since Freddie Mac began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week.

The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.

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    Shayla Rodgers of Salisbury, a senior at Whittier Regional Vocational Technical High School, secured an IT co-op job at the school. Rodgers said it’s convenient working at the school, but it’s a little funny when she’s the one who fixes her teachers’ computers.

    Whittier Tech students get on-the-job training at school

    HAVERHILL — The more than 100 students at Whittier Regional Vocational Technical High School who have outside co-op jobs enjoy real-world job experience, a paycheck and only have to come to school every other week for their academic classes. It's a taste of the freedom and independence that is around the corner for them.

    Posted 3 days ago 1 Photo
  • Business News in Brief

    Workshop seeks to decode the QR Code
    An interactive workshop focusing on the new mobile marketing tool QR Codes will be held Wednesday, Feb. 8, from 8 to 10 a.m. at Newburyport Public Library, 94 State St.

    Posted 3 days ago
  • Business school offers new opportunities

    CAMBRIDGE, Mass - (BUSINESS WIRE) MIT Sloan School of Management announced two changes to its Master of Finance (M.Fin) program: an additional round of admissions with an application deadline of March 15, and the availability of partial tuition fellowships for a select group of highly qualified candidates. The moves are in response to growing student and industry demand for the specialized degree.

    Posted 24 days ago
  • Mersen completes business purchase

    NEWBURYPORT — Mersen has completed the acquisition of Eldre as planned. The acquisition of Eldre is part of Mersen's strategy to support its partners in the development of the power electronic application market with the critical components that improve system reliability and safety.

    Posted 24 days ago
  • Finding your thermal weaknesses

    Homeowners may want to consider that addressing their home's comfort issues or attempting to save on heating costs may not be a matter of simply calling an insulation contractor.
    Unfortunately, however, there is still a whole lot of insulation being installed that is less effective than it should be. For example, fiberglass batts are still being installed on attic floors without any prior air sealing that would stop warm air from entering the attic from lower floors; also, insulation is being installed without eave baffles that would stop cold air from flowing into the insulation, thereby significantly lowering its R-value.

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