Porsche is asking owners of its 911 GT3 models to stop driving them because they can develop engine problems and catch fire. The German sports car maker says it will pick up the cars and take them to a dealership for inspection. The problem affects 785 GT3 cars from the 2014 model year, including 408 in the U.S. Porsche says engines were damaged on two cars in Europe, and both caught fire. The company says there were no crashes or injuries. Spokesman Nick Twork says oil caught fire in both cars.
Bentley has announced its fastest production car ever, the limited edition Continental GT3-R. The two-door, two-seat sports coupe is a quickened version of the GT3, with 572 horsepower and a 4.0-litre twin-turbo V8 engine that pushes the car to 60 miles per hour in just 3.6 seconds. That’s faster than the Continental GTC Speed and Supersports versions (0-60mph in 4 and 3.7 seconds, respectively), and a full second faster than the Bentley Flying Spur.
As banks compete for affluent borrowers, an odd trend has emerged in the mortgage market: rates on loans for pricey homes -- "jumbo" mortgages -- have dropped below those for smaller mortgages. Nick Timiraos explains on the News Hub. Photo: Getty Images.
Average U.S. rates for fixed mortgages dipped slightly this week. Mortgage buyer Freddie Mac says the average for the 30-year loan declined to 4.39% from 4.41% last week. The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. The rise in mortgage rates and higher home prices slowed sales of existing homes, which have fallen for three straight months.
Average U.S. rates on fixed mortgages fell this week for the second straight week as the spring home-buying season begins. Mortgage buyer Freddie Mac says the average rate for the 30-year loan fell to 4.27 percent from 4.34 percent last week. Mortgage rates have risen about a full percentage point since hitting record lows about a year ago. Many analysts have been expecting an improving economy to lift the housing market, which has been recovering over the past two years.
(Reuters) - Applications for U.S. home loans dipped slightly in the latest week, as a drop in demand for purchase loans outweighed an increase in refinancing demand, data from an industry group showed on Wednesday. The Mortgage Bankers Association said its seasonally adjusted index of mortgage application activity, which includes both refinancing and home purchase demand, fell 0.4 percent in the week ended September 27. That follows a gain of 5.5 percent in the week ended September 20. ...
Average U.S. rates on fixed mortgages fell this week for a fourth straight week. The low rates could give a boost to the spring home-buying season, which has started slowly. Mortgage buyer Freddie Mac says the average rate for a 30-year loan declined to 4.14 percent from 4.20 percent last week. The average for the 15-year mortgage eased to 3.25 percent from 3.29 percent. Warmer weather has yet to boost home-buying as it normally does.
Average U.S. rates on fixed mortgages fell this week for a second straight week as the spring home-buying season has gotten off to a slow start. Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan declined to 4.21% from 4.29% last week. The average for the 15-year mortgage eased to 3.32% from 3.38%. Mortgage rates have risen almost a full percentage point since hitting record lows about a year ago.
TheStreet's Jim Cramer says Toll Brothers' stock is going up because the homebuilder's orders were terrific, gross margins are great, buyers are paying more for homes, and several of the company's development projects are getting off the ground, including the development in Brooklyn.
Average U.S. rates on fixed mortgages rose this week for a second straight week but remained near historic lows. Mortgage buyer Freddie Mac said Thursday the average rate for a 30-year loan increased to 4.20 percent from 4.14 percent last week. The average for the 15-year mortgage jumped to 3.31 percent from 3.23 percent. Rising prices and higher interest rates beginning in mid-2013 have made homes less affordable for would-be buyers.
Average U.S. mortgage rates declined slightly this week with rates remaining near historic lows. Mortgage company Freddie Mac says that the nationwide average for a 30-year loan dipped to 4.13 percent, down from 4.15 percent last week. Mortgage rates are below the levels of a year ago, having fallen in recent weeks after climbing last summer when the Federal Reserve began talking about reducing the monthly bond purchases it was making to keep long-term rates low.