FOX Business Briefs 7/29

Union Pacific will buy Norfolk Southern and create a transcontinental railroad; Procter & Gamble says it will raise prices on about a quarter of its products; Connecticut "The Pizza State" license plates available.

Mortgage rates inch lower this week

The average rate on the 30-year fixed mortgage fell this week to 6.74%, according to the latest Freddie Mac data released on Thursday. That is down from last week's reading of 6.75%.