And counting: Holden-based Ferrara Fire Apparatus is marking a company milestone today with the delivery of its 5,000th new fire truck. The recipient of the truck is St. Martin Parish, which is no stranger to Ferrara’s work. The parish’s first fire truck from Ferrara was the company’s 101st. From a small beginning in a facility on Mammoth Drive in Baton Rouge, Ferrara built its first new fire truck in 1988. The company moved to its present location in Holden in 1994, a factory designed especially for fire apparatus construction. Ferrara has nearly 300,000 square feet of manufacturing area and employs a workforce of over 400 people in Louisiana and across the country.
Borrow for less: The average U.S. rate for a 30-year fixed-rate mortgage fell to a record low for a fourth straight week. Cheap mortgages have helped boost home sales modestly this year. Mortgage buyer Freddie Mac says the rates on the 30-year loan dipped to 3.78%. That’s down from 3.79% last week and the lowest since long-term mortgages began in the 1950s. The 15-year mortgage, a popular option for refinancing, held steady at 3.04%, matching the record low hit last week. Rates on the 30-year loan have been below 4% since early December. The low rates constitute a key reason the housing industry is flashing signs of a recovery five years after the bubble burst. In April, sales of both previously occupied homes and new homes rose near two-year highs.
Trickling lower: The number of people seeking unemployment benefits changed little last week, signaling modest job growth. The Labor Department reports this morning that weekly applications for benefits dipped by 2,000 to a seasonally adjusted 370,000. Applications have leveled off this month after declining from April’s five-month high of 392,000. The four-week average, a less volatile measure, has also dropped—it was 370,000 last week. The lower level indicates hiring could pick up a bit in May from April’s sluggish pace. When applications drop below 375,000 a week, it typically suggests hiring is strong enough to lower the unemployment rate.
