U.S. long-term mortgage rates slipped this week, reflecting the stock market decline and rush by investors to Treasury notes. Mortgage buyer Freddie Mac said Thursday that the average rate on the benchmark 30-year, fixed-rate mortgage fell slightly to 4.62 percent from to 4.63 percent last week. Rates averaged 3.94 percent a year ago. The rate on 15-year fixed-rate loans held at 4.07 percent for the second straight week, up from 3.38 percent a year ago. Higher mortgage rates over the past year have caused home sales to drop. But mortgage rates have declined in recent weeks as fears about an economic slowdown have caused more investors to sell stocks and buy Treasury notes. Wall Street losses continue with sell-off Another miserable day on Wall Street knocked 464 points off the Dow Jones Industrial average, bringing its losses since Friday to more than 1,700 points. The index is now down more than 10 percent for December, putting it on track for its worst monthly loss in almost a … [Read more...] about U.S. mortgage rates slip amid stock skid
Mazda s plan
President Donald Trump on Thursday sought to contrast General Motors, which he rebuked this week after the automaker announced plans to lay off thousands of U.S. workers as part of a broad restructuring move, with American steelmakers and other car makers. "Big Steel is opening and renovating plants all over the country," while "auto companies are pouring into the U.S.," he said in a tweet cheering the country's strong economic growth of late. So is Mr. Trump correct? Steel: Mostly false One steel company has disclosed plans to build a new plant in the U.S. Steel Dynamics this week said it's planning a new flat-rolled steel plant somewhere in the Southwest, with construction expected to start in 2020 and to start operating by the end of 2021. The facility will employ about 600 people and serve "southern U.S. energy and construction sectors, which consume considerable amounts of flat roll steel products." The factory will also make products geared to auto … [Read more...] about Fact check: Are steel and auto companies investing big in the U.S.?
The groundbreaking date has been set for the $1.6 billion auto plant to be built in Huntsville as months of site preparation is drawing to a close.The groundbreaking for the Mazda Toyota Manufacturing USA plant in Limestone County will take place on Nov. 16 – an event that’s expected to include more than just speeches from politicians and the ceremonial tossing of dirt with golden spades.The groundbreaking is expected to be a day full of activities and celebration and private invitations have already been sent out ahead of the public announcement of the date, which is planned to occur in the next few days.The plant, perhaps the largest single economic development project in state history, is unique in that it brings two large Japanese auto makers together on the same campus. It’s also Mazda’s first manufacturing foray on American soil.The development will create at least 4,000 jobs at the plant and about 10,000 jobs indirectly altogether.Prep work at the rural … [Read more...] about Mazda Toyota groundbreaking set as site prep work wraps up
The U.S. is Mazda’s No. 1 priority, a company executive told representatives of Alabama’s automotive industry Thursday. Which is why its planned $1.6 billion joint manufacturing plant in Huntsville is only part of a global strategy.James Lievois, executive vice president for Mazda’s North American operations, said the Japanese automaker’s long-term strategy is still focused on providing an enjoyable, luxury driving experience. And even in an era when the auto industry is looking at electric and autonomous vehicles, Mazda remains bullish on the internal combustion engine.“We believe in the freedom provided by the personal car,” Lievois said. “At Mazda, driving is alive and well.”The Hiroshima-based company, poised to celebrate its centennial in 2020, represents about 2 percent of the global automotive market. Its U.S. operations are based in California. Selling in 130 countries through 5,000 dealerships, the company has an image of itself … [Read more...] about How Huntsville fits into Mazda’s global strategy
Toyota and Mazda’s announcement in January that it was planning to open a $1.6 billion plant in Huntsville would not have occurred had Roy Moore won last year’s U.S. Senate race, Senator Doug Jones said Wednesday.“Clearly, if you get down to the bottom of it, that plant would not have come to Alabama with Roy Moore sitting as United States Senator,” Jones said to AL.com after speaking at a campaign rally in Fairhope on behalf of Democrat Danielle Mashburn-Myrick, who is competing against incumbent Republican state Rep. Joe Faust in the Alabama House District 94 race.“We started changing the dynamic of this state and reaping the benefits now,” Jones said about his upset victory during the December 12, 2017, special election to become the state’s junior senator. “I don’t think there is any question about it.”Jones, during the rally, recalled a phone conversation he had with Huntsville Mayor Tommy Battle, a Republican who ran … [Read more...] about Doug Jones credits Senate win for Alabama landing Mazda Toyota plant