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Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability NEW YORK -- Farmers Insurance said Monday it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability . The California-based insurer said the job cuts will impact all lines of its Business . Monday was the last working day at the company for most employees impacted by the layoffs, Farmers confirmed to The Associated Press. In a statement announcing the job cuts, Raul Vargas, president and CEO of Farmers Group Inc., a subsidiary of Swiss giant Zurich Insurance Group, alluded to “existing conditions” in the insurance industry. “As our industry continues to face macroeconomic challenges, we must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability ,...

The average long-term U.S. mortgage rate edged lower this week, a modest boost for homebuyers looking for relief as a stubbornly low inventory of properties for sale fuels bidding wars in many markets LOS ANGELES -- The average long-term U.S. mortgage rate edged lower this week, a modest boost for homebuyers looking for relief as a stubbornly low inventory of properties for sale fuels bidding wars in many markets. The average rate on the benchmark 30-year fixed-rate home loan fell to 6.39% from 6.43% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 5.27%. The average rate fell for five straight weeks before rising the last two weeks of April. This week's drop in mortgage rates is welcome news for prospective homebuyers, many of whom have been pushed to the sidelines during the past year as the Federal Reserve cranked up its main borrowing rate in a bid to tamp down persistent, four-decade high inflation. All told, the Fed has raised its benchmark rate...