Average rates on 30-year fixed mortgages dropped...

Average rates on 30-year fixed mortgages dropped to 5.19% this week, down from the year’s previous low of 5.47% set last week, mortgage company Freddie Mac said. The rate is the lowest since Freddie Mac’s weekly mortgage rate survey began in April 1971.

The average rate on a 15-year fixed mortgage dropped to 4.92% from 5.2%. Five-year adjustable-rate mortgages fell to 5.6% from 5.82% last week, while one-year adjustable-rate mortgages dropped to 4.94% from 5.09%.

The nationwide fee for 30-year and 15-year mortgages averaged 0.7 of a point last week. The fee on five-year adjustable-rate mortgages averaged 0.6 of a point, while the fee on one-year adjustable-rate mortgages averaged 0.5 of a point.

MORTGAGES

30-year fixed rates tumble to new low

SETTLEMENTS

Enron investors to receive funds

Enron Corp. investors today will begin receiving their share of $7.2 billion recovered in settlements with the failed energy trader’s lenders, auditors and directors.

The University of California, the lead plaintiff in the case, will initially start distributing nearly $5 billion to about 200,000 investors. Eligible buyers of Enron’s common stock will receive about 20% of their allowed losses.

PHOTOGRAPHY

Polaroid files for bankruptcy

Polaroid Corp., the 70-year-old photography-film company, sought bankruptcy protection from creditors more than two months after Tom Petters, founder of Polaroid parent Petters Group Worldwide, was arrested on allegations of fraud Oct. 3.

Polaroid, based in Minnetonka, Minn., filed for Chapter 11 bankruptcy protection in Minneapolis. Petters Group filed for bankruptcy Oct. 11.

EARNINGS

Lennar narrows quarterly loss

Home builder Lennar Corp. said its fiscal fourth-quarter loss narrowed to $811 million, or $5.12 a share, from $1.25 billion, or $7.92, a year earlier.

Miami-based Lennar said revenue fell 41% to $1.3 billion.

Rite Aid’s loss nearly triples

Drugstore chain Rite Aid Corp.’s quarterly loss almost tripled because of interest costs and expenses to close stores.

The retailer’s third-quarter loss widened to $243.1 million, or 30 cents a share, from $84.8 million, or 12 cents, the Camp Hill, Pa.-based company said. Revenue fell less than 1% to $6.47 billion from $6.5 billion.

COURTS

Parmalat founder is convicted

Parmalat founder Calisto Tanzi was convicted in Milan, Italy, of market rigging and other charges in the 2003 collapse of the Italian dairy giant and sentenced to 10 years in prison.

It was the first of several trials seeking to assign blame for what remains Europe’s largest corporate bankruptcy.

ADVERTISING

TV spots cushion drop in spending

The nation’s advertisers pulled back significantly from most print and Internet outlets in the first three quarters of the year, although overall ad spending fell only slightly, partly because of strong demand for television ads during the Olympics and the presidential election.

Nielsen Co. reported that ad spending totaled $100.5 billion through September, down 0.6% from the same period in 2007.

-- times wire reports