Consumer Minute: Cars, mortgages, recall

Consumer Minute: Cars, mortgages, recall

Mortgage Rates
Low interest rates are continuing to spark mortgage activity.

The Mortgage Bankers Association says its weekly application index went up 21 percent last week.

More than 70 percent of those came from people who wanted to refinance existing loans, not apply for a new home loan.  The average rate, right now, for a 30 year mortgage, is 4.8 percent.

Car Buyer Incentives
An Ohio Congressman is proposing a plan to give car buyers thousands of dollars, for turning in old vehicles and buying newer, more environmentally-friendly ones.

The old cars would need to be more than 8 years old. The new vehicles allowed in the deal would have to be cars that get more than 27 miles per gallon, or trucks that get more than 24 miles per gallon.  The payments would range from $3- to 5,000.

Automakers support the plan.

More Science Students
More college students are studying in the computer science and engineering fields.

The number of young people choosing those “majors” rose eight percent, during the last school year.

Popular tech gadgets like iPhones, and popular websites like Facebook are said to have drawn more interest to computer science.

Recall
And there’s a recall to tell you about. 

State Farm insurance is recalling its “Good Neigh-bears” because the plastic eyes can come detached and pose a choking hazard.