Busines Briefs

Rate on 30-year mortgages drops to 4.23 percent

WASHINGTON » Average U.S. rates for fixed mortgages fell this week as the latest data continued to indicate a pause in the housing market’s recovery.

Mortgage buyer Freddie Mac said Thursday the average rate for the 30-year loan declined to 4.23 percent from 4.32 percent last week. The average for the 15-year loan dipped to 3.33 percent from 3.40 percent.

Mortgage rates have risen about a full percentage point since hitting record lows roughly a year ago.

The increase was driven by speculation that the Federal Reserve would reduce its $85 billion a month in bond purchases. Saying the economy was gaining strength, the Fed pushed ahead last week with a plan to reduce the bond purchases, which have kept long-term interest rates low.

Associated Press

ON THE MOVE

Damon Key Leong Kupchak Hastert has announced that Mark M. Mura­kami, an attorney with the law firm since 2005, was promoted to captain in the U.S. Coast Guard Reserve. Mura­kami graduated from the U.S. Coast Guard Academy in 1992 and served on active duty for 13 years. 

Hawaii Preparatory Academy has named Lucy Frost Lewis as director of advancement, effective May 1. She has more than 20 years of experience in leading advancement, development, alumni relations and capital campaign programs, including serving as a director of advancement at ‘Iolani School. 

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