Business briefs: GM reduces Chevy, GMC powertrain warranty

DETROIT – General Motors is rolling back the 100,000-mile powertrain warranty it has offered since 2007 on Chevrolet and GMC vehicles because it wasn’t boosting sales as much as expected.

The warranty, which was actually for five years or 100,000 miles, was introduced eight years ago as a way to demonstrate GM’s confidence in the quality of its vehicles.

All 2016 Chevrolet and GMC models will now come with limited powertrain warranties of five years or 60,000 miles, whichever comes first.

Buick will maintain its six-year/70,000-mile powertrain warranty.

Ford cites data on cost advantages of F-150

DETROIT – Fighting back against critics of the switch to the use of aluminum for the bodies of the 2015 F-150 pickup, Ford executives released third-party data Thursday showing residual values have improved and cost of ownership is lower than its main rivals.

It is estimated a 2015 F-150 will retain 58 percent of its value after three years, up almost 12 percent from the 2014 model, according to ALG, a division of TrueCar, an online automotive site.

That compares with GM’s Chevrolet Silverado and GMC retaining 51 percent of their value after three years and the Ram 1500 holding 46 percent of its original sales price. All are eclipsed by the Toyota Tundra retaining 63 percent of its value.

Average 30-year rate rises to 3.86 percent

WASHINGTON – Average long-term U.S. mortgage rates rose this week yet remained near historic lows reached in May 2013.

Long-term rates resumed their upward trend of recent weeks after declining last week. Mortgage giant Freddie Mac said Thursday the national average for a 30-year fixed-rate mortgage increased to 3.86 percent from 3.75 percent last week.

The average rate for a 15-year mortgage, popular with homeowners who refinance, rose to 3.10 percent from 3.03 percent last week.

A year ago, the average 30-year mortgage stood at 4.37 percent and the 15-year mortgage at 3.38 percent.

Household wealth grew 1.9 percent last quarter

WASHINGTON – Fueled by higher stock and home values, Americans’ net worth reached a record high in the final three months of 2014.

The Federal Reserve says household wealth rose 1.9 percent during the October-December quarter to nearly $83 trillion. Americans’ stock and mutual fund portfolios increased $742 billion, while the value of their homes rose $356 billion.

The typical household didn’t benefit much, though. Most of the wealth remains concentrated among richer families.

The Fed’s figures aren’t adjusted for population growth or inflation. Household wealth, or net worth, reflects the value of homes, stocks and other assets minus mortgages, credit cards and other debts.