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WASHINGTON — U.S. long-term mortgage rates fell this week, reaching record lows for the 13th time this year amid fresh signs of weakness in the pandemic-ravaged economy. Mortgage buyer Freddie Mac reported that the average rate on the 30-year benchmark loan declined to 2.72% from 2.84% last week. The average rate on the 15-year fixed-rate mortgage fell to 2.28% from 2.34%. The low rates in 2020 have spurred demand in the housing market. The National Associated of Realtors says housing offers for single-family homes have increased for six consecutive months. They are now at their highest level since 2007, according to the Census Bureau. Existing home sales in October 2020 were 26.6 percent higher than the number of sales in October 2019. The median sale price, nationwide, has also increased; it is now 3,000, roughly 16 percent more in 2020 than this time last year.The NAR has warned that the dwindling number of available housing units is down to only a few months supply. Fresh signs emerged this week that the resurgent coronavirus outbreak is likely slowing the economy and forcing more companies to cut jobs. The government reported that retail sales in the U.S. grew a sluggish 0.3% in October, even as retailers offered early holiday discounts online and in stores. 1294

WASHINGTON — Congress is defying President Donald Trump on removing Confederate symbolism from the military.The Senate on Thursday joined the House in approving legislation that would rename bases like Fort Bragg and Fort Benning that are named for Confederate officers.The Senate vote was an overwhelming 86-14 vote. Earlier this week, the House passed the measure with a 295-125 vote.The Senate passage opens the door for the Senate and House Armed Services Committees to open negotiations for a final version of the bill. Once that bill is passed, it would head to Trump's desk.Even if Trump were to veto the bill, Thursday's vote indicates that Congress could override it and make the bill a law.Trump has said he favors that military bases keep the names of Confederate military leaders, despite efforts from Pentagon officials to change the name. Trump says renaming the bases would be re-writing history; critics say it's inappropriate for U.S. military bases to bear the names of those who fought on the side of slavery and against the Union.There are currently 10 Army bases throughout the U.S. named after Confederate generals, as well as a number of smaller military institutions with such names.The legislation would approve 1 billion in spending for the military and also includes a 3% pay raise for the troops. 1335

WARNER SPRINGS, Calif. (KGTV) -- An earthquake with a preliminary magnitude of 3.6 rumbled Southern California Sunday morning.According to the US Geological Survey, the earthquake happened before 7:20 a.m. southwest of Warner Springs.The quake was originally reported as a 3.8 magnitude, but was later downgraded to a 3.6, the USGS reports.People throughout the county immediately took to social media to report the event. "Heard it more than I felt it," one Facebook user said. "Very strong I feel it around 7:20," another added. Other residents in Santee, Spring Valley, San Marcos, and Poway reported the shaking. 624

Walmart has agreed to buy India's leading online retailer Flipkart, paying billion for a controlling stake of 77%.Flipkart gives Walmart access to a market it has been trying to crack for years. Foreign investment regulations have thus far prevented the Arkansas-based retailer from opening stores in India, restricting it to operating 21 wholesale distribution outlets."India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," Walmart CEO Doug McMillon said in a statement.The deal is subject to regulatory approval.SoftBank CEO Masayoshi Son, whose company is one of Flipkart's biggest investors, let news of the deal slip earlier on Wednesday while presenting his company's earnings.SoftBank invested .5 billion in the Bangalore-based company last year. Son said that the sale to Walmart valued SoftBank's stake at billion.Many of Flipkart's other investors will retain stakes in the company, including co-founder Binny Bansal, Chinese tech giant Tencent and Microsoft, Walmart said in a statement. Walmart's interest in investing in the Bangalore-based firm was first reported in 2016, and a deal boosts its firepower in a battle with Amazon in the world's fastest growing major economy.Amazon has long considered India one of its most important overseas markets.Amazon CEO Jeff Bezos has committed to investing at least billion in his company's India business, saying in 2016 that he saw "huge potential" in the country. Amazon has introduced its Prime video and music services in India in its effort to challenge Flipkart, as well as its annual Prime Day blockbuster sale.Flipkart now has an even bigger war chest to fend off Amazon in an e-commerce market that Morgan Stanley estimates will be worth 0 billion by 2026. The Indian firm could also speed up its expansion into groceries, an area that has already pitted Amazon against Walmart in the United States.Amazon may have been trying to spoil Walmart's plans until the very last minute. Indian media reported in early May that it made a counteroffer to buy Flipkart.  2223

WASHINGTON — The number of Americans applying for unemployment benefits rose last week to 778,000, evidence that the U.S. economy and job market remain under strain as coronavirus cases surge and colder weather heighten the risks. The Labor Department’s report Thursday said jobless claims climbed from 748,000 the week before. Before the virus struck hard in mid-March, weekly claims typically amounted to roughly 225,000. They shot up to 6.9 million during one week in March before dropping yet remain historically high more than eight months later, with many businesses unable to fully reopen. 604