Reported by Star-Bulletin staff & wire
Thursday, March 5, 1998
30-year mortgages jump to 7.19 percent
WASHINGTON -- The average rate on a 30-year, fixed-rate mortgage rose to 7.19 percent this week compared with last week's 7.09 percent, according to a weekly survey of mortgage rates from the Federal Home Loan Mortgage Corp.The report also showed that the average rate on an adjustable mortgage rose to 5.70 percent from 5.65 percent last week.
Fifteen-year mortgage rates, meanwhile, increased to 6.80 percent from 6.69 percent.
Computer firm plans to drop hostile bid
NEW YORK -- Shares of Computer Sciences Corp. dropped 11 percent today after hostile bidder Computer Associates International Inc. said it will let its $9.2 billion offer expire March 16.In a letter to Van B. Honeycutt, chairman of Computer Sciences, Computer Associates' Chairman Charles Wang said: "For whatever reason, it seems you would rather risk harming CSC's business and in the process diminish its value, than negotiate with Computer Associates despite our repeated offers to engage in a negotiated transaction."