Mortgage rates fall to recordLong-term mortgage rates fell to new lows this week, after the Federal Reserve’s announcement to step back into the Treasuries market.
A 30-year fixed-rate mortgage averaged 4.17 percent in the week ending Nov. 11, down from 4.24 percent last week. A 15-year mortgage averaged 3.57 percent, down from 3.63 percent last week. Both are the lowest rates since McLean mortgage buyer Freddie Mac began keeping track.
Maximus’ revenue, profits climb
Revenue at Maximus Inc. rose more than 9 percent in its latest quarter, lifted by more international business and new work preparing for health care reform. Profits at the Reston provider of government services more than doubled.
Maximus reported revenue of $212.5 million in its 2010 fiscal fourth quarter ended Sept. 30, compared with $194.8 million a year ago.
Maximus posted net income of $21.7 million, or $1.22 per diluted share, in the latest quarter. That compares with net income of $8.6 million, or 48 cents per diluted share, in the fourth quarter of 2009.
Eisner teams with AOL
Former Walt Disney Co. CEO Michael Eisner’s venture Vuguru will produce original video programming for AOL Inc., as AOL bets on demand for programming originally produced for online audiences.
Vuguru, which finances digital content development, will produce at least six scripted series for distribution by AOL. The company is keying in on what it sees as a lack of quality programming produced directly for the Internet.
Sutron’s profits, sales rise
Sutron Corp., a Sterling, Va., maker of equipment that monitors water and weather, reported higher sales and earnings and said it is looking to grow through acquisitions.
The company had third-quarter net income of $782,295, or 17 cents per share, up 50 percent from $521,014, or 11 cents per share, in the same quarter a year ago. Revenue climbed 29 percent to $5.8 million.
