Ticker: Frontier renews bid for Spirit; Mortgage rates ease
Frontier and Spirit Airlines will once again try to merge, only months after the Biden administration won a key antitrust court battle to block an attempt by JetBlue to buy Spirit.
A combination of the two ultra-low-cost carriers would produce the country’s fifth largest airline, behind American, Delta, United and Southwest.
It could also provide a financial lifeline to Spirit, which filed for bankruptcy in November and has more than $7 billion in debt.
Spirit’s leadership has already rejected Frontier’s merger offer, which would bring the companies together through a combination of new stock offerings and new debt.
But Frontier CEO Barry Biffle said the merger would improve service.
“As a combined airline, we would be positioned to offer more options and deeper savings, as well as an enhanced travel experience with more reliable service,” he said.
Mortgage rates ease
The average rate on a 30-year mortgage in the U.S. eased for the second week in a row, but remains just below 7%, little relief for prospective home shoppers looking ahead to the spring homebuying season.
The rate fell to 6.95% from 6.96% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.63%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate dropped to 6.12% from 6.16% last week. A year ago, it averaged 5.94%, Freddie Mac said.
“Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines,” said Sam Khater, Freddie Mac’s chief economist.
Ticker: Frontier renews bid for Spirit; Mortgage rates ease
Frontier and Spirit Airlines will once again try to merge, only months after the Biden administration won a key antitrust court battle to block an attempt by JetBlue to buy Spirit.
A combination of the two ultra-low-cost carriers would produce the country’s fifth largest airline, behind American, Delta, United and Southwest.
It could also provide a financial lifeline to Spirit, which filed for bankruptcy in November and has more than $7 billion in debt.
Spirit’s leadership has already rejected Frontier’s merger offer, which would bring the companies together through a combination of new stock offerings and new debt.
But Frontier CEO Barry Biffle said the merger would improve service.
“As a combined airline, we would be positioned to offer more options and deeper savings, as well as an enhanced travel experience with more reliable service,” he said.
Mortgage rates ease
The average rate on a 30-year mortgage in the U.S. eased for the second week in a row, but remains just below 7%, little relief for prospective home shoppers looking ahead to the spring homebuying season.
The rate fell to 6.95% from 6.96% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.63%.
Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinance their home loan to a lower rate, also eased this week. The average rate dropped to 6.12% from 6.16% last week. A year ago, it averaged 5.94%, Freddie Mac said.
“Driven by these higher rates and a persistent supply shortage, affordability hurdles still exist for many homebuyers and a significant number of them remain on the sidelines,” said Sam Khater, Freddie Mac’s chief economist.
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