6at4 Business Report: Amazon.com, Zipcar and mortgages
SEPTEMBER 29, 2011 (WPVI) -- Shockwaves from the Kindle Fire announcement are hitting, plus mortgages reach record territory.
The introduction of Amazon's Kindle Fire yesterday is sure causing a stir in the tablet wars. We found out yesterday that the Kindle Fire will sell for $199 and will be introduced in November. Now we just got news that Research In Motion cut the price tag of its table computer almost in half. Best Buy is selling the Blackberry Playbook starting at $300 instead of $500.
Just when you think mortgage rates can't go any lower, here they go. A 30-year mortgage dropped to a record low of 4.01% and that's the lowest since Freddie Mac began keeping records dating back to 1971. Getting low rates on long term rates on mortgages is just what the Federal Reserve is trying to do to stimulate the economy. These low rates are spurring refinancing. Last week the Mortgage Bankers Association said refinancings were up 11%.
Zipcar is expanding in the Philadelphia area. The company that lets use a car for as short as an hour or for multiple days announced an expansion into Collingswood, New Jersey. The new cars will be near the PATCO Speedline station and are available to residents, visitors and members of its Zipcar for business program.
6at4, stock market, economy, amazon.com, home sales, business/finance
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