MORTGAGE RATES JUMP TO HIGHEST SINCE 2011

U.S. mortgage rates jumped this week to the highest level in almost eight years, a trend that is pulling down home sales and slowing home price growth.

Mortgage buyer Freddie Mac announced Thursday that the average rate on a 30-year, fixed rate mortgage rose to 4.94 percent, up from 4.83 percent last week.

That is the highest level since February 2011. A year ago, the rate was 3.9 percent.

Monster shares fall as Coke develops its own energy drinks.

CORON A,

» Shares of energy . drink maker Monster Beverage Corp. tumbled after the company said its partner, CocaCola Co., is developing energy drinks of its own.

Coke bought a stake in California-based Monster in 2014. At that time, Coke transferred its energy brands to Monster and agreed not to develop competing drinks.

Subaru recalls 640K vehicles globally for stalling problems.