Mortgage rates remain unchanged

McLEAN, Va. – The average long-term mortgage rate was unchanged from last week as the economy continues to show encouraging signs even as hospitalizations from the delta variant of the coronavirus remain elevated.

Mortgage buyer Freddie Mac said Thursday that the average rate for a 30-year mortgage held at 2.87% as demand for homes remained stable.

The benchmark rate, which peaked this year at 3.18% in April, stood at 2.93% this time last year.

The rate for a 15-year loan, a popular option for homeowners refinancing their mortgages, ticked up to 2.18% from 2.17% last week.

Kraft Heinz settles charges

WASHINGTON – Federal regulators said Friday that Kraft Heinz Co. will pay $62 million to settle charges of accounting wrongdoing that led the company to report overly rosy financial results, which were later corrected.

Two former senior executives of the food company agreed to pay civil penalties, the Securities and Exchange Commission said.

The SEC said that from late 2015 through 2018, Kraft boasted about cost savings that were actually unearned discounts and misleading reports about nearly 300 contracts with suppliers.

The company’s claims were widely picked up by Wall Street analysts, the SEC said, but in 2019 Kraft restated its financial results to correct $208 million in improperly recognized cost savings.

The SEC alleged that Klaus Hofmann, Kraft’s former chief procurement officer, approved improper contracts.

From wire reports