30 year fixed 3.98%
Earlier this week, we saw an unexpected increase in home sales as home prices and mortgage rates fell. Freddie Mac said today that mortgage rates on a 30-year fixed loan dropped to 3.98% - the second lowest on record.
Nokia cutting 17,000 jobs
Wireless equipment maker Nokia Siemens will slash 17,000 jobs, almost one quarter of its work force, by the end of 2013. The restructuring will save them $1.3 billion. Nokia Siemens has struggled to make a profit because of competition from market leader Ericcson.
Coffee prices rising
It was nice while it lasted, but coffee lovers may see another price hike. The news comes as bad weather is damaging coffee bean crops from Columbia to Indonesia. As a result, inventories are being reduced to the lowest since 2000. Last week Starbucks raised prices in select markets.