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In brief: FCC ends talks on net neutrality

WASHINGTON – Federal regulators are abandoning efforts to negotiate a compromise on so-called “network neutrality” rules intended to ensure that phone and cable TV companies cannot discriminate against Internet traffic traveling over their broadband lines.

The announcement Thursday by the Federal Communications Commission ends weeks of FCC-brokered talks to try to reach an agreement on the thorny issue among a handful of big phone, cable and Internet companies. And it comes as two big companies that have been taking part in those talks – Verizon Communications Inc. and Google Inc. – attempt to hammer out their own separate proposal for how broadband providers should treat Internet traffic.

Verizon and Google expect to unveil their proposal within days and hope it will provide a framework for net neutrality legislation in Congress, said several people briefed on the negotiations between the companies. They spoke on condition of anonymity because the agreement is still not final.

Network neutrality – or open Internet rules – is a centerpiece of the Obama administration’s technology policy, but the issue has divided the technology and telecommunications industries.

Associated Press

15-year mortgages below 4 percent

WASHINGTON – A plunge in mortgage rates is giving homeowners a rare opportunity to lock in a 15-year fixed-rate loan for less than 4 percent.

Rates haven’t dipped this low in decades. For those who can qualify, it’s the chance to pay off a home in half the time while saving tens of thousands of dollars – if not more.

The average rate on the 15-year fixed loan dropped to 3.95 percent last week, according to mortgage company Freddie Mac. That’s the lowest on records the company has kept since 1991. The average rate for a 30-year fixed loan fell to 4.49 percent. Rates haven’t been that low since the 1950s, when longer-term mortgages typically lasted 20 to 25 years.

Rates have fallen since spring as investors seek the safety of U.S. Treasury bonds. That has lowered the yield on Treasurys. Mortgage rates tend to track those yields.

Associated Press