Business Briefs: Aug. 19

Mortgage rate is lowest on record

The average rate on a 30-year fixed mortgage has fallen to its lowest level on records dating to 1971. The rate dipped to 4.15 percent from 4.32 percent a week ago, Freddie Mac said Thursday. Its previous low of 4.17 percent was reached in November. The last time long-term rates were lower was in the 1950s, when 30-year loans weren't widely available. The average rate on a 15-year fixed mortgage fell to 3.36 percent, also a record low. The average rate on a five-year adjustable-rate mortgage fell to 3.08 percent, its lowest on records dating to January 2005.

Exxon sues over oil discovery

Exxon Mobil Corp. and the federal government are fighting over one of the largest oil discoveries in the Gulf of Mexico that could yield billions of dollars of crude in coming years, according to a report in the Wall Street Journal. Exxon wants to tap the Julia oil field, about 250 miles southwest of New Orleans, but the Interior Department says Exxon's leases have expired and the company hasn't met requirements for an extension. Exxon and part-owner Statoil have filed separate lawsuits to preserve the leases.

Feeding chairs recalled

Tens of thousands of tabletop feeding chairs for babies and toddlers were recalled Wednesday after reports that they can come loose and send children plummeting to the floor. The Consumer Product Safety Commission said certain versions of the "metoo" clip-on chairs imported by Colorado-based phil&teds; USA Inc., can unexpectedly detach from a table.

Another loss for Sears operator

The operator of Sears and Kmart stores said Thursday that it lost more money in the second quarter as it marked down items to clear shelves for fall merchandise. The quarterly loss is the second straight for Sears Holdings Corp. and fourth in its last five quarters. The company cut 250 jobs and closed 29 stores during the second quarter to help cut costs.

— From wire reports