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WASHINGTON — The Federal Reserve held interest rates steady Thursday, extending a yearlong breather for borrowers. Although policymakers observed improvements on inflation, they made clear that they were not ready to declare victory on that front. Wrapping up a two-day meeting, Fed Chairman Ben Bernanke and his central-bank colleagues left an important interest rate at 5.25 percent, the same as it was last June. The decision was unanimous.

The Fed's decision means that commercial banks' prime interest rates — for certain credit cards, home equity lines of credit and other loans — should stay at 8.25 percent.

WASHINGTON — The economy limped ahead at just a 0.7 percent pace in the first quarter, the slowest in more than four years. Some businesses clamped down on spending, given the uncertainties about the severity of the housing slump.

The Commerce Department's new reading on gross domestic product for the January through March period, released Thursday, was a slight upgrade from the 0.6 percent growth rate estimated a month ago. But it fell short of economists' forecasts for a 0.8 percent pace.

DENVER — Prosecutors are looking for any victims of alleged insider trading by former Qwest CEO Joseph Nacchio.

Nacchio was found guilty last month of 19 counts of insider trading. Jurors concluded he sold $52 million worth of stock when he knew the company faced financial challenges and relied heavily on one-time sales to meet revenue targets.

Nacchio has said he will appeal. Federal law requires prosecutors to try to locate anyone who might have bought the shares in question

WASHINGTON — Rates on 30-year mortgages dipped slightly this week, the second decline after five weeks of increases.

The mortgage company Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.67 percent this week, compared with 6.69 percent last week. Rates had hit an 11-month high of 6.74 percent two weeks ago. Analysts attributed the slight retreat over the past two weeks to developments in bond markets, where investors have grown less worried that global growth could lead to higher inflation. They said the worsening state of the housing industry also was acting to lower rates.