Long-term mortgage rates fall to lowest level this year

WASHINGTON — Long-term US mortgage rates fell this week, led by the benchmark 30-year rate, which declined for the sixth straight week. Mortgage buyer Freddie Mac says the average 30-year fixed mortgage rate fell to 3.78 percent, from 3.82 percent in the previous week. That is down sharply from this year's peak of 4.3 percent, reached in March, though it remains slightly above last year's average of 3.65 percent. The 15-year mortgage averaged 3.08 percent, down from 3.12 percent last week. Those loans are frequently used by homeowners refinancing their mortgages. To calculate average mortgage rates, Freddie Mac surveys lenders across the country between Monday and Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

Lilly plans cuts as pricing drives new-drug push

Eli Lilly & Co. plans to cut 8.5 percent of its workforce in a bid to free up resources to fund new drugs, amid acute pricing pressure for some of its biggest products. The Indianapolis company said some of the 3,500 job cuts will come from early retirements, with about 2,000 positions set to be eliminated in the U.S. Lilly plans to close a research facility in Bridgewater, New Jersey, and consolidate some manufacturing operations in its animal health unit, it said in a statement. Faced with expiring patents on a number of its medicines, Lilly has been focused on diabetes drugs, which account for three of its 10 top-selling products. Its biggest seller is insulin.

Ryan aims for 22-27 percent corporate tax rate

WASHINGTON — With Republicans in Congress under pressure to deliver on taxes, House Speaker Paul Ryan said Thursday the GOP plan will aim to reduce the corporate tax rate to low- to mid-20 percent — a smaller cut than what President Donald Trump wants. Ryan provided some specifics as the Republicans start to write legislation overhauling the tax system, with help for the middle class a main goal. Trump, who made overhauling taxes a pillar of his push for economic growth, has called for a 15 percent tax rate for corporations. The rate now ranges from 15 percent to 35 percent. The average tax rate paid by corporations is around 19 percent to 25 percent, according to the Treasury Department.