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Newspaper
Odessa American
Location
Odessa, Texas, United States of America
Date
May 23, 2008
Page
2
Freddie Mac reports 30-year fixed mortgages average 5.88 percent, the lowest in five weeks, down from 6.01 percent last week. Fifteen-year fixed rates fall to 5.55 percent, while one-year and five-year ARMs rise from 5.57 and 5.18 percent respectively as markets react to weak economic data.
Ford Motor Co said it will cut North American production of pickups and sport utility vehicles through the rest of the year and drop its profit target for 2009. The Dearborn company forecast lighter U.S. vehicle sales and warned of possible layoffs or plant closures as it restructures amid weak demand and high gasoline prices.
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