ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Thursday, November 28, 1996 TAG: 9611290020
SECTION: BUSINESS PAGE: B8 EDITION: HOLIDAY
Mortgage rates dip
WASHINGTON - Thirty-year, fixed-rate mortgages averaged 7.52 percent this week, down from 7.53 percent last week and lowest levels since early March, according to a national survey released Wednesday by the Federal Home Loan Mortgage Corp.
The low for the year was 6.94 percent in early February; the high was 8.42 percent in early July.
On one-year adjustable rate mortgages, lenders were asking an average initial rate of 5.50 percent, down from 5.48 percent last week. Fifteen-year mortgages averaged 7.04 percent, down from 7.06 percent.
-Associated Press
Ford, Nissan plan major recalls
DETROIT - Nissan Motor Corp. USA said it was recalling about 84,000 1994-model pickups and Pathfinder sport utility vehicles because of a potential seat-belt buckle problem.
And Ford Motor Co. said it was recalling about 6,600 1997-model Econoline vans and Mercury Villager minivans.
Both companies said owners of affected vehicles would be notified by mail.
Nissan said seat-belt tongues on the pickups and Pathfinders may not fully engage if they are not firmly inserted into the buckles. It said it has no reports of injuries linked to the problem.
The voluntary recall affects about 60,000 pickups and 24,000 Pathfinders sold in the United States. An additional 5,000 pickups and Pathfinders are being recalled in Canada, a spokesman said.
Ford said about 5,300 Econoline full-size vans may have damaged battery cable harnesses that could cause a short circuit.
It said the 1,300 Villager minivans being recalled have rubber hoses connected to the fuel tanks that might crack and leak. Ford said it was unaware of any accidents or injuries caused by either problem.
-Associated Press
Thor gets 3 projects
Thor Inc., a Roanoke general contracting and engineering firm, said it has signed contracts for three construction projects:
* The Hollins branch post office, a $759,525 project that began this week and includes renovation and expansion into an adjacent retail area. Completion is expected in July.
* Oakey's Funeral Service North Chapel in Roanoke. The $250,000 project, which should be finished in March, will add a crematorium.
* The Anthony Correctional Facility in Neola, W.Va., the $9.98 million construction of an 80,000-square-foot building and renovation of four support buildings. Estimated completion is April 1998.
-Staff report
Briefly
* Crestar Bank of Richmond said Wednesday it has purchased the student-loan business of Great Western Financial Corp. of Chatsworth, Calif. Terms were not disclosed. Great Western has a portfolio of $370 million, primarily student loans in California, Arizona and Florida. The purchase brings Crestar's student-loan portfolio to $900 million.
* Salem Therapy Center has moved from 848 W. Main St. to a larger facility at 844 W. Main. The center, affiliated with Therapy Associates Inc., is open weekdays 8:30 a.m. to 5 p.m.
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